transaction on a business day, but the effective date falls on a weekend or holiday?
The bank will move the effective date to the next business day following the weekend or holiday. It is important that you consider weekends and holidays when determining your effective date so as not to cause your transactions to post later than you desire. Example: If your effective date is typically the 1st of the month for payroll transactions, and the 1st of the month falls on a Saturday, you will likely want to back the effective date up to the 30th or 31st of the previous month. Then submit the transactions a day or two sooner, accordingly. In this example, failing to consider that the 1st falls on a Saturday would result in the effective date being moved forward to the next business day, the 3rd.
Related Questions
- My transfer date falls on a non-business day, so when will the transfer take place? The transfer will take place on the first business day after the transfer date if it falls on a weekend or holiday.
- What happens if I submit a transaction on a business day, but the effective date falls on a weekend or holiday?
- What if the business tax due date falls on a weekend or holiday?
