(a) To allow 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 o’clock in the afternoon or later as a cutoff hour for the handling of money and items and the making of entries on the books of the bank.
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Terms Used In Alaska Statutes 45.04.108

  • afternoon: means the period of a day between noon and midnight. See Alaska Statutes 45.04.104
  • banking day: means that part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Alaska Statutes 45.04.104
  • item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Alaska Statutes 45.04.104
(b) An item or deposit of money received on a day after a cutoff hour so fixed or after the close of the banking day may be treated as received at the opening of the next banking day.
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