Credit/Debit card transactions, and any transfer of funds to an Investor’s bank account, will proceed as usual.
Direct debit transaction timing can be affected by bank holidays (NSW and National Public Holidays) as Australian banks will be closed for business on these days.
How does this affect direct debit payments in Ailo?
We’ve provided details for Easter weekend as an example below:
|Easter Weekend:||Thursday||Normal banking day|
|Good Friday||Bank holiday|
|Easter Saturday||Bank holiday|
|Easter Sunday||Bank holiday|
|Easter Monday||Bank holiday|
|Tuesday||Normal banking day|
From Friday to Monday, bank account transactions are not processed or cleared by financial institutions. As a result, any rent or bill payments made using direct debit are delayed.
Rent is still recorded as Paid (pending clearance) in the tenancy ledger from the date the payment was initiated — as long as those funds are cleared in the expected timeframe, the rent is marked as paid on time.
Direct Debit Rent payments (including fee-free method):
|Date the rent payment was initiated:||Funds taken from the Renter's bank account on:||Rent shown as cleared funds in Ailo on:|
|Before 6pm, Tuesday before the weekend||Wednesday before the weekend||Thursday before the weekend|
|After 6pm, Tuesday before the weekend||Thursday before the weekend||Tuesday after the weekend|
|After 6pm, Wednesday before the weekend||Wednesday after the weekend||Thursday after the weekend|
Direct Debit Bill payments:
|Bill payment initiated:||Bill payment is taken from the bank account:|
|After 6pm, Thursday before the weekend||On Wednesday after the weekend|
- Rent payments made using credit or debit cards are not affected, and the funds show as cleared in your Ailo app within the usual 2 hours.
- Normal banking operations resume on the next banking day after the public holidays.
Which public holidays?
Visit NSW public holidays to see the most up to date information on which public holidays may impact banking hours - we have provided a list below as an example:
|New Year's Day
|| Sunday 1 January 2023
|| Monday 1 January 2024
|| Monday 2 January 2023
|| Not applicable
|| Thursday 26 January 2023
|| Friday 26 January 2024
|| Friday 7 April 2023
|| Friday 29 March 2024
|| Saturday 8 April 2023
|| Saturday 30 March 2024
|| Sunday 9 April 2023
|| Sunday 31 March 2024
|| Monday 10 April 2023
|| Monday 1 April 2024
|| Tuesday 25 April 2023
|| Thursday 25 April 2024
|| Monday 12 June 2023
|| Monday 10 June 2024
||Monday 7 August 2023|| Monday 5 August 2024
|| Monday 2 October 2023
|| Monday 7 October 2024
|| Monday 25 December 2023
|| Wednesday 25 December 2024
|Boxing DayNew Year's Day||Tuesday 26 December 2023||Thursday 26 December 2024|