By  Thu Jul 12, 2012

TD Bank Extends Same-Day Deposit Cutoff Time by Two Hours

TD Bank is doing more to live up to its name of “America’s Most Convenient Bank.” The bank said it would extend same-day deposit hours until 8 p.m. from Monday through Friday to boost funds availability and convenience for its customers.

“We chose to extend the banking business day an additional two hours because, at TD, we strive to constantly provide our customers with greater convenience and flexibility with their banking services,” said Brian Haier, head of retail banking and direct channels at TD Bank.

Previously, the deposit cutoff time was 6 p.m. According to TD Bank’s account agreements, the first $100 of non-cash deposits are immediately available while the remainder will become accessible on the next business day.

Previously, if a customer made a deposit after 6 p.m., it would be processed as if the deposit was made the next business day. The customer would have to wait two business days for the deposited funds to be available. By extending this cutoff time, more