This March, some employees in France are at risk of receiving their salaries a few days late. In question: Bank transfers will be blocked for 4 days, reports Internet user. Therefore, those who wish to transfer should do so before the suspension begins.
Every year, during public holidays, bank transfers are temporarily suspended. And for good reason, the Target 2 system, which handles all interbank transactions in the Eurozone, is not operational during public holidays. Thus, the The “blocking” concerns not only French banks, but all banking institutions in the 20 countries whose currency is the euro.
However, transactions between accounts of the same bank remain possible, as they are not governed by Target 2. Likewise, this block does not affect immediate transfers. Customers who need to send money urgently can use it. However, the accounts between which the instant transfer will be made must both be located in the Euro Zone.
This is a fast solution, allowing transfers in just 10 minutes, 24 hours a day, 7 days a week. In fact, this payment method is effective even during public holidays. The only downside: instant transfers still require payment at most banks. But it will soon be free thanks to a new European regulation that also provides for the generalization of this system.
Transactions outstanding between 29 March and 1 April
So next week, from March 28 at 4:30 pm to April 2 to be more precise, bank transfers between banks will be blocked. As explained above, the Target 2 system is not effective during public holidays. This year, Good Friday, which falls on March 29, will be the weekend after, and Easter Monday will also be a public holiday. Consequently, no interbank transactions will be processed during this long weekend. Transfers initiated before this period will be credited to the beneficiary’s account on April 3.
