This December, bank customers in the Eurozone should be aware of an important announcement regarding financial transactions. The Target2 system, responsible for processing SEPA transfers, will be entirely unavailable from Thursday, December 25, to Sunday, December 28.
No Bank Transfers Allowed for 4 Days in December
This scheduled maintenance was officially communicated through the French Banking Federation’s calendar. It coincides with the annual closure of banking services on December 25 and 26, followed by a weekend during which no interbank transactions occur.
Consequently, all bank transfers will be halted for four consecutive days. This includes significant transactions such as salaries, rents, and pensions, which will not progress until normalization resumes on Monday, December 29.
Impact on Transactions
- All interbank SEPA transfers will be delayed.
- A transfer initiated on December 24 in the afternoon may not be visible to the recipient until December 29.
- Other types of transfers, such as salaries or loans between different banks, will also be affected.
Fortunately, many companies are prepared for this annual disruption. Typically, they initiate salary payments before the holiday on December 24 to avoid delays due to this system shutdown.
Exceptions to the Interruption
Not all banking operations will be affected by this service outage. Instant transfers, if offered by the bank, will continue to function. Similarly, transactions within the same bank remain unaffected. For instance, moving funds between a current account and a savings account at the same bank will still be possible.
Bank customers are advised to plan in advance and complete necessary transactions before December 25 to avoid complications during this four-day period.
