(1) 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 two P.M. or later as a
cut-off hour for the handling of money and items and the making of
entries on its books.
(2) Any item or deposit of money received on any day after a cut-off
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.
Structure New York Laws