When creating schedules and drafting documents, banks often use terms that remain a mystery to most of their clients. It’s great if the latter clarify the meanings and can understand the details. It’s not so good if the terms are simply omitted as an insignificant nuance. And it’s even worse if they are misunderstood. So let’s look at one of them – let’s talk about what a banking day is, how it differs from a working day, and where this term is most often used.
What is a working day?
It is with this that the concept of a banking day is most often confused. The differences are fundamental. A working day is the working hours of a specific organization. For example, OOO Romashka opens its doors for clients at 8:00 and closes at 20:00 – its working day is from 8:00 to 20:00. But OOO Vkusno Ochego works around the clock. Therefore, its working day is from 00:00 to 24:00.
Each company forms the time interval at its own discretion. The main thing is not to violate the requirements of the law. Therefore, the working day does not necessarily have to be fixed and stable - an guangdong mobile number database organization can work, for example, from 9-00 to 21-00 on weekdays and from 10-00 to 15-00 on weekends. And there are also holidays, inventory days, preventive maintenance, and so on.
What is the meaning: a working day is opposed to a day off. Therefore, when, say, a loan agreement contains a clause on issuing a certificate of no debt within 7 working days, this does not mean that the document will have to be waited for one calendar week. Most likely, longer - minus weekends and holidays.
What is a banking day?
A banking day is also called an operational day. It is understood as a period during which a bank can carry out various operations – for example, credit money to an account during transfers, convert currency during an exchange, and so on. This time interval is of key importance for the vast majority of clients, so it is always specified in advance.
Please note that a financial institution may have its own operating schedule. For example:
In the morning the bank carries out currency conversion.
During the day, he or she provides cash settlement services to clients.
In the evening, prepares reports on the day's results.