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Forums › Finance and wealth management › BNZ Credit Card statement closing date and time
Gordy7

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#307108 19-Sep-2023 23:33
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At 2pm on 25 August - BNZ credit card statement closing day - I had an unexpected charge to my CC.

 

By 8pm on the same day I was able to transfer money from my cheque account to my CC account so that my CC was immediately in credit.

 

Today (19 Sept) my cheque account got debited for the 2pm statement day balance on my CC.

 

When does BNZ close off CC balances on statement day?

 

Certainly appears to be before 8pm.

 

This has left my fine tuned cheque account balance lower that expected.

 

I have an enquiry lodged with BNZ but thought I would also ask here.

 

 




Gordy

 

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

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eracode
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  #3129568 20-Sep-2023 06:04
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Not sure if this is what you're asking but if you were expecting your manual payment to the CC to affect the amount of the direct debit on payment date - unfortunately it won’t. The DD payment amount advised in the statement will go ahead unless you contact the bank to arrange otherwise. Even then, any manual payment you want to arrange in the last two days of the period, can’t change the DD payment amount advised in the CC statement.

 

Our next CC payment of $xyz is due on 6 October and the statement says: “Unless advice to the contrary is received from you by 04 October 2023 the amount of $xyz will be direct debited to your bank account on 06 October 2023”.

 

Apart from that, as with all bank accounts, credit cards close off at the end of the banking day - not at some time during the course of the day.




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



Gordy7

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  #3129615 20-Sep-2023 08:40
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eracode:

 

Apart from that, as with all bank accounts, credit cards close off at the end of the banking day - not at some time during the course of the day.

 

 

Maybe credit card statement day close off is at the end of the banking day business hours (ie about 4pm) .... although they operate online 24 hours per day.

 

 




Gordy

 

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

eracode
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  #3129625 20-Sep-2023 08:53
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Gordy7:

 

eracode:

 

Apart from that, as with all bank accounts, credit cards close off at the end of the banking day - not at some time during the course of the day.

 

 

Maybe credit card statement day close off is at the end of the banking day business hours (ie about 4pm) .... although they operate online 24 hours per day.

 

 

Bank branch business hours have nothing to do with when bank accounts close off for the day. CC accounts do not close off when branches close. The end of the banking day close-off time is around 11:30pm and all bank accounts including CCs close off at the same time. There has to be a cutoff time where transactions late in the day are treated as either being ‘that day’ or ‘next day’ - that’s what closing-off means.

 

There may be some differences in last processing times for international versus domestic transfer transactions.




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



Gordy7

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  #3129638 20-Sep-2023 09:23
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eracode:

 

Bank branch business hours have nothing to do with when bank accounts close off for the day. CC accounts do not close off when branches close. The end of the banking day close-off time is around 11:30pm and all bank accounts including CCs close off at the same time. There has to be a cutoff time where transactions late in the day are treated as either being ‘that day’ or ‘next day’ - that’s what closing-off means.

 

 

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.

 

 




Gordy

 

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

eracode
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  #3129675 20-Sep-2023 10:37
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Have a look at your CC transactions list on the BNZ app.

 

Can you see your credit on 25 August?

 

Is it showing as happening at 8pm?

 

Is the balance of the card in credit after that transaction?

 

Is that transaction the final one for that date?

 

Are there any other transactions after that time on that day that put the card into a debit balance prior to the cutoff time for the statement production?

 

You could look for this info on the actual statement but it doesn’t show the transaction times as the app does.

 

 




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Gordy7

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  #3129766 20-Sep-2023 14:10
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Using BNZ mobile app.
Details from CC account.
Fri 25 Aug Bal $0.86
Fri 25 Aug 7.20pm payment $80 Cheque to CC.
Fri 25 Aug 1.55pm purchase $79.57 CC
Tues 22 Aug Bal $0.43.




Gordy

 

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

eracode
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  #3129771 20-Sep-2023 14:31
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Gordy7: Using BNZ mobile app.
Details from CC account.
Fri 25 Aug Bal $0.86
Fri 25 Aug 7.20pm payment $80 Cheque to CC.
Fri 25 Aug 1.55pm purchase $79.57 CC
Tues 22 Aug Bal $0.43.

 

Was that day was the last day for that statement period? 

 

If so, the balance of your statement should have $0.86Cr - which is what I think you were getting at earlier. Is that the amount that showed as the closing balance of the statement?

What was the amount of the CC payment taken from your cheque account on 19 Sept?




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

 
 
 
 

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Gordy7

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  #3129791 20-Sep-2023 16:45
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Gordy7: Using BNZ mobile app.
Details from CC account.
Fri 25 Aug Bal $0.86
Fri 25 Aug 7.20pm payment $80 Cheque to CC.
Fri 25 Aug 1.55pm purchase $79.57 CC
Tues 22 Aug Bal $0.43.

CC statement closing day 25 Aug.
Final balance on CC showed $0.86 on 25 Aug.
Cheque account got debited $79.57 on 19 Sept.




Gordy

 

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

eracode
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  #3129930 20-Sep-2023 20:43
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Now I understand why you are querying this. Sorry to keep quizzing you but presumably the closing balance showing on your actual CC statement was $79.57Dr - not $0.86Cr?

If that’s the case, maybe a lot of what I have written above needs to go out the window. Your facts simply don’t make sense to me after a 40+ year career in banking and finance (now retired).

 

I believe you will need to persevere with your query to BNZ and I would be extremely interested to know the answer.

 

 




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Goosey
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  #3129964 21-Sep-2023 06:31
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Im lost.

 

im lost with why the cheque account was debited on 19th September (are you sure or was this the date of statement)?

 

 

eracode
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  #3129966 21-Sep-2023 06:51
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Goosey:

 

Im lost.

 

im lost with why the cheque account was debited on 19th September (are you sure or was this the date of statement)?

 

 

I’m a bit lost too but the answer to your question is that you get about three weeks from the date of the statement until the direct debit payment goes through. Statement date 29 Aug, payment date 19 Sept.

 

My understanding of OP’s query is:

 

- At 2pm on statement date, card balance was $79Dr.

 

- Then OP paid $80 into the card and at 7pm the balance was $1Cr.

 

- Why was the closing balance of the card on that statement $79Dr and not $1Cr?




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

Gordy7

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  #3130002 21-Sep-2023 08:58
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Yep. On statement closing day the transfer of $80 at 7.20pm from my cheque to CC showed the balance on my CC mobile app of $0.86.
I am away from home at present and unable to look at a printed CC statement on my desktop web login.
Still waiting for info from BNZ.




Gordy

 

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

eracode
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  #3130037 21-Sep-2023 10:11
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Gordy7: Yep. On statement closing day the transfer of $80 at 7.20pm from my cheque to CC showed the balance on my CC mobile app of $0.86.
I am away from home at present and unable to look at a printed CC statement on my desktop web login.
Still waiting for info from BNZ.

 

If you have the BNZ app, you can access your ‘printed’ statements there. From top left corner hamburger menu > documents > statements > cards > CC.




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Gordy7

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  #3130048 21-Sep-2023 10:36
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Thanks. Statement doc shows balance of $79.14 for 25 Aug.
So, it appears that statement close-off is sometime before 7.20pm on statement day.
BNZ have responded with an uninformative answer. I have made a more detailed request.




Gordy

 

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

eracode
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  #3136397 29-Sep-2023 10:45
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Gordy7: 

 

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

 

 

@Gordy7 Have you heard more from BNZ?




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

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