Payments moving to 7-day processing
We've been working with the industry on a significant core payments system project to extend the processing of domestic electronic payments to 7 days a week. From Saturday 27 May 2023, most banks, including Industrial and Commercial Bank of China (New Zealand) Limited (ICBC NZ), will start to settle domestic electronic payments between each other every day of the week, including weekends and public holidays. We will keep our website (www.icbcnz.com) updated with the latest information, including if this date changes.
This change is for domestic electronic payments including bill payments, automatic payments, direct debits, and direct credits. This means you will be able to send and receive payments on weekends and public holidays.
The domestic electronic payment processing start time and cut-off time on every day for sending and receiving payments between New Zealand banks remains unchanged.
Same Day Cleared Payments (high value transactions, such as house settlements) will remain available on business days only.
The 7-day payments processing change will not change the processing time or due date setting of other products at ICBC NZ such as cross-border payments, foreign currency payments, loan repayment date and term deposit maturity date.
Get prepared for 7-day payments processing
Automatic or upcoming payments
Automatic payments will be paid on the actual due date, which may be a weekend or public holiday. We therefore suggest that you review any automatic payment(s) and/or scheduled payment(s) you have set up so that you are ready for this change. It will be important that you make sure there is enough money available in your payment account when payments are due.
Please be noted that if an automatic payment is set up before 26 May 2023, and the first scheduled payment after 26 May 2023 is a non-business day, then the first payment will still be processed on the next business day. The subsequent scheduled payments thereafter will be processed on the scheduled date.
Direct debit payments
The direct debit payments are set up and controlled by businesses, such as a gym or utility company, for a direct debit arrangement agreed with you. From 27 May 2023, direct debits from your account may happen on a weekend or pubic holiday. You need to ensure you have enough money in your account early on the day it is due. Any changes you wish to make to direct debit dates should be discussed directly with the business who you set up the direct debit payment arrangement with.
Further information is available in the Q&As below.
ICBC NZ General Terms and Conditions, Electronic Banking Terms and Conditions, products and services information will be updated on our website (www.icbcnz.com) to reflect the above changes.
Q&As - payments processing 7 days a week
What is a domestic electronic payment?
It refers to payments made within New Zealand using electronic methods such as an automatic payment, bill payment, direct debit or direct credit.
Will domestic electronic payments move to 7*24 processing?
Domestic electronic payments remain to be processed from 9:00am to cut-off time. Cut-off times vary between banks. ICBC NZ's cut-off time is 10:00pm. The payments you make after the cut-off time will be processed on the next day.
Will ICBC NZ's business hours change?
ICBC NZ's business hour will remain unchanged. We are closed on weekends and public holidays.
Can I make Same Day Clear Payments on weekends and public holidays ?
Same Day Cleared Payments will remain available on business days only.
Will the maturity date of my term deposits at ICBC NZ be impacted?
No. The term deposit maturity date setting at ICBC NZ will remain unchanged. The maturity date will be on a business day.
Will the repayment date of my loan at ICBC NZ be impacted?
No. The loan repayment date will remain unchanged on the actual scheduled date.
How will my automatic payments be impacted?
If an automatic payment or future dated payment is set up before 26 May 2023, and the first scheduled payment after 26 May 2023 falls on a weekend or public holiday, we will process the payment on the next business day. The subsequent scheduled payments thereafter will be processed on the scheduled date.
For example, if you have an automatic payment arrangement scheduled on the 27th of every month, the first scheduled date after 26 May 2023 will be 27 May 2023 (Saturday), the payment will be processed on 29 May 2023 (Monday). The subsequent scheduled payments thereafter will be processed on the scheduled date which may be a weekend or public holiday.
How will my direct debits be impacted?
Your direct debit payments are set up and controlled by businesses (such as utility companies) who you have the direct debit payment arrangement with. If you are unsure how this change will impact your direct debit(s), or any changes you wish to make to direct debit dates, please contact that business directly.
If you have any questions about these changes, please contact us on 09 374 7266 (9:00am - 12:00pm 1:00pm - 4:00pm on business days) or on our 24-hour customer service hotline 0064 9 379 5588.