Bank of New Zealand
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My term deposit matured on 22 Feb
My term deposit matured on 22 Feb, a Saturday. Up until then my internet banking was saying the funds would be in my 00 account around 8 am on 22 Feb. When I logged on in the morning, internet banking said my deposit had matured and would be paid out within 2 business days. What are business days these days when bills can be paid and funds received every day, including weekends? On Sunday, internet banking has still not credited the funds to my 00 account and is saying I cannot access those funds. Why not? Who has the money? The BNZ? And who is receiving interest on those funds? I think I can be pretty certain that interest, when I eventually get it, will be paid to the 22nd and not a day longer. If you take this one instance and multiply it by a nation of people who have funds maturing over a weekend but not being credited with their funds on due date, you must be talking millions of dollars of interest going somewhere. There is also a flow-on effect here. As my funds were due on 22 Feb but not credited to my account, I cannot pay bills that I wanted to pay, including a credit card balance which is currently costing 20.95% pa. Here's the thing, if a bank can't pay out funds which are due over a weekend or public holiday, they need not to accept a term deposit for that date. The maturity date should be the previous business day or the one following, with the interest calculated accordingly. Very disappointing. Unethical.