An Ohio broker receives a certified check for $15,000 as earnest money on a Friday. The following Monday is a bank holiday. Under the 2-banking-day deposit rule, when is the latest the broker can deposit the check?
Correct Answer
D) The following Wednesday
The 2-banking-day rule counts only days when banks are open for business. Received Friday: Banking day 1 = Monday is a holiday (does not count). Banking day 1 = Tuesday. Banking day 2 = Wednesday. The latest deposit date is Wednesday.
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