BNZ Credit Card statement closing date and time

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Forums › Finance and wealth management › BNZ Credit Card statement closing date and time

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#3136418 29-Sep-2023 11:07

eracode:

Gordy7:

BNZ have responded with an uninformative answer. I have made a more detailed request.

@Gordy7 Have you heard more from BNZ?

In my follow up reply I have not received an answer to my more detailed request after 5 business days.

Maybe the BNZ does not respond to follow up questions.

So, yesterday I submitted a new question on the same topic.

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

graham007

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#3136508 29-Sep-2023 12:55

Is BNZ app working at the moment ?

Gordy7

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#3136513 29-Sep-2023 13:04

graham007: Is BNZ app working at the moment ?

'Something went wrong' with me just now...

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

graham007

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#3136515 29-Sep-2023 13:05

Yes got the same error . So strange 😮

halper86

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#3136525 29-Sep-2023 13:19

Gordy7:
I would have thought an 11.30pm close-off time would have been more reasonable.... that is why I got my CC into credit by 8pm.

This is with ANZ, and my ex-banker mum confirmed: Payments towards credit accounts are formally processed overnight - therefore to settle your account in credit it has to be done the day before. The same cannot be said regarding debits to the account, just take this one as tough luck. I always make sure to have my accounts in credit a day or two before statement due to this fact.

eracode

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#3136528 29-Sep-2023 13:25

halper86:
Gordy7:

I would have thought an 11.30pm close-off time would have been more reasonable.... that is why I got my CC into credit by 8pm.

This is with ANZ, and my ex-banker mum confirmed: Payments towards credit accounts are formally processed overnight - therefore to settle your account in credit it has to be done the day before. The same cannot be said regarding debits to the account, just take this one as tough luck. I always make sure to have my accounts in credit a day or two before statement due to this fact.

That looks fairly conclusive and explains @Gordy7 's issue - but why did the credit to his CC account show a resulting credit balance on the CC account on balance date that was wasn't included when setting the closing balance?

Sometimes I just sit and think. Other times I just sit.

halper86

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#3136545 29-Sep-2023 13:46

eracode
That looks fairly conclusive and explains @Gordy7 's issue - but why did the credit to his CC account show a resulting credit balance on the CC account on balance date that was wasn't included when setting the closing balance?

Same as a Visa/Mastercard Debit - you ‘purchase’ something or at least that’s what you see via the app/online banking - where it is actually a hold on the payment until it gets processed overnight. I know ANZ tells you whether it is still on hold, but try in the BNZ app, here’s an example of what a hold looks like before it turns into a purchase:

Then once it clears overnight it turns into a purchase:

Sorry if my analogy doesn’t make sense, It sounded clear as bells in my head haha.

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eracode

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#3136561 29-Sep-2023 14:17

@halper86. Thanks but that’s for a purchase and BNZ often shows ‘p’ for pending next to a CC debit for the same reason. In this case we’re talking about a credit - maybe credits can be ‘pending ’ too.

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Gordy7

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#3137553 2-Oct-2023 08:29

BNZ Secure messaging:

19 Sept Question
I am having a problem understanding why my cheque account has been debited for $79.14 from BNZ Credit cards on 19 Sept.
My AVC credit card was in credit by $0.86 on 25 August.

21 Sept Response
If you pay your credit card early you need to inform us before due date so we can suspend it for the month otherwise the payment goes out.

21 Sept Question
However, my BNZ mobile app showed a credit card balance of $0.86 on statement day 25 Aug at 7.20pm so I was not aware there would be a debit to my cheque account on the 19 Sept.
What is the BNZ credit card close-off time on statement day?

30 Sept Response
Hi Gordon, your statement closes off on the 26/09/2023 and should be the same every month.

Other info
CC Statement
25th August Purchase $79.57

CC Transactions
25 Aug 2023 Payment (7.20pm) - Thank You NZD8000 80.00 bal 0.86
25 Aug 2023 Purchase (1.55pm) NZD7957 -79.57 bal -79.14

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

eracode

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#3137559 2-Oct-2023 08:47

I don't think they have answered your question. Maybe you need to ask it more simply and plainly, eg. "Why was my cheque account debited $79.14 to pay my credit card on 19 September when the closing balance on my card on 25 August monthly end-date was $0.86CR?"

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Stu

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#3137575 2-Oct-2023 09:20

I recommend calling them. The Secure Messages might be being responded to by branch staff, and for whatever reason they're not answering the question. When you ring, you should be talking to at least a Banker 2 level staffer. If they're only Banker 1 (and this may also be the issue with the Secure Messaging), you'll need to be transferred to someone with more knowledge.

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#3137733 2-Oct-2023 13:26

eracode:

I don't think they have answered your question. Maybe you need to ask it more simply and plainly, eg. "Why was my cheque account debited $79.14 to pay my credit card on 19 September when the closing balance on my card on 25 August monthly end-date was $0.86CR?"

Thanks for your help and follow up as I try to understand the BNZ CC statement day processing.

I have sent off my new question exactly as you have suggested.

I think my earlier questioning should have prompted a pro-active response from BNZ.

In hindsight and fairness to BNZ I did receive an email 3 days after CC statement day that said my my cheque account would be debited for $79.14 on 19 Sept.

My additional thoughts:

BNZ had a bad day and a glitch prevented my positive credit balance being registered on the statement.

BNZ operate CC administration in a different time zone to NZ.

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

Gordy7

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#3143095 5-Oct-2023 12:06

Received a fast talking phone call from BNZ who said that I missed the BNZ Statement day cut off time of 7pm and that my credit paid at 7.20pm did not go through until 3 days later.

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

Gordy7

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#3143900 7-Oct-2023 11:53

I have just discovered that BNZ clearly states that the cut off time is 6pm for Credit Card payments on business days.

https://www.bnz.co.nz/support/everyday-accounts/payments/processing-times-for-payments

So, I am somewhat dissappointed that BNZ did not point this out on my initial enquiry.

If a late payment is made, transactions will show a credit balance on a CC account on statement day. However, a transaction credit balance is not valid after the 6pm cut off time.

Maybe BNZ should have tagged the late payment to my CC account as pending.

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

eracode

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#3143905 7-Oct-2023 12:11

Gordy7:

I have just discovered that BNZ clearly states that the cut off time is 6pm for Credit Card payments on business days.

https://www.bnz.co.nz/support/everyday-accounts/payments/processing-times-for-payments

So, I am somewhat dissappointed that BNZ did not point this out on my initial enquiry.

If a late payment is made, transactions will show a credit balance on a CC account on statement day. However, a transaction credit balance is not valid after the 6pm cut off time.

Maybe BNZ should have tagged the late payment to my CC account as pending.

Well - so much for some of my earlier comments which were plain wrong - sorry. I worked in banking and finance for most of my working life and did not know that. Live and learn.

Sometimes I just sit and think. Other times I just sit.

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