In our General Terms and Conditions booklet we set out the contractual provisions relating to our processing of lodgements and payment instructions. These provisions make reference to “Business Day” and “cut off time”.
Business Days are defined in the conditions as a day (other than a Saturday, Sunday, public holiday or bank holiday) on which the Bank’s branch network is generally open for business in the Republic of Ireland.
We will ensure that all funds received for value and accepted for your account prior to the applicable cut-off time on a Business Day are credited to your account, will begin to accrue interest and will be made available to you from the date we receive the funds. Funds received after the applicable cut-off time will be deemed to have been received by us on the next Business Day. (Cut off times range from 4:00pm – 6:00pm)
Cut-off times for all funds received is 6:00pm on a Business Day, with the following exceptions.
International Payments means a payment to your account either from an account outside Ireland in any currency or from an account in Ireland in a currency other than Euro.
We will take reasonable steps to ensure that all funds transferred from your account, before 6:00pm on a Business Day to another bank, will be with the receiving bank no later than the next Business Day with the following exceptions: Currency payments processed via SWIFT have the following cut off times.
| Code | Currency | Cut Off Times |
| EUR | Euro Unit | 3:30pm |
| AUD | Australian Dollars | 11:00am |
| CAD | Canadian Dollars | 3:30pm |
| CHF | Swiss Franc | 11:00am |
| CZK | Czech Koruna | 11:00am |
| DKK | Danish Kroner | 11:00am |
| GBP | GB Pound Sterling | 3:30pm |
| HKD | Hong Kong Dollars | 11:00am |
| JPY | Japanese Yen | 11:00am |
| NOK | Norwegian Krone | 11:00am |
| NZD | New Zealand Dollars | 11:00am |
| PLN | Polish Zlotys | 11:00am |
| SAR | Saudi Riyals | 11:00am |
| SGD | Singapore Dollars | 11:00am |
| SEK | Swedish Krona | 11:00am |
| USD | US Dollars | 3:30pm |
| ZAR | South African Rands | 11:00am |
| *THB | Thai Baht | 11:00am |
*Thai Baht instructions will have a value date of two business days in the future.
The payee's bank may require additional time to process and apply the payment to the payee’s account.
Execution timeframes for EEA Currency payments to EEA countries are a maximum of 4 business days subject to cut off times.
PTSB is not responsible for the failure of the payee’s bank to pass on payment to the payee.
PTSB payment accounts can now receive SEPA Instant Credit Transfers . For Current Accounts, Demand Deposit Accounts and Credit Card Accounts this means that when a SEPA Instant Credit Transfer is received, the payment will be paid to your account within 10 seconds 24/7 365 days a year. For any other accounts, rather than reject the payment, we will process the payment to your account on the same or next business day subject to cut-off times above.
Where a SEPA Instant Credit Transfer has been received over the weekend or on a bank holiday, the statement date will appear as the next working day but the payment narrative will reflect the date that the payment was received. For example, a SEPA Instant Credit Transfer received on Saturday 25 January, will be grouped with any other transactions on Monday 27 January. The transaction narrative will reflect the correct date of the “25/01” - Funds will be available and included in interest calculations from the date they were received and posted to your account.
Example: John sends Mary, a PTSB customer, a SEPA Instant Credit Transfer on Saturday 15 February. This payment would be viewed on Mary’s PTSB statement with a date of 17 February but the narrative will have the correct date of receipt “ICT John 15/02”.
For direct debits and cheques debited from accounts which cause the accounts to be overdrawn or in excess of any agreed overdraft limit, the Bank makes a decision on whether to return these items as unpaid based on the balance in the account at approximately 5:00pm each day. This means that lodgements made after this time may not be included in any assessment on whether to pay such items.
