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#2245642 - 11/18/20 05:52 PM Closing December 26th
Rollerman Offline
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Joined: Mar 2006
Posts: 147
Typically our branches are open on Saturdays. However, this year, the CAO would like to surprise employees by closing the branches the day after Christmas (Saturday, December 26th) in addition to closure on the 25th. The CEO thought he remembered some obscure rule around checking accounts or check processing. I know Saturdays are not defined as "business days" but can be defined at "banking days" under UCC. Is there any checking account rule or other rule or law that would prohibit us from closing branches on the 26th?

Thank you in advance for any guidance you can provide!

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General Discussion
#2245643 - 11/18/20 06:24 PM Re: Closing December 26th Rollerman
John Burnett Offline
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John Burnett
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Posts: 40,086
Cape Cod
December 26 will be a "business day" for any requirement of Regulation Z that involves counting business days using the "precise" definition. One example is the right of rescission. If a rescindable loan closes on Thursday, December 24, the three business days for rescission will be Saturday the 26th, Monday the 28th, and Tuesday the 29th. Funds can be advanced (after verifying no one has rescinded) on Wednesday the 30th.

It's also counted a business day for the requirement that a closing disclosure be received at least 3 business days before consummation under TRID rules.

But Saturday is never a banking day or business day for Reg CC purposes.

In general, you probably only need to post a lobby (and drive-up, if applicable) notice about the closing a couple of weeks in advance.
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John S. Burnett
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#2245644 - 11/18/20 06:35 PM Re: Closing December 26th Rollerman
Rollerman Offline
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Joined: Mar 2006
Posts: 147
Thank you John, I truly appreciate it!!

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#2245650 - 11/18/20 06:45 PM Re: Closing December 26th Rollerman
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Just make sure that you are not a National Bank or have to notify or get permission from your State banking regulatory body because you are closing on a normal business day and it does not involve an emergency.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2245669 - 11/18/20 09:13 PM Re: Closing December 26th Rollerman
Rollerman Offline
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Joined: Mar 2006
Posts: 147
Great point! Thank you again gentlemen!

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