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Simple English definitions for legal terms
banking day
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A quick definition of banking day:
Banking Day: A day when banks are open for business and customers can do most of their banking activities. This day does not include bank holidays or the time when some departments of the bank are closed, even if the bank is still accepting deposits and processing payments. The banking day usually has a specific cutoff time, after which any transactions will be processed on the next banking day.
A more thorough explanation:
Definition: A banking day is a day on which a bank is open for business and carries out its banking functions. It is important to note that if the bookkeeping and loan departments are closed by a certain hour, the remainder of that day is not part of that bank's banking day.
Example: If a bank is open from 9:00 am to 5:00 pm, Monday through Friday, then those hours are considered the bank's banking day. If a customer makes a deposit at 6:00 pm on Friday, it will not be processed until the next banking day, which would be Monday.
Explanation: This example illustrates that a banking day is limited to the hours when a bank is open for business. If a customer makes a transaction outside of those hours, it will not be processed until the next banking day. This is important for customers to keep in mind when making time-sensitive transactions.