Any Rabobank product which has the ability to receive incoming payments is impacted by this change. This includes the following Agribusiness products:

• All in One Loan Facility
• All in One Credit Only account
• All in One Bill Loan
• Call Deposit
• Current Account

This change only relates to incoming electronic domestic payments. For Rabobank clients, an incoming electronic domestic payment will be either a direct credit or direct debit (see FAQ on how direct debits will work) that is made in New Zealand dollars.

Please note: other types of electronic domestic payments are automatic payments and bill payments, but these are classified as outgoing payments so will not be sent on weekends and public holidays. Any automatic payments or bill payments that are scheduled to go out of your account will continue to be processed on business days.

The following payment types will continue to be processed on business days only:

• High value transactions such as loan settlements
• International and foreign exchange payments
• Loan payments, as per the terms and conditions of your loan agreement

Fixed rate bookings will also continue to be available on business days only.

Direct debits are a little different, as they are managed and controlled by the third party (person or company) that is being paid and allows them to debit money from your account on agreed dates – as a result, direct debits out of your Rabobank account are treated as a type of incoming payment and will now be processed 7 days per week.

For example, if you have a direct debit set-up to be paid on the 20th of the month, this will now happen regardless of what day of the week it is. This means direct debits from your account can now be paid on weekends and nationwide public holidays.

It is important to ensure you have sufficient money in your account on the day the direct debit is due.

It’s a good opportunity to review any scheduled direct debits you have set up. If you need to make any changes to your direct debits, you will need to contact the person or company being paid.

How can direct debits be an incoming payment if the money is going out of my account?

Direct debits are classified as incoming payments as the third party is making an incoming request to withdraw money from your account.

Note: if you have third parties paying you via direct debit (i.e. a direct debit initiated through your account), these are classified as outgoing payments and therefore will continue to be processed on business days only.

Automatic Payments will continue to be processed as they are currently, but it is important to understand the cut-off and timing of when your automatic payments are processed.

For example, if you have an automatic payment scheduled to go out on a Monday, the processing of this starts on the Friday night prior. The payment will be processed against your account balance as it stands on Friday night, and if there are insufficient funds available, the transaction will fail on the Monday regardless of whether you have funds deposited into your account over the weekend.

It is also worth noting, that you have up until the business day before an automatic payment is due to cancel or edit it. This means that an automatic payment setup to go out on a Monday cannot be cancelled or edited after Friday evening.

It’s a good opportunity to review any scheduled automatic payments you have set up and to ensure you have sufficient money in your account to cover your automatic payments.

Yes. As happens today, transfers between two Rabobank accounts with the same account holder and payments between two Rabobank clients can be made 7-days a week, but the payment won’t be processed until the next business day.

For example, John and Sally are both Rabobank clients. Sally has livestock for sale which John has agreed to purchase. John makes an online payment to Sally on a Saturday. Sally can see the transaction in her account on the weekend, but because the payment from John’s account is an outgoing payment, the funds will not be cleared and available in Sally’s account until the next business day.

It is useful to remember that any accrued interest (debit or credit) for payments between Rabobank accounts that take place on weekends and public holidays won’t be updated until the next business day.

As happens today, interest (credit or debit) in relation to All in One and current account types will continue to be accrued daily for incoming payments received, however we are now able to receive incoming payments on weekends and public holidays.

For example, if you receive an incoming payment on a non-business day, the interest will be calculated and updated in your account activity on the same day.

As happens today, when you send a payment to another Rabobank client on weekends and public holidays any accrued interest (debit or credit) for payments between Rabobank accounts that take place on weekends and public holidays won’t be updated until after the next business day.

For our All-in-One account, we’ll need to calculate interest a little differently when your chosen interest payment date falls on a weekend or public holiday.

For example, if your chosen Interest Payment Date falls on a weekend or public holiday, interest will be calculated up until the day prior to your Interest Payment Date based on your account balance on the last business day. Any interest from payments received after this date will be calculated and accrued in the next interest period.

This means that your accrued interest as shown in your Internet Banking may not exactly match the amount of interest debited to your account.

Similarly, undrawn loan fees may not reflect changes to the undrawn amount that occur on non-business day(s) that fall at the end of a collection period. The next undrawn loan fee that you are charged will be adjusted as necessary to reflect incoming payments processed on these days.

For call accounts, interest is calculated monthly in arrears on the last business day of the month. However if the last calendar day(s) of the month fall on a weekend or public holiday, you will now see an additional interest payment on the first business day of the next month to reflect any interest earned on incoming payments received on those days.

There is no change to the way that Country Banking term deposits operate.

The ability to receive 7-day payments can help improve cashflow as it means you no longer have to wait for incoming payments to be processed on business days. Therefore, it is helpful to review and understand what these changes could mean for your business. If you are unsure, we recommend speaking to your Account Manager to understand the impacts to your business.

Some of the key things to consider, include:

• Any changes you might need to make to your internal business systems that interface with receiving incoming payments.
• Any changes you might need to make to your internal business processes that relate to receiving incoming payments
• Whether or not you choose to update your customer or supplier payment terms

Currently, Rabobank doesn’t have a live card system, so there is a delay between your available account balance and what you can spend on your debit card over the weekend and on public holidays, remembering that the daily spend limit on your card is set at $5000 (unless you have requested a different card limit).

Remembering that direct debits will now be processed on weekends and public holidays, we recommend keeping track of your account balance to prevent your account exceeding your agreed loan limit over the weekend and on public holidays.