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Your money stories
Hello, yes, my post is tangentially related to a previous Jan 2022 discussion. I am working on this from a different angle trying to understand the rules for dating an account credit by a financial institution. I am curious to know whether the below hypothetical example of how a deposit is credited might or might not violate some accounting principle or other rule (e.g., IRS, FDIC, etc.):
-A cash deposit is made on a Saturday and becomes immediately available for cash withdrawal
-The institution dates the credited deposit amount for the following Monday on periodic statements
And, the days of the week could just as easily be Tuesday with a Wednesday record date.
‎July 3, 2023
12:48 AM