(A) For the purpose of allowing 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 p.m. or later as a cut-off hour for the handling of money and items and the making of entries on its books.
(B) An item or deposit of money received on any day after a cut-off hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.
Effective Date: 08-19-1994
Section: Previous 1304.01 1304.02 1304.03 1304.04 1304.05 1304.06 1304.07 1304.08 1304.09 1304.10 1304.11 1304.12 1304.13 1304.14 1304.15 NextLast modified: October 10, 2016