Why your cost of living payment may not be in your bank account yet

Letters were emailed to eligible Kiwis over the weekend advising them that the cost of living payment would be paid into a specific account “within two working days”.

But what if you are eligible for payment, receive an email from IRD over the weekend saying you will receive it, but it hasn’t arrived yet?

The IRD indicates that due to the large number of payments, it intends to spread them over the day. This means that some eligible New Zealanders will receive their payments before others.

Also, if you are using a credit union account, you are expected to receive your $116.67 the day after the payment date.

However, it is essential to ensure that the IRD has your bank account into which the money will be paid. Last week the department flagged that it did not have 164,000 bank accounts and urged eligible New Zealanders to check that the department has their details. Payment can only be made to a New Zealand bank account.

Once the payment is made, it will appear as “Cost of Living” in your bank account.

“In myIR, the date displayed is the processing date and may be earlier than the day you receive your payment,” the IRD says.

The first batch of the cost of living payment has already hit some people’s bank accounts. One person said they intended to use their entire lotto payout, while another said they would take six blocks of cheese.

Others said they would donate to charities that help vulnerable people. People who receive a main benefit or a pension will not receive the payment because they are entitled to the winter energy payment, which has frustrated the Green Party.

Kiwi expats and foreigners who previously worked in New Zealand but now live overseas said they received notifications that they would receive the payment, despite eligibility criteria stating that recipients must be present in New Zealand. -Zealand.


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Elaine R. Knight