Different processing and cutoff times apply to financial transactions depending on the type of transaction, the account the transaction is requested from and the account the transaction is going to.

For all Pay Anyone Payments the cutoff time is 5.00 p.m. (AEST) on a business day*. Your Pay Anyone Payment request may take longer to be credited to the nominated To Account if your request is carried out after 5.00 p.m. (AEST) on a business day, on a non-business day, or the other financial institution does not process the payment as soon as they receive it. You need to allow sufficient time for the processing of your Pay Anyone Payment. 

The following table outlines when your Pay Anyone Payment will be credited to the nominated To Account/s.

To Account Type  When was the Pay Anyone payment requested Payment will be credited immediately  Payment will be credited by the next business day  Payment will be credited by the 2nd business day after transaction 
BOQ Account  Any time on a business day or non-business day    
Account held at another Australian financial institution  Before 5.00 p.m. (AEST) on a business day    
Account held at another Australian financial institution  On a non-business day or after 5.00 p.m. (AEST) on a business day    

*A business day is defined as any day on which BOQ head office is open for business that is also a day on which banks in Melbourne or Sydney are able to effect settlement through the Reserve Bank of Australia. 

BOQ will withdraw the funds from your account on the date the payment is requested. If the payment is scheduled for immediate payment, funds will be withdrawn immediately. If you have scheduled the payment to occur on a date in the future, funds will not be withdrawn until that date. If there are available funds in your account on the date specified for the payment, the payment will be processed between 6:00am and 5:00pm Brisbane time. If you have a recurring payment the processing time may vary and you should not expect your payment to be processed at the same time for each recurrence. Whilst every attempt is made to process the payments as soon as possible the deadline is 5:00pm (Brisbane time) and it is purely coincidence if the payment has been processed by a particular time on previous occasions. 

Please Note: If you schedule a payment for a future date and there are insufficient funds in your account on the date the payment is being processed we will retry the processing of your transaction every 10 minutes until 4:30pm Brisbane time. If there are still insufficient funds in your account at 4:30pm (Brisbane time) you will be notified via Secure Mail that your scheduled payment has failed due to insufficient funds. This allows you 30 minutes to process an immediate payment in place of the failed scheduled payment. If your payment is a recurring scheduled payment the failure due to insufficient funds will not affect your next scheduled payment. 

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