An automatic transfer of funds from one bank account held by a company to another of its bank accounts, usually one that pays interest on deposits. The sweep takes place at the end of every day, or at the end of the day when certain conditions are met. From: end-of-day sweep in A Dictionary of Finance and Banking »
Banks may establish different cut-off hours for different types of deposits, as well as for deposits made at different locations. Generally, the cut-off hour may not be earlier than 2 p.m. for deposits made in person at a bank branch, and not earlier than noon for deposits at off-site locations such as ATMs.
Whereas business days can span 5-7 days per week, business hours are generally restricted to regular operating hours at any given business. As an example, many banks operate from 9am – 5pm during the workweek but may be closed on weekends and national holidays.
Business days for banks are typically Monday through Friday from 9 a.m. to 5 p.m., excluding federal holidays. Transactions received outside of these hours are typically posted on the next business day.
Mobile Check Deposit
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.
The end of business day for deposits and transfers is: branch closing when made at a branch, and by 11 p.m. ET by all other methods. Stop Payment Fee $30 per request at a branch or with telephone banking OR $25 per request on chase.com or our automated phone system,1-800-935-9935.
Deposit limit definitions
Your daily deposit limit is defined as the maximum amount you can deposit using your mobile device each calendar day. Deposits made after the 10:00 p.m. Central Time cutoff will apply to the daily limit of the next calendar day.
Generally, when depositing government checks, cashier's checks, certified checks, and official checks, the funds must be available the next business day. This is also true for in-house checks (also called "on-us checks"), meaning you're cashing a check at the same bank that issued the check.
Banks close early primarily to reduce operational costs, update their financial records, and enhance security measures.
Deposits made via Popular Mobile Check Deposit Service If you make a deposit via the Popular Mobile Check Deposit or Business Mobile Banking service before 8:00 PM Eastern Time on a business day that we are open, we will consider that day to be the day of your deposit.
The SEBI-revised cut-off time for the majority of mutual fund schemes is 3:00 p.m. for both subscription and redemption.
End of day (EOD) is a common term used within businesses around the world. It's typically used in reference to a specific deadline: completing a task by the end of the day (5:00 p.m. for most standard offices).
Paid Time Off (PTO) banks are an alternative to traditional paid leave plans that consolidate multiple types of leave (paid vacation, sick, and personal days) into a single plan. An employer does not designate leave for any particular reason, but instead simply gives employees one “bucket” of leave.
Cutoff times apply to various types of banking transactions, including wire transfers, check deposits, and electronic ACH transfers. These times can vary from bank to bank or depending on the transaction type within the same bank. Most banks have a cutoff time around 5:00 p.m. local time.
Here are the cutoff times for making a deposit or transferring funds from another Chase account: Chase Branch, before it closes: cash deposit, check deposit, or transfers from another Chase account. ATM, before 11 PM ET (8 PM PT): cash deposit, check deposit, or transfers from another Chase account.
Definition of 'cutoff time'
The cutoff time is the time at which a bank stops crediting same-day deposits. Deposits after the cutoff time are credited the next banking day.
What time your direct deposit hits depends on the financial institution. Most recipients can expect their direct deposits to be available by 9 a.m. on payday, with many banks allowing funds to be released between midnight and 6 a.m. If your bank allows for the funds to be released sooner, you'll see them then.
The cut-off time is usually 5 pm, but it can vary between banks. Banks will process requests made after this time the following business day.
Only a handful of banks, such as PNC, KeyBank and Fifth Third Bank, offer immediate check deposit availability.
You can deposit up to $10,000 cash before reporting it to the IRS. Lump sum or incremental deposits of more than $10,000 must be reported. Banks must report cash deposits of more than $10,000. Banks may also choose to report suspicious transactions like frequent large cash deposits.
Generally, we finish processing the current business day's transactions, and updating account balances, by 8 a.m. CT on the next business day. For example, if you're following up on a check that may have cleared on Tuesday, the information should be available after 8 a.m. CT on Wednesday.
The bank that fails to observe the stroke of midnight on the day after dishonoring presentment of a check is strictly liable to settle the transaction in favor of the payee. However, the party seeking payment must first have standing to enforce the midnight deadline rule against the dishonoring bank.