Omar Bennett
Bank of America offers a wide range of services to its customers, including transfers, payments, and check deposits. The bank's services are governed by specific policies and procedures, which include the definition of a business day. While the term business day typically refers to the days between Monday and Friday, excluding weekends and public holidays, it is important to note that Bank of America may have its own definition for specific services. For example, the bank's online banking service agreement mentions business days in the context of transfer cut-off times and transaction postings. Additionally, holidays may impact the processing time for certain transactions, with updated information only being available on the next business day. Understanding what constitutes a business day for Bank of America is crucial for customers to effectively utilize their services and avoid any potential delays or issues with their financial transactions.
| Characteristics | Values |
|---|---|
| Definition of a business day | Typically, these are the days between and including Monday to Friday and do not include public holidays and weekends. |
| Applicable definition | The definition of the term "business day" varies by regulation. |
| Regulations CC and DD | A business day means a calendar day other than Saturday, Sunday or any of the public holidays specified in 5 U.S.C. 6103(a), including New Year's Day, the birthday of Martin Luther King, Jr., Washington's birthday, etc. |
| Regulation E and RESPA | A business day is defined as any day on which the offices of the institution are open for carrying on substantially all business functions. |
| Cut-off times | The cutoff time for Mobile Check Deposits is based on the time zone in which the account was opened. Checks received by the cutoff time on a business day are considered deposited on that day and will be available the following business day. |
| Transfers | Transfers made after the applicable cut-off time but by 11:59 p.m. on a business day will be posted as of the next business day but will be included in the balance for transactions that night. |
| Updates | It may take up to 2 business days for updates to be reflected in account balances, funds availability, and transaction posting. |
| Scheduled and recurring transfers | These transfers can be canceled prior to midnight ET on the business day before the transfer is scheduled. |
| One-time immediate transfers | These transfers cannot be canceled after they have been submitted. |
| Holidays | Holidays may affect the time it takes to process transactions, and updated transaction information may not display until the next business day. |
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What You'll Learn
Business day definition
The definition of a "business day" varies depending on the context and the institution. Generally, a business day refers to the typical working days in a week, which are Monday through Friday, excluding weekends and public holidays. However, the specific definition can differ depending on the industry, geographic location, and regulatory context.
In the context of Bank of America, the definition of a business day is important for understanding various services and policies offered by the bank. For example, when it comes to transferring funds between accounts, Bank of America specifies that transfers made after the applicable cutoff time but before 11:59 p.m. on a business day will be posted as of the next business day in the transaction history. The specific business day cutoff times may vary depending on the type of transaction and the location where the account was opened.
In the context of deposit holds, Bank of America mentions that deposited funds are typically held for a period of 2 to 7 business days. This means that if a deposit is made on a weekend, the hold will go into effect on the next business day, which is typically considered to be Monday.
It's worth noting that holidays can also impact the processing time for certain transactions at Bank of America, and updated transaction information may not be available until the next business day after a holiday.
To avoid any confusion, it is recommended that specific definitions of "business days" are clearly outlined in policies and procedures, especially in the context of regulatory compliance. This ensures that all parties involved have a clear understanding of what constitutes a business day for a particular institution or regulatory context.
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Transaction cut-off times
Bank of America has different transaction cut-off times for different types of transactions. For payments to a Bank of America payee, such as a vehicle loan, HELOC, or mortgage, the cut-off time is 5:00 p.m. ET on a business day. Payments initiated before this time will be processed on the same business day, while payments entered after 5:00 p.m. ET or on a non-business day will be processed the next business day.
For payments to Bank of America credit card and business line of credit accounts, the cut-off time is 11:59 p.m. ET. Payments initiated before this time will be processed on the same day, while payments entered after this cut-off will be processed on the next calendar day.
For transfers between Bank of America accounts or to other Bank of America customers, funds transferred before 10:45 p.m. ET on a business day will show the same day's date in the transaction history. Funds transferred after 10:45 p.m. ET but before 11:59 p.m. ET will be posted as of the next business day in the transaction history but will be included in the balance used to pay transactions that night.
For mobile check deposits, the cutoff time is based on the time zone in which the account was opened. Checks received by the cutoff time on a business day are considered deposited on that day and will usually be available the following business day. However, this excludes accounts opened in New Mexico, western Kansas, and the El Paso region in Texas, where the cutoff time is 9:00 p.m. ET.
It's important to note that these cut-off times may vary depending on the specific account type and transaction type. Additionally, there may be instances where transactions are subject to holds, which can delay the availability of funds. Bank of America service representatives cannot release deposited funds that are on hold.
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Deposit holds
Bank of America deposit holds are placed on some or all of the check amount for a period of time. This is done to validate the check and collect the funds from the issuer of the check. Deposit holds typically range from 2 to 7 business days, depending on the reason for the hold. For instance, for deposits made on weekends, funds are considered deposited on Monday (the first business day), so the hold will go into effect the next business day (Tuesday).
