Bills only paid during Bank hours | Tangerine Bank | Discussion forum

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Bills only paid during Bank hours
April 16, 2018
6:18 pm
bankinformer
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Tangerine a virtual bank only pays bills during Bank hours. You have to go online and pay bills during those period.

Example. If a bill is due on Saturday you have to pay it the prior day or leave the amosf-surprisedsf-confusedunt pending till Monday

April 18, 2018
9:10 pm
AltaRed
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Is that not the case for all financial institutions? I've never seen a Bill Pay, or even a pre-authorized debit done on a non-business day from any FI I deal with.

April 19, 2018
4:03 am
file
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Money only moves on business days externally, and even then only a few times a day. It's batched (both bill payments and EFT). Institutions write an instruction about moving money from somewhere to somewhere else. It gets transferred. The other institution reads in the instructions and then reflects them on their side. This happens a few times a day and when it is all done depends on when your instruction is written in.

A financial institution may allow you to "pay" a bill on a weekend but nothing will actually happen until the next business day externally.

Payments Canada is looking to improve it to be faster but I don't believe that includes weekends, just faster (and eventually realtime) during business days.

April 19, 2018
4:34 am
Top It Up
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Use your debit card on a weekend day, and your account will show the transaction as "booked" on the following Monday; at least, that's what my bank shows.

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