Banking day
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Banking day is any day that a bank is open to the public for business. Generally, a banking day will end at 2:00 or 3:00 p.m. local time. Banking business transacted after this time is usually considered to be the next day’s business. Saturdays, Sundays, and federal holidays are usually not considered banking days.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Banking day. Any day that a bank is open to the public for business. Generally, a banking day will end at 2:00 or 3:00 p.m. local time. Banking business transacted after this time is usually considered to be the next day’s business. Saturdays, Sundays, and federal holidays are usually not considered banking days.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
