What this you means for you

You will be able to send or receive electronic payments between The Co-operative Bank and other NZ bank accounts 7-days a week. Payments will now be processed on the day they are made. Currently, payments made on a weekend or public holiday are processed the next business day.

What’s changing?

The change to 7-day processing will apply to NZ electronic payments only, including:

  • Automatic payments
  • Bill payments
  • Direct debits
  • Direct credits

A simple example

A friend has set up an automatic payment to pay you on the 20th of every month. Currently, if the payment falls on a weekend or public holiday, you won’t receive the money in your account until the next business day when it is processed.

In the future, that automatic payment will be sent and processed on the due date – so you will receive the funds in your account on the date the payment was scheduled.

Automatic payments and bill payments

Immediate or future dated payments will, from 27 May, be paid into the account of the person you are paying on the calendar day they are scheduled for. Likewise, if someone is paying money to you, this will be paid into your account on the calendar day they are scheduled for.

Direct debits

Direct debit payments are controlled by the company or person that they are set up with, so they may not necessarily be changing. If there are changes to established direct debits, the person or company must give you prior notice of the amount due and due date. So, it is important to check for any changes to when these payments are scheduled for and ensure you have enough funds in your account to cover them.

What’s not changing?

  • Existing Co-operative Bank Home and Personal Loan payments - There are no changes to scheduled Co-operative Bank loan payments. These are already processed every day.
  • Payments and transfers between Co-operative Bank accounts – These are made immediately (including on weekends and public holidays).
  • EFTPOS payments, ATM withdrawals (any NZ bank) – These are already processed every day.
  • Term Deposits – There is no change to the maturity of Term Deposit processes. The maturity date will remain business days only (Mon-Fri, excluding public holidays).
  • Interest calculation - There is no change to the daily calculation of interest on the closing account balance. Note however, that the closing balance will now include the processing of NZ electronic payments 7 days.
  • Fees - There are no changes to existing fees and no new fees with the move to 7-day processing.

There are some other payments and processes that will continue to operate on business days only (Mon-Fri, excluding public holidays) including:

  • International payments.
  • Maturity and interest payment dates (if not compounded) of Co-operative Bank Term Deposits.
  • Insurance premiums for Asset Care customers.
  • Same day cleared payments (typically used by lawyers and solicitors to transfer large sums of money.


How to plan-ahead for this change:

  • Take the time to check when your scheduled payments fall to ensure you have sufficient funds in your account on the day they are scheduled to come out.
  • You can make any required changes to your automatic payments and bill payments via our Internet Banking or Mobile app.