Most banks have a daily time that they cut off for the day and are then on the next days business. We have this time posted that any transactions after 3 will be on the next day's business. We have a loan officer that tells us we HAVE to post loan payments on the day of receipt even if it is after our posted cut off. We can't post normally so we have to wait until the next day and back date the payment. My question is why do we have to do that? If it's after 3 it is on the next days business period. Why do the loan customers get to have us post that day anyway? I think the LO is out of her mind and we should be telling the customers that it's after 3 so..... too bad. What do you think?

I agree with you, BQ. Your cut off date is properly posted, all customers should receive the same service. If they want the payment posted that day, then they need to come in earlier.

I think your loan officer is being unreasonable.

I just spoke with our long time SVP and she stated that because our loan documents only state a date they are due and not a time, we have to post them on that date. I believe this is where our LO got her information. Does this shed any additional light on the topic?