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DMark
10-29-2010, 11:32 AM
I have Bank of America as my bank and have always wondered - why is it that the branches of the bank are open until 2:00 PM (and some even later) on Saturdays, but when it comes to processing checks and deposits, Saturdays are NOT a business day.

If employees show up on Saturday, and I can do business at the bank on Saturday, exactly how is Saturday NOT a business day?

gotpasswords
10-29-2010, 11:36 AM
Short answer: Because the Federal Reserve Bank and the stock and securities markets are not open for business on weekends.

Dallas Jones
10-29-2010, 12:06 PM
Saturday is not counted as a business day because the bank is not carrying on ALL of it's functions that day. Can you see a loan officer at your bank on Saturday, maybe you can. Can you make a bank to bank wire transfer or an international transaction? Probably not.

Saturday banks are open but partially staffed and many of the business transactions that you can make are not actually posted until the next day that banks are fully open for all functions, and that would be the following Monday, if it isn't a holiday.

Pursuant to U.C.C. 4-104, banking day means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions.

From here:

http://definitions.uslegal.com/b/banking-day/

DMark
10-29-2010, 12:11 PM
OK - thanks for the quick responses!

I guess that makes some sense, but it still is odd that many simple transactions are supposedly unable to be completed until Monday, but at least I got my "official" answer!

Thanks guys.

Crotalus
10-29-2010, 12:11 PM
gotpasswords nailed the reason. The two entities that move money into and out of accounts in the US banking systems, the Federal Reserve Bank and EPN, do not process transactions on Saturdays. No money moves.

DiosaBellissima
10-29-2010, 01:03 PM
OK - thanks for the quick responses!

I guess that makes some sense, but it still is odd that many simple transactions are supposedly unable to be completed until Monday, but at least I got my "official" answer!

Thanks guys.

In fairness, BofA has gotten worse about this recently. I used to deposit a check in the ATM on Friday, $100 would be made available, and the rest would be available Saturday morning when the bank opened. Now, the first two steps are the same, but the full funds are held not just until Monday, but until midnight (so, Tuesday). The first time this happened and my funds weren't available Monday, I called- unhappy, naturally- and was told "on Monday means at midnight"--- I tried to explain that actually means Tuesday, but it was lost on the rep.

CookingWithGas
10-29-2010, 01:09 PM
It's hard to understand what happens in fund transfers now that is not fully automated. I can understand why banking can't be 24x7 in 1950, but isn't funds transfer pretty much a lights-out operation today?

...I tried to explain that actually means Tuesday, but it was lost on the rep.Never waste time arguing company policy with a person who gets paid to answer a phone in a 6x4 cubicle.

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