Banking and operational days are also often included in supply contracts between organizations. The reason is an attempt to specify precise time intervals and eliminate ambiguous interpretation of key provisions of the document. After all, an unscrupulous counterparty can always refer to the fact that he meant 30 working or operational days, not calendar days. Accordingly, he will delay the delivery and will not be held liable for this.
Specifying a specific working or operational day allows you to avoid misunderstandings between partners and specify the agreement as a whole. It is worth discussing these details at the stage of preparing the draft document.
The main differences between banking days and working days
Although the time boundaries of banking and working days in different financial institutions may coincide, the terms cannot be considered identical. There are at least three criteria by which these list of mobile number database two concepts should be distinguished:
Duration – as we noted above, banking and working days do not necessarily have to coincide in time frames. However, a working day always includes a banking day, but not vice versa.
The number of such days in a year - working days - may be greater than banking days. However, this is not a mandatory rule.
The type of activity is a key parameter. Some services the bank can provide only during the operating day. For example, convert currency, make transfers for legal entities, credit payments on loans, etc.
It is especially important to understand the differences between banking and working days at the stage of concluding an agreement with a financial institution. Deadlines can be critical not only for organizations, but also for individuals. Often the difference between 5 working days and 5 banking days is 1-2 calendar days. This period can be critical if you need to carry out an operation quickly.
Remember that each financial institution sets its own time frames for operating and business days. Therefore, it is in your interests to find out about them before signing the agreement. The relevant information can be obtained from the bank. To do this, you need to contact a competent employee at any office, contact the support service by phone or through the banking mobile application. Keep in mind that the schedules may change - try to regularly request up-to-date information.
The information in the article is current at the time of publication. Financial conditions may change. Please check the current data on the page of the product you are interested in. The Bank is not responsible for the use of outdated information.