At my bank, if my cash deposit is not in my account before a certain time of the day, it does not get credited until the next day. Why doesn't cash go in the account immediately? Is this typical of all banks?
All banks have a specific cutoff hour after which deposits and other transactions it receives at its banking offices are not posted until the next business day. Some banks remain open after that hour and can accept next-day transactions. Other banks, because of their locations or processing efficiencies, can set the hour to coincide with their latest physical closing hour, so deposits from "today" always show up "today."
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All banks have a specific cutoff hour after which deposits and other transactions it receives at its banking offices are not posted until the next business day. Some banks remain open after that hour and can accept next-day transactions. Other banks, because of their locations or processing efficiencies, can set the hour to coincide with their latest physical closing hour, so deposits from "today" always show up "today."
