We have made a change to the way we calculate the best effective date to use for financial transfers to associated parties.
Previously, we used any of the following:
- later of the effective date of the credit
- request date of the transfer
- current date.
In most situations, this was the current date, which would maximise the credit use-of-money interest (UOMI) on the account the transfer was requested from. However, this also increased the debit UOMI in the destination account.
Going forward, we’ll use the earliest effective date for associated parties for the transfer. This will mean a reduction in of debit use-of-money interest in the destination account.