If you’re looking forward to your paycheck at the end of March, you might be disappointed. Indeed, due to the Easter weekend which falls just before the end of the month, bank transfers may be delayed by several days. Employers are therefore invited to anticipate the payment of salaries to avoid any inconvenience to their employees.
Four days without bank transfers because of Easter
The European interbank payment system Target 2, which manages SEPA transfers, will in fact be closed throughout the Easter weekend, from Thursday March 28 in the evening until Tuesday April 2 in the morning. Concretely, this means thatno bank transfer cannot be carried out during this four-day period.
This exceptional closure is explained by the fact that Good Friday and Easter Monday are public holidays in many European countries. Target 2 is therefore paused during this period, as is the case every year for certain public holidays (January 1st, May 1st, Christmas…).
Salaries potentially paid late
This year, the calendar means that Easter weekend falls right at the end of March, when companies usually pay out wages to their employees. Transfers made on the evening of Thursday March 28 will therefore only be received on the accounts on Tuesday April 2 at best.
To prevent employees from finding themselves overdrawn, the Bank of France and the French Banking Federation called on employers to anticipate payment of pay. Those who have not taken precautions risk making their employees wait a few more days.
Alternatives exist for urgent transfers
If your business couldn’t plan ahead and you need to receive money quickly, all hope is not lost. Two solutions are available to you:
- Perform a internal transfer, if the sending account and the receiving account are domiciled in the same bank. Intra-bank transfers do not go through Target 2 and can therefore be carried out even during its closure.
- Request a instant transfer. This type of transfer is executed in seconds, 24/7, including weekends and public holidays. But be careful, this service often requires payment. However, it should gradually become free by the end of 2025, as recently decided by the Council of the European Union.
Despite these alternatives, the simplest still remains for employers to pay salaries in advance. A delay of a few days can quickly become problematic for people who have direct debits or bills to pay at the start of the month. Vigilance is therefore required during this Easter period.
My name is Michael. I am a journalist for this magazine where I analyze and break down current events in order to provide you with articles that will allow you to have as nuanced and fair an understanding of global issues as possible. Passionate about creating bridges between stories and people, I joined this site to practice interactive journalism, where each article is an open dialogue with the reader.
2024-03-28 08:27:59