Apologies for reviving this thread.
I have just been informed by KBC that funds transferred from another Irish bank before lunch yesterday will take three to five days to reach my account in KBC.
I said to them that since 1st January this year all EFTs should be in the receiving account on the next working day, but could not quote the relevant legislation or where it came from.
Would anyone have a link to exactly where this "next day" issue was decided?
I would like to take this up with KBC as I believe they were wrong in what they said.
The relevant legislation is the Payment Services Regulation 2009 (SI 383 of 2009) and the relevant text
Value date and availability of funds.
88. (1) The credit value date for the payee’s payment account is not to be later than the business day on which the amount of the payment transaction is credited to the payee’s payment service provider’s account. A payee’s payment service provider shall ensure that the amount of a payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment
service provider’s account.
This means that once the beneficiary bank recived funds they must credit their customers account on the same business day.