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#601558 - 08/18/06 02:44 PM 2:00 Cutover
lfsummers Offline
New Poster
Joined: Feb 2006
Posts: 14
We are a small community bank- three branches. Our cutover for processing has always been 2:00 and our disclosures at account opening state this. Our newest branch opened last week and due to it's distance from bookkeeping, our Cashier set their cutover time at 1:30. It is disclosed at that branch, but I still have reservations. Is it OK for a bank to have two different cutover times for different branches? Do I need to amend our disclosures to state that Branch "A" cutover is 1:30, but branch "B" and "C" is 2:00?

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#601559 - 08/18/06 02:51 PM Re: 2:00 Cutover
mck401 Offline
Diamond Poster
Joined: May 2006
Posts: 1,168
Texas
Yes and Yes. It is OK to have 2 different cutover times as long as it's properly disclosed. I have worked for several banks that had this. In our disclosure it listed each location and it's appropriate cut off time. When new accounts were opened, customers were told of the difference. We also had the cut off time printed on the reciepts for the different locations. (Just be careful when distributing the forms )
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#601560 - 08/18/06 02:57 PM Re: 2:00 Cutover
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You're going to need to adjust:

229.19(a)(5) Funds may be considered deposited on the next banking day, in the case of funds that are deposited--
(i) [omitted]
(ii) After a cut-off hour set by the depositary bank for the receipt of deposits of 2:00 p.m. or later, or, for the receipt of deposits at ATMs, contractual branches, or off-premise facilities, of 12:00 noon or later.


While you may have multiple cut-off times for lobby deposits, none can be before 2:00 p.m.

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#601561 - 08/18/06 03:04 PM Re: 2:00 Cutover
mck401 Offline
Diamond Poster
Joined: May 2006
Posts: 1,168
Texas
You got it Ken! Our earliest location was 2pm and other lobby cut off times were 3pm or 4pm. Great point!
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