Thread Starter: Anonymous
Title: Re: Extra December Holiday?
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We are closing at cutoff 12/30, and our drive thru facilities that are typically open on Saturday (not for substantially all business) will not be open 12/31. We are a state chartered non Fed member bank. Obviously, check your state rules & examining bodies.
You specifically mentioned receiving deposits over the year end. As mentioned above, for us deposits taken after cutoff Friday are as of the next business day (this holiday season that would be Tuesday the 3rd of 2017). This has nothing to do with our holiday schedule as outlined, but we can't backdate interest over the end of a year. Mortgage payments received 12/31 - would have to credited as of 12/31 and come 1/3 -- we can't post interest back to 12/31. You might want to think about loans as well.
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