(a) For the purpose 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 an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
(b) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.
1964, c. 219; 1992, c. 693.
Structure Code of Virginia
Title 8.4 - Commercial Code - Bank Deposits and Collections
§ 8.4-103. Variation by agreement; measure of damages; action constituting ordinary care
§ 8.4-104. Definitions and index of definitions
§ 8.4-105.1. Payable through or payable at bank; collecting bank
§ 8.4-106. Separate office of a bank
§ 8.4-107. Time of receipt of items