808

(a) For purposes of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix a cut-off time for money or item transactions and book entries that shall not be earlier than two in the afternoon (2:00 p.m.). Banks and cooperatives shall date and credit any transaction on the day they were made either by drive- through or any similar service offered by the bank or cooperative.(b) Any item or deposit of money received on any day after the cut-off time shall be treated as being received at the opening of the next banking day for internal purposes only; never for the purpose of providing transaction confirmation, crediting an account or debt, or imposing late fees. [sic](c) In the case of loans and obligations, if the payment due date is on a Saturday, Sunday, or holiday and the payment transaction is made on any of such days, the creditor shall treat such payment as received on time and may not impose late fees, even when, for operating or accounting purposes, the creditor deems such transaction to be made on another day.

the creditor shall treat such payment as received on time and may not impose late fees, even when, for operating or accounting purposes, the creditor deems such transaction to be made on another day. Creditors are required to provide transaction receipts bearing the date on which such transaction was made. History —Aug. 17, 1995, No. 208, § 3-108; Aug. 31, 1996, No. 176, § 3; Dec. 30, 2010, No. 239, § 1.