1.2.2006
 
The Banking Supervision Department in a Circular to the Banks: "Complete your preparations for when the long business day comes into effect on 21 February 2006; customers must be advised immediately of changes, if any, in branches' operating times."
 
The Banking Supervision Department yesterday sent a circular to the banks calling on them to complete their preparations for when the long business day comes into effect on 21 February 2006, including providing their customers with explanatory material. The circular notes that the latest times for carrying out customers' instructions on Sundays to Thursdays is 18:30, and on Fridays and holiday eves, 14:00.
The circular stresses that there will be no postponement of the date when the long business day comes into effect, and that banks must immediately advise their customers of changes, if any, in their branches' operating times. Any banking corporation encountering a problem in its preparations is asked to advise the Banking Supervision Department immediately.
The circular states that as part of the explanatory material for customers, banks should clarify for them the main significant aspects of the extension of the business day.
The new directive has several implications for the banks' customers:
  Business-day value date––From 21 February 2006, there will be no difference between effecting a transaction in the morning and effecting it in the afternoon of the same day (except for Fridays and holiday eves). In both cases the transaction will be recorded with that day's value date. To clarify: until 21 February, 2006 a check drawn or deposited before 15:00 has that day's value date, while a check drawn or deposited after 15:00 has the value date of the following day. The new directive means that from 21 February 2006 customers' instructions given on the same day until the close of the business day will have the same value date.
  Branches' operating hours––The new directive obliges banks to update their customers with regard to their branches' operating hours. It must be stressed that the banking business day and the banks' operating day do not necessarily correspond. A branch may be open at times different from those of the banking business day.
  Payments to authorities and suppliers ccarried out on a certain date will have that day's value date, provided it is carried out by 18:30.
  Transactions other than over the counter in a branch, via automatic teller machines (ATMs) or the bank's customer service box––it is the customer's responsibility to clarify up to what time transactions can be performed for them to be recorded on the same day. From 21 February, 2006, the banks are obliged to display a sign on the ATM or service box showing the latest time.
  The banks are asked to place a notice in their branches of the times for performing transactions, e.g., stock-exchange transactions and certain foreign currency transactions, regarding which the customer undertakes to issue an instruction to the bank up to a certain time.