Business and Banking Days
open for substantially all its banking activities. Even though a bank may be open for regular business on a Saturday, that day is not considered a banking day for purposes of Regulation CC because Saturday is never a ''business day'' under the regulation.
A business day is every day except Saturdays, Sundays and federal holidays.
Definition of business date
The business date usually corresponds to the date the document was received by the fulfillment department or the date money received with the document was deposited in a bank. Business dates are also part of the audit process.
A business day is any day of the week, excluding weekends and holidays, with an 8-hour time slot, typically from 9 am to 5 pm. Despite some businesses opening before 9 am or staying open after 5 pm, the 9 am to 5 pm timeslot is considered standard business hours. Most businesses operate for 8 hours.
A reference to one business day usually refers to one calendar day or 24 hours. Depending on when a transaction is completed, it could mean tomorrow, though it could also mean the day after.
"Business day" means any day that is not a Saturday, Sunday, or holiday as specified in Sections 6700 and 6701 of the Government Code.
The date of a Bond Issue from which Interest begins to accrue, typically the date of the Closing. This date also helps to distinguish one Bond from another. The Dated Date of a Bond may be different from the date the Bonds are actually delivered.
The record date, also known as the date of record, is when a company offering a dividend or distribution establishes its list of shareholders who will receive the payout. You must also buy the shares at least one day before the ex-dividend date to be listed as a shareholder on the date of record.
End of day (EOD), end of business (EOB), close of business (COB), close of play (COP), or end of play (EOP) is the end of the trading day in financial markets, the point when trading ceases.
Business day for banks is typically defined as any day in which they are open and conducting normal business operations. This may vary from bank to bank, but generally speaking, most banks will be open Monday through Friday and closed on weekends and holidays.
Funds deposited before 9:00 p.m. ET on a business day will generally be available the next business day. Funds deposited before 8:00 p.m. PT on a business day will generally be available the next business day.
Saturday and Sunday: Weekend deposits (including ATM deposits) are processed on the next day's business as Saturdays and Sundays are considered part of Mondays business. For example, when the deposit is made on Saturday, the remainder becomes available on Tuesday.
A detailed explanation can be found in section 229.12 of Regulation CC. But remember, the Expedited Funds Availability Act requires the first $225 of a deposit that is not already subject to next-day availability to be made available by the first business day following the day of deposit.
But a “banking day” is that part of any business day on which an office of a bank is open to the public for carrying on substantially all its banking functions. Ok, now this is where it is tricky. First, a banking day is not all day, it's only the part of the business day that you are open.
Banks process wire transfers on the same day from Monday to Friday. As a result, money sent on weekends will have to wait for the next business day to be processed.
In this example, the record date falls on a Sunday. Since the record date is a weekend day, the ex-dividend would be set one business day before the record date on Friday July 12, 2024. This means anyone who bought the stock on Friday July 12, 2024, or after would not get the dividend.
The GNWT date standard is YYYY-MM-DD format.
- Loan Funding – When the lender releases funds to title. - Recording – When the deed, deed of trust, and any other recordable documents are recorded at the County Recorder's office. This event signifies the “closing” or “close of escrow.”
What Is a Payment Date? A payment date, also known as the pay or payable date, is the day on which a declared stock dividend is scheduled to be paid to eligible investors. This date can be up to a month after the ex-dividend date.
More Definitions of Financial Closing Date
Financial Closing Date means the date of signing of the initial agreements for any Financing of the Facility and of an initial disbursement of funds under such agreements.
The transaction date is the date upon which any financial dealing occurs. The date when the change in ownership occurs in any financial dealing occurs on the transaction date.
Typically, business days are Monday through Friday, excluding weekends and public holidays. These days are recognized globally as the core workweek, during which most professional activities, transactions, and communications occur.
For Closing Disclosures, a business day is defined as all calendar days except Sundays and Federal public holidays, such as Labor Day. The Closing Disclosure must be provided to you at least 3 business days PRIOR to loan consummation.
Thus, if a bank is open on Saturday, Saturday might be a banking day for purposes of the U.C.C., but it would not be a banking day for purposes of Regulation CC because Saturday is never a business day under the regulation.