Term Deposit

I have a Term PIE investment maturity letter. Why is it that your bank does not state clearly on the letter the amount of interest after PIE tax is deducted that is to be paid to my bank account next week. The notice advises the total PIE tax for the investment, but as a previous interim payment was made on 31 March one has to hunt down previous bits of paper and make a calculation. You guys could do better to save me calculating this wrong.

Thanks for this feedback @Catchupzoom, I’ll pass it on to the team :slight_smile:

Well done BNZ. The PIE Term Deposit maturing today credited to our account as available funds at 9.44 this morning enabling funds to be used on maturity date.

However surprised that both my wifes and my separate PIE TD’s show in the transaction list as a single amount. Somewhere your bank has merged the two payments into a single credit to our cheque account. More confusion for this customer and magic fron BNZ.

Await with interest response from your team.


Catchupzoom. Trying to understand here the problem, and just need a couple of details.

When you saw this as 1 credit amount, just checking that this was the same day, and if it was, can you confirm that the next day on your statement history, I understand that this should have posted as your 2 single deposits, can you confirm that this was the case?

I can then investigate further upon your response.

Thank You

On Monday (TD maturity date) a single credit transaction for the total amount due was shown in our cheque account. The time stamp was about 9:45 am.

On Tuesday morning four credits were shown: the two principal repayments and the two interest payments timestamped about midnight.

I expect if you looked at any BNZ customers TD maturing deposit account (after 10.00am) on maturity date you would see a single amount AND on the next business day you would see both a principal and Interest credit.

I guess BNZ must have a dual update process that posts transactions twice to accounts.

The first intraday online TD update must still have legacy code that accumulates credits posted at the same time. Back in 1970’s this logic was often used to reduce expensive disc storage costs.


(retired IT consultant).

Catchupzoom. This PIE TD Product does just show the bulk value of the transaction real time and then you get the granularity at the end of the day. It is on our back log of work to provide that real time granularity.

In the mean time, thank you for your custom and having a Term PIE TD with ourselves.