You will be notified of a deposit hold in a variety of ways, depending on how the deposit is made:
- ATM deposit: On the ATM screen and your printed receipt.
- Mobile deposit: On the deposit confirmation screen of your device.
- Email alert: If a hold was not placed initially but is determined to be necessary later.
- Mail notification: If a hold notification wasn't provided at the time of the deposit (e.g., a deposit by mail), a hold notice will be sent to your mailing address. If you've opted for paperless documents, you can view the hold notice in your online banking account.
You can avoid a hold on your deposit by encouraging the use of electronic payment solutions such as direct deposit, Automated Clearing House (ACH) payments, online transfers, wire transfers, and peer-to-peer services like Zelle®. These types of payments are typically available on the same day they are received or scheduled to occur.
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Transfers and payments
Bank of America offers a range of transfer and payment services, including one-time, future-dated, and recurring transfers, as well as options for internal transfers, external transfers, and international and domestic wire transfers. Here is some detailed information about these services:
Internal Transfers
Internal transfers refer to moving funds between your linked Bank of America and Merrill accounts. These transfers can be made without a fee and can be set up as one-time or recurring payments, including payments towards a linked loan, credit card, or mortgage. There are no receiving limits for internal transfers between your own accounts. Transfers made after the applicable cut-off time but before 11:59 p.m. on a business day in the state where your account was opened will be posted on the next business day but will be included in the balance for nightly transactions.
External Transfers
For transfers to or from accounts at other financial institutions, Bank of America offers electronic payment solutions such as Automated Clearing House (ACH) payments, wire transfers, and peer-to-peer services like Zelle®. These transfers are typically available the same day they are received or scheduled.
One-Time Transfers
One-time transfers can be made at any time and are immediately debited from the available balance of a checking, savings, or credit account.
Future-Dated and Recurring Transfers
Future-dated or recurring transfers (excluding transfers to Bank of America credit card accounts) scheduled for a non-business day will be debited from the funding account on the prior business day. Transfers to Bank of America credit card accounts will be debited at the beginning of the scheduled transfer date, even if it falls on a weekend or non-business day.
Cancelling Transfers
Future-dated and recurring transfers (excluding transfers to Bank of America credit card accounts) can be canceled before midnight ET on the business day prior to the transfer date. Transfers to Bank of America credit card accounts can be canceled before midnight ET on the calendar day before the transfer date. One-time transfers cannot be canceled after submission.
Cut-off Times
The cutoff time for mobile check deposits is based on the time zone where the account was opened. Deposits made before the cutoff time on a business day will typically be available the following business day. The specific cutoff time varies by region, with some areas having a cutoff time of 9 p.m. ET.
Holidays and Processing Times
Holidays may impact the processing time for transactions, and updated information may not appear until the next business day after the holiday. Deposit holds can range from 2 to 7 business days, and funds deposited on weekends are typically considered deposited on the following Monday, with the hold going into effect on Tuesday.
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Holidays and processing times
Bank of America's definition of a business day is not publicly available. However, according to Wikipedia, a business day typically includes all days from Monday to Friday, excluding weekends and public holidays. This definition is further supported by the definition of a business day in Regulations CC and DD, which specifies a calendar day other than Saturday, Sunday, or any public holiday as a business day.
At Bank of America, holidays may affect the time it takes to process certain transactions, and updated transaction information may not be displayed until the next business day following the holiday. For instance, if you deposit a check over the weekend, the funds are considered deposited on the following Monday, and the hold will go into effect on Tuesday.
Additionally, the bank's processing times can vary depending on the type of transaction. For example, funds transferred before 10:45 p.m. ET on a business day will show the same day's date in the transaction history, while transfers made after 10:45 p.m. ET but before 11:59 p.m. ET will be posted as of the next business day. It's important to note that these cut-off times may vary based on the time zone in which the account was opened.
To avoid holds on deposits, Bank of America recommends using electronic payment solutions such as direct deposits, Automated Clearing House (ACH) payments, online transfers, wire transfers, or peer-to-peer services like Zelle®. These payment methods typically provide access to funds on the same day they are received or scheduled.
When it comes to transferring funds between Bank of America accounts or to other Bank of America customers, the transfers can be made without a fee and are typically processed immediately. However, transfers made after the applicable cut-off time but before 11:59 p.m. on a business day in the state where the receiving account was opened will be posted as of the next business day.
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Frequently asked questions
Typically, a business day refers to the working week, Monday to Friday, excluding weekends and public holidays.
No, Bank of America defines a business day in the same way.
For funds transferred before 10:45 p.m. ET on a business day, the transaction history will show the same day's date.
No, funds deposited on a weekend are considered deposited on the next business day, i.e., Monday.
It can take up to 2 business days for updates to be reflected in your account balance.
