If your payment is made on a bank business day before 6pm (Sydney / Melbourne time) it will be debited from your account instantly and processed that day. The biller will acknowledge the payment as having been made that day and should process the payment the next banking business day.
If you make a payment on a weekend or public holiday, or after 6pm (Sydney / Melbourne time) Monday to Friday, the payment will be debited from your account instantly and processed the next business day. The biller will acknowledge the payment as having been made on the next banking business day (this does not include weekends or public holidays).
Lots of other examples of settlement date - getting too far OT …
I reckon you could fight it !!! Seriously though, closing date, due date, if you ‘settled’ on the ‘closing date’ they’d still likely be in breach of their agreement if they rejected it - they still have a biller agreement - might need a lawyer though, like the Commonwealth Ombudsman told me I’d need against a government department who did similarly. Essentially they seem to be accepting a method of payment that is apparently incongruent with their internal financial processes … it would of course be simple to just advance the due date, closing date or whatever they’d like to call it by two days to mask their internal imperatives … but why do that when you can make it the customers problem to be on time …
You might brush up on securities offers. This is not an internal matter or accounting issue, it is a matter of dates of record for public offers/entitlements to be taken up.
That would not change the problem, only the ‘problem date’ since it is not an internal matter, it is a matter of a public offering/entitlement. The company could change the closing date, but that would be the closing date, still not Bpay’s lodgement date.
It is actually the company’s responsibility to conduct the offer in accordance with ASIC and RG 254.
The operative words appear to be that a prospectus must be issued (for the cases in point) and A prospectus must state that no securities will be issued after the expiry date specified The closing date is the trigger date for the new securities being issued.
They still have a legal agreement with Bpay that demands they honour a settlement date - an inconsistency they cannot avoid. I understand they also have other compliance issues, therefore the incongruence. I know of a number of entities who won’t accept Bpay for this reason and limit themselves to methods of payment that allow them to prescribe the specifics of payment on terms that suit their requirements.
This is possibly due to the closing date of the investment offer, which are usually 5pm on the nominated date (for corporate reporting requirements and for the financial backer of the offer). The timing for Bpay receipt id not driven by when Bpay payment is made by the investor, but the 5pm offer deadline.
As most Bpays occur outside business hours/overnight, the 2 days is possibly being conservative to ensure that payment is received in time before the offer closing date.
Thereby making Bpay an inappropriate method of accepting payments with these regulatory limitations, the requirement for vaccination, and number of balloons in the shape of a kitten Crates of avocado’s delivered by horse and dray are likely also inappropriate, without allowance to determine the liquidity of avocado’s at 1700 on any given day
It is not inappropriate because it is clearly set out what the ‘special rules’ are. Perhaps we can agree you will never take up a share offer accepted via Bpay in protest
Do they also need to ripen on the closing date and before 17:00? Or will hard and green pass?
I used to send a cheque, but EFT works too. Even if you only received half of the offer applied for they still cashed the whole cheque of course! Then sent another in the post for the balance. You might expect change in over ripe avocados!
I have a Queensland car registration (rego) due today (before close of business in New South Wales) by the Queensland Government. Does anyone know if I can use BPay or not? Will i be pulled over by the police or does the courts recognize the BPay Biller Operations manual?
Or should I just go to Australia Post and pay their via EFTPOS?
If Qld is anything like Vic, a 50:50 possibility, even if you paid online by credit card, Auspost EFTPOS, or walked into an office and paid cash it would take a day or two to propagate the payment through their systems to show your vehicle rego renewal.
If a camera/patrol detected your vehicle tomorrow, its database would likely still show your vehicle as rego lapsed and you could be pulled over, but having a dated receipt with you should be sufficient.
To minimise the risk of any interaction with the constabulary, given the delay in payment notification and that many police vehicles have auto plate recognition - pay via Australia Post or here … where I live the delay from online payment through MVR to it registering on their checking system is seconds …
As I read it, they must honour a BPay payment as made today if it is a normal banking day and you make the payment before your banks cut-off time which your bank will have published. As @PhilT suggested, If you print the receipt and carry it, I reckon that might work if you were apprehended by a reasonable member of the force … I’m unsure whether QLD has fully automated rego checking/fining systems … or reasonable members of the force for that matter
Haven’t you been following the Royal Commission? No, it is not reasonable to expect your bank to abide by any rules, whether those it imposes or those imposed on it!
Sounds to me like Dodo’s problem - not yours. The fact that they have chosen a particular mode of operating their business is not a problem for their customers. If they try to make it your problem, then there are plenty of places to complain to ranging from various ombudspeople to - as others have suggested - Bpay.
There was that Queensland police officer who shared the details of a woman who was in hiding from a violent partner with said partner - and they took five years to decide he should be charged (I think the initial punishment was a demotion of one pay grade).
QSuper are still saying if you want to pay a contribution to them using Bpay to be sure they receive it by 30 June you have to do pay transaction by 24 June 2020! So money comes out of my account takes 6 days to arrive! It would be faster by carrier pigeon or old fashion mail delivery! So wrong! How can they get away with this!
30th of June is not a weekend or holiday of any kind - if you as the payer make a ‘payer direction’ to your financial institution before close of banking business on that day, I believe their biller agreement binds them to honouring that date as the settlement date.
That said, BPAY are remarkably quiet on any questions in this regard and do a fine job of duck-shoving any question to your own financial institution, as if that allows them to avoid responsibility for explaining their own biller agreements and/or explaining why they don’t bother enforcing it … not entirely surprising given they are just another leech on the money artery …
The get away because in the first instance many people are unaware of the legalities and don’t complain - in the second instance because the process for getting an answer is so obfuscated it is just easier to comply with the biller who is breaking the rules …
A bill to be paid is clear if a bill payment is lodged by ‘the date’ it is on time. A super contribution subject to ATO dates? Maybe less so. An interesting question. From experience a super contribution actually needs to be received in the financial year.
BPay should be in the QSuper account the next day or at worst, within 24-48 hours. With bills, the payment date is the date the payment was made by the payee and not the date received by the billing company.
I suspect that superannuation may be different to paying a bill where the super fund will have its own statutory obligations in relation to dates…such as closure of the financial year on 30 June each year. If the funds were say paid on the 30 June but received in the super account after the end of financial year closure (say on 1 July), the funds would be taken to be deposited on the 1 July or the next financial year. I know from speaking with my own super fund that they lock the accounts on the 30 June for statement and reporting requirements. I expect other funds would be the same. A supee fund won’t know of a deposit until it lands in an account…which is why deposit dates may be very important.
I suppose the real question is why they require 6 days…this might be to allow them to process the payments in time before end of financial year account closures. But one would think in the modern age of computers, that funds should be able to be received at the 11th hour and still fall into year it is depositied into the super account. Maybe ask your super fund why they need 6 days and if it is a processing lag at their end.
It is also worth noting that the ATO states…
A clearing house distributes super contributions to your employees’ funds on your behalf. If you use a clearing house, the employee’s super contribution is counted as being paid on the date the super fund receives it, not the date the clearing house receives it from you.
Bpay would be no different for individual contributions.
Crates of avocado’s delivered by horse and dray are likely also inappropriate, without allowance to determine the liquidity of avocado’s at 1700 on any given day 
