Banking day is a concept that almost everyone who has at least once applied to a banking institution for the provision of a particular financial service had to meet. Banking day is a certain period of time during which certain financial transactions can be carried out.
General concept
The concept of "banking day" can often be found in contracts between various legal entities, since it is this time period that is used to determine the length of the period of time allotted for making payments. At the same time, the considered legal entities can be very far from the banking sector in terms of their type of activity.
At the same time, current accounts that use company data can be opened in different banks. This situation usually means that the agreements between these companies contain a general concept of a banking day, which is not tied to a specific financial institution.
It should be interpreted as the bank's working hours during which it can make transfers of payments, repayment of loans or other financial transactions that are within its authority. Most often, to designate such averaged banking hours, the opening hours are taken at which most commercial and state banks of the Russian Federation operate. In a standard agreement between legal entities, unless otherwise specified, these hours usually mean the period from 10 to 16 hours of a weekday - from Monday to Friday, excluding public holidays.
At the same time, to clarify this concept, it should be borne in mind that within one banking day, a financial institution is capable of performing transactions dated today. If the payment does not have time to go through today, this means that its execution is extended for two banking days and will be made on the date of the next business day after it, although there may still be a lot of time left until the end of the current day.
Banking day in a specific organization
Nevertheless, in the process of interaction between specific banking institutions, the concept of a banking day can be clarified depending on the specific hours of its work. Currently, many banks, meeting their customers halfway, significantly extend the opening hours or organize the work of employees on weekends and holidays. In this case, the concept of a banking day changes for them in a similar way, that is, the period of time during which they can carry out financial transactions is lengthened.
At the same time, in order to avoid discrepancies with respect to the text of the agreement and possible negative consequences that may occur in connection with the delay in making a payment, it is recommended to clarify the time limits of the concept of a banking day. This is especially true if the term used in the agreement implies a different interpretation compared to the general time limits - from 10 am to 4 pm on a weekday.
