Prepaid interest not yet debited - five hours left to get this right

Well... it is now 6.45pm and we have two loans where the interest in advance which was supposed to be taken from our account on the 27th still has not been taken. A third loan was due to be prepaid on 14th and the interest was debited from our account on the 23rd (nine days later than the documentation stated) and the fourth loan was completely stuffed up, but we have managed to fix it up in time.

I spoke to my broker at 4.15pm and he has been assured this will be done before the end of the financial year. I suggested that by 11pm if it hasn't been debited, I'm prepared to manually transfer the exact amount for both loans and then deal with the consequences if the bank also tries to debit from the account overnight which would overdraw it.

He said if my prepaid interest somehow doesn't get debited before midnight I will (obviously) be one of thousands to have this happen. He said that banks can (and do) backdate this type of thing, if there is good reason.

So, do I sit tight and assume my bank will actually debit my account and credit these two loans with the documented prepaid interest funds and if they don't do this before midnight tonight, will I have problems if they backdate the transaction so that it officially was done before midnight on 30 June?

... always a barrel of laughs, this banking caper :roll eyes:
 
Paying interest in advance isn't as common as you'd think. Certainly the banks might be processing hundreds right now, but in the grand scheme of things it isn't that common.

We got a couple completed today. Whilst in theory it should have been simple, it turned into a very painful process for multiple reasons. In the end we were calling and nagging the bank to get it done on a daily basis for the last 4 working days, and there were still screw ups.

Anyway, cheer up. Tomorrow you can get started on your tax!
 
Went to bed 10.30 and still not done. Went with the advice of our broker and slept like a baby. This morning it is showing interest debited on 30 June. Talk about leaving it to the last minute.

There is never a dull end of year with Westpac. Thrills and spills and "what if" right to the finish line.
 
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