Citibank Transaction Account Question

[fantasy86dj]

Good morning everyone,

I have a question that I am going to ask on here instead of ringing up the call centre - I don't know if I am posting in the correct place so mods please relocate if required.

I have recently swapped my transaction account and my savings accounts to Citibank with my first pay due to go in next week. I know it depends on a number of things such as which bank my work is with however with CBA and Westpac for example, I got paid the night before payday. Does Citibank do any processing of payments at night like the other 2 banks that I mentioned?

Example - officially speaking my payday is "Thursday" however because of the bank that I am with I am able to access my funds at 7:27pm on the Wednesday. Or would I have to wait and see? Just want to get some insightful information.

Thanks.

 

[markis10]

It depends on where your paying bank and Citibank sit in the exchange cycle for interbank payments to a certain extent, if they are early in the round then often you will see it show up early. I have seen this for an ANZ to Citibank transfer where it showed up early evening, other transfers appear in the early AM.

 

[GCS]

My pay appears the day after my official pay day. I have been told with Citibank there as a third bank involved in the middle (NAB I think).

 

[haydensydney]

Like GCS, my pay appears on the Thursday. Work pays on the Wednesday so there is a lag.

 

[yohy?!]

NAB processes for Citi - in my experience it comes in the next day after being paid from ANZ so no measurable delay.

 

[fantasy86dj]

hmmmm I might get paid on Friday - won't be an issue though so long as it is by the weekend. Thanks everyone for input I will let you know next week !!

 

[greenfrog86]

hmmmm I might get paid on Friday - won't be an issue though so long as it is by the weekend. Thanks everyone for input I will let you know next week !!

I don't see any reason for it to come through this late... You'll most likely see it first thing on Thursday morning.

Most payroll is done via Direct Entry and if this is processed by the cut-off times (which it seems your employer always does given you see it the same night) then I believe the DE rules say that the payments must be cleared by 9am the next day.

 

[fantasy86dj]

Paynight tonight - normally I get my pay at 7:40pm with CBA - lets see how long for Citibank.

 

[fantasy86dj]

My pay must have gone in late last night (after 11pm) because it shows yesterday's pay but I did not see it in my account until I logged in this morning.

No problems - kinda relieved though I am always nervous about when a direct credit like a pay gets put into a new bank account for the first time.

 

[greenfrog86]

My pay must have gone in late last night (after 11pm) because it shows yesterday's pay but I did not see it in my account until I logged in this morning.

No problems - kinda relieved though I am always nervous about when a direct credit like a pay gets put into a new bank account for the first time.

Like I've said before, there are rules governing payment clearance and the funds would be in your account by 9am the morning after your organisation submit the file...

 

[Plutonus]

Citibank is the slowest in my experience. I have my pay split over three banks, one a credit union, NAB and Citibank.

Credit Union arrives Wednesday eveing
NAB arrives Thursday morning
Citibank arrives Friday morning