Bank correctly credited payments made on public holidays

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Bank correctly credited payments made on public holidays

Categories:

Processing payments,

Summary:

Otis complained to the bank that it did not credit payments made to his account on public holidays until the next business day, and that it was avoiding paying interest on these payments during the days in between. The bank said it was crediting payments on the day they were received and provided information to explain this. Otis was not satisfied with the explanations and asked us to investigate.

Published:

October 2024

Our investigation

We reviewed the payments made to his account on public holidays and found the bank was crediting them to his accounts on the day they were received – and that interest was being calculated correctly. However, we considered the bank’s explanations to Otis confusing and told the bank so.