(a) To allow time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two o'clock in the afternoon or later as a cutoff hour for the handling of money and items and the making of entries on the books of the bank.
(b) An item or deposit of money received on a day after a cutoff hour so fixed or after the close of the banking day may be treated as received at the opening of the next banking day.
Section: Previous 45.04.101 45.04.102 45.04.103 45.04.104 45.04.105 45.04.106 45.04.107 45.04.108 45.04.109 45.04.110 45.04.111 NextLast modified: November 15, 2016