Interest calculation on the Woolworths QF MC

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The wording varies, but statements about 3 business days are pretty common for BPay options on bills.

 

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I guess that if one intends to leave it to the very last to make such a payment, they need to be fully aware of the T&C that relate to the payment. For ANZ it is 6pm AEST:

Same for Westpac. I assume it's the same for NAB and CBA as well (but don't know and haven't checked).

It's odd that St George cut-off is 5.30pm AEST. Here's the wording from the St George website:

Cut off time is 5.30pm (AEST), 7 days a week. If you instruct us to make a BPAY[SUP]®[/SUP]payment before the time specified, it will in most cases be treated as having been made on the same day. However, if you instruct us to make a BPAY[SUP]®[/SUP] payment on a Saturday, Sunday or public holiday, or if another participant in the BPAY[SUP]®[/SUP] Scheme does not process a BPAY[SUP]®[/SUP] payment as soon as they receive the details, the payment may take longer to be credited to the biller.

BPAY[SUP]®[/SUP] payments require additional processing times due to the processes involved. Regardless of whether the payment is made to a St.George account or to another financial institution, we require at least one day to process our side of the transaction.

While we endeavour to process all transactions in a timely manner, St.George cannot control when a participant in the BPAY[SUP]®[/SUP] Scheme processes their side of the transfer or payment. Therefore please allow up to two business days for your payment or transfer to be processed.

The last sentence (in bold) is misleading - whilst it may take the receiving party longer to process the transaction, the receiving party must treat it as having been received on the day it was made (provided it was made prior to the cut-off time). Disappointing that a large bank that is owned by Westpac is not being clear.

BPay would be much better if they forced all participants to not only treat payments as having been made same day, but also actually process them same day. This would bring slack processing participants such as HSBC into line as well as removing the current confusion.

The Westpac wording is much clearer and in keeping with the BPay agreement:

[h=5]30. BPAY Biller Cut-off Times[/h]Subject to clause 38 - Cut off Times, Billers who participate in the BPAY Scheme have agreed that a BPAY Payment you make will be treated as received by the Biller to whom it is directed:

• On the date you make that BPAY Payment, if you tell us to make the BPAY Payment before our Payment Cut-Off Time on a Business Day; or
• On the next Business Day, if you tell us to make a BPAY Payment after our Payment Cut-Off Time on a Business Day, or on a non-Business Day.

[h=5]31. Delay in processing[/h]A delay may occur in processing a BPAY Payment[SUP]®[/SUP] where:

• There is a public or bank holiday on the day after you tell us to make a BPAY Payment
• You tell us to make a BPAY Payment either on a day which is not a Business Day or after the Payment Cut-off Time on a Business Day
• Another financial institution participating in the BPAY Scheme does not comply with its obligations under the BPAY Scheme
• A Biller fails to comply with its obligations under the BPAY Scheme.