Longer bank day takes effect

The move, however, does not mean the banks necessarily will be open for longer hours. The most practical implication is that transactions carried out in the morning and the afternoon will both go into effect on the same day.

By AVI KRAWITZ
February 21, 2006 08:00

Extension to the banking business day from 15:00 to 18:30 goes into effect today, implementing a Bank of Israel directive aimed at effecting closer synergy between the banks' business and operating day. Accordingly, banking hours will be extended to 18:30 during the week and brought forward an hour to 14:00 on Fridays. The move, however, does not mean the banks necessarily will be open for longer hours. The most practical implication is that transactions carried out in the morning and the afternoon will both go into effect on the same day. Until now, a check drawn or deposited after 15:00 had the value date of the following day. In addition, the central bank said the move would ease the process of making transactions connected to the stock exchange and those with international links.


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