banking day

banking day.

1. Banking hours on a day when a bank is open to the public for carrying on substantially all its banking functions. • Typically, 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.

2. A day on which banks are open for banking business.

“ ‘Banking day’ is defined in [UCC §] 4-104(1)(c) [now 4-104(a)(3)]. The definition was designed to exclude from the ‘banking day’ all bank holidays (although some states added specifics on holidays) as well as the portions of a day on which one or more of the substantial departments of the bank closed off their services to the public, even though it remained open for accepting deposits and withdrawing funds as well as continuously processing items for payment or for dispatch. Clearly, when night depositaries came into vogue, their existence did not extend the ‘banking day.’ The present existence and growing use of so-called 24-hour teller machines also does not extend the banking day. The nature of the banking day is sufficiently tenuous that banks would do well to fix a definite cutoff hour under subsection 4-107(1).” William D. Hawkland, Uniform Commercial Code Series § 4-104:01, at 4-43 (1984).


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