if i have an automatic withdrawal that comes out every month on the 15th?

Question

And the banks are closed on the 15th, will it still come out or will it come out early or the next day?

Answer 1

Most likely it will come out a day late, but just in case I recomend that you have money in the account a day early. Actually it probably also depends if it is your bank that sends the money or the other party that sends a request to withdraw the money from your account. In all cases it is not a good idea to cut exactly to the date. Leave yourself a little room, have funds a little earlier, this way you will never get into trouble over stupid miscalculation.

Answer 2

It will not post on the 15th. The financial industry standard is: Pre-authorized credits to your account that fall on a non banking business day ( a day in which the federal reserve is closed) are posted to your account the banking day closest to but prior to the scheduled date. Pre-authorized debits to your account post the first available banking day after the scheduled date. I don't know of any financial institutions that do not follow this standard but check with your bank to be sure.

Answer 3

i think thats automated so it should come out as normal becuase its automated/computer controlled which is a 24/7 operation but im not sure, i know that check cards holds when you purchase somthing on a day the bank closed clears the next day after so i wouldnt be too sure its gon come out on the 15th or not.

Answer 4

The banks never do it the day before because of contractual agreement. Normally the withdrawal is done the next business day.

Answer 5

Unless the bank closes down its computer operations [most do not] your withdrawal will show on the intended day - otherwise it may be the day before or the day afterward

Answer 6

It depends on the bank. I have one that does it the day before, and another chooses to do it the day after.

You should ask your bank this.

Answer 7

If it's automated, it might take place whether employees are there or not.