Same-Day Deposit Law & Legal Definition


According to 31 CFR 206.2 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter II -- Fiscal Service, Department of the Treasury; Subchapter A -- Financial Management Service Part 206 -- Management of Federal Agency Receipts, Disbursements, and Operation of the Cash Management Improvements Fund], same-day deposit means “a deposit made before the cutoff time on the day on which the funds were received by an agency. For example, if an agency receives funds for deposit at 10 a.m. on Monday and transmits the deposits by 2 p.m. on Monday (the depositary's cutoff time), then a same-day deposit has been achieved.”

Cutoff time means “a time predesignated by a financial institution beyond which transactions presented or actions requested will be considered the next banking day's business.”