Interest date and booking date
The difference between interest date and booking date
In order to determine from which day an amount that is credited to or debited from an account will affect interest calculation, the bank uses an interest date. The booking date is the date on which an amount is credited to or debited from your account. For most payment orders, the interest date and booking date will be the same. However, there are a few exceptions:
- Payments received from abroad. As soon as we receive notification of an amount coming in from abroad, we credit your account right away. We also do this if the interest date for that incoming payment is in the future, so that you are informed of incoming payments at the earliest stage possible.
- Investment transaction charges, mortgage and loan repayments, charges for banking services. The interest date for these transactions is fixed by contract, while booking may take place at a later date.
- Correction bookings (such as reversing a debit).
Accidentally overdrawn
In some cases, the interest date of a credit to your account will not be the same as the booking date. If the booking date is before the interest date, and you are transferring a large amount, you may end up going overdrawn. You will then be charged debit interest.
You should therefore always bear the interest date in mind when transferring funds.
How to avoid debit interest:
- Make sure you have sufficient balance on your current account, for example by lining up a transfer from your savings account to your current account with ‘today’ as the processing date.
- Then order the transfer from your current account to the other party for the following working day.
- This way you send both orders at the same time, while the transfers will in fact go through one day apart.
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