Reg CC - Saturday Deposit of US Treasury Check

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Question:

According to Reg CC if we accept a US Treasury check for deposit on Saturday, when must the funds be considered available? Although we are open on Saturday, our service provider does not consider the deposit made until Monday. Is Saturday considered a business day?

Answer:

Saturday is never a banking day under Reg CC. Checks accepted for deposit on a non-banking day are considered received on the next banking day. In the case of deposits made on Saturdays, the regulation considers them received on Monday. This is true even if you record transactions on weekend dates.

First published on BankersOnline.com 1/07/08