Community Chat

[chrystaltree]

OK but I don't why it matters or why there would be a question about this.  It's no different than any year.   Neither Christmas Eve nor New Year's Eve are legal holidays so banks always have regular business hours on those days. The P.O. is open, deliveries are made.   Just as stores are open and everyone is doing business.  Some insurance companies and  other type of business offices do let their employees leave early on those days.  My office has early dismissal at 2pm but the office doesn't totally close.  A few employees man the phones until the regular closing time. 

[Laura14]

Fair warning to all: 

My local bank does not post on Saturday's date ever.  It is Monday's date always and will be Tuesday's if Monday is a holiday so FYI in case that bothers you or affects your deposits.  For most, it probably does not.  

I didn't make the rule. I'm just trying to be nice in sharing it in case your local banks do the same and you need instant money back from a check deposit around a holiday.  

Take it up with your state regulators if you need to discuss it further.  

[proudlyfromNJ]

Transactions in our bank on Saturday and Sunday are considered Monday transactions unless Monday is a Holiday.

[bathina]

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@proudlyfromNJ wrote:

Transactions in our bank on Saturday and Sunday are considered Monday transactions unless Monday is a Holiday.

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That is because the federal reserve is not open on Saturday, Sunday or holidays. Every other day, banks image and load ALL their transactions to the Fed (unless there is a malfuntion in bank equipment. If that happens, it can be difficult for customers since their deposits and payments, are delayed. Also loses money for banks because they are delayed in collecting funds from other banks).

[sunshine45]

saturdays......bank teller is usually open until 12 or 1pm.

for saturdays......

if i hand them $500 cash to deposit it shows as pending for the next BUSINESS day.

if i hand them a $500 check it shows as pending and it posts on the next BUSINESS day

if i use the ATM and depost $500 cash it shows as available immediately prior to 8pm.

if i use the ATM and deposit $500 check it shows as pending, but it allows me to take out $300  against the amount of the check. it will post that day if deposted before 8pm.

[Laura14]

Now see my bank will make any cash deposit available immediately.  No wait.  

If nothing else this thread is good to say always good to check with your local branch as to how they do things.  The banking laws also vary between states.  

[bathina]

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@Laura14 wrote:

Now see my bank will make any cash deposit available immediately.  No wait.  

If nothing else this thread is good to say always good to check with your local branch as to how they do things.  The banking laws also vary between states.  

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Any bank that is FDIC insured is regulated by the Feds. The laws apply to all banks, regardless of state. Banks can make a decision to hold funds or make them available, but must abide by federal regulations that spell out the max number of days funds can be held. This also goes for lending and credit rules which are regulated by the federal government.

[proudlyfromNJ]

@bathina.  I was just stating how it worked at our bank. Wasn't that what the discussion was about?

[bathina]

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@proudlyfromNJ wrote:

@bathina.  I was just stating how it worked at our bank. Wasn't that what the discussion was about?

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Yes. You are right. I was just expanding on your post to apply to 99.9% of other banks.

[Laura14]

@bathina  @proudlyfromNJ   The FDIC and federal banking law will always supersede state just like anyplace else but there are state banking laws that fill in for anything not subject to the Feds direct authority.   It's the reason state banking authorities exist and not just federal ones.

And since it seems to be necessary in this thread, my parents were both career bankers.  And I also am dangerous in that I actually do read the fine print of the institution I bank with so I know what rules and regs my money is subject to.   Some are federal and some are state just like most governed aspects of all of our lives.

Bottom line, if you are unsure about your bank's rules, ask.  They're there to help.