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#2246695 - 12/17/20 09:15 PM Saturday a business day or not
Compliance Action Subscriber 1226 Offline
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Joined: Sep 2015
Posts: 139
If the bank is open for business on Saturday, but nothing hard post to accounts until Monday - is Saturday considered a business day for Reg E

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#2246699 - 12/17/20 09:40 PM Re: Saturday a business day or not Compliance Action Subscriber 1226
Inherent_Risk Offline
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Joined: Jan 2017
Posts: 306
What do you mean open for business?

2. Substantially all business functions. Substantially all business functions include both the public and the back-office operations of the institution. For example, if the offices of an institution are open on Saturdays for handling some consumer transactions (such as deposits, withdrawals, and other teller transactions), but not for performing internal functions (such as investigating account errors), then Saturday is not a business day for that institution. In this case, Saturday does not count toward the business-day standard set by the regulation for reporting lost or stolen access devices, resolving errors, etc.

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#2246744 - 12/18/20 07:34 PM Re: Saturday a business day or not Compliance Action Subscriber 1226
Andy_Z Offline
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Inherent Risk's text is actually from Reg E's OSC at 2(d)-2:

https://www.bankersonline.com/regulations/12-1005-002
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AndyZ CRCM
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