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#2164154 - 02/12/18 10:01 PM Incoming Wire Cut Off
Anonymous
Unregistered

We stop pulling incoming wire files from the fed at 4, the back office closes at 5. Anything after 4 posts and is available the next business day. Our funds availability reads that wires are available on the day we receive the deposit. Are we in violation because we technically received the deposit, but didn't post it? Or did we not receive it because we didn't pull the file down? The cut off is not disclosed to the customer - we have no contact with incoming wire customers. Thanks.

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#2164196 - 02/13/18 01:44 PM Re: Incoming Wire Cut Off Anonymous
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
You disclose wires are available the day received...they are received when they hit your Fed account (or correspondent bank account if you use one), whether you choose to "pull it down" or not does not matter. Yes, you are at risk. Fix your availability statement, receive and post until 5:00 PM, or disclose to customers your incoming cutoff is 4:00 PM and anything received after is posted next day.
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#2164452 - 02/14/18 04:18 PM Re: Incoming Wire Cut Off Anonymous
Anonymous
Unregistered

Thank you.

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#2164854 - 02/15/18 11:46 PM Re: Incoming Wire Cut Off Anonymous
SMQ, CRCM Offline
Power Poster
SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
What is your cut off time for the banking day? Do tellers accept deposits until 5:00 or does the branch close the doors at 4:00?
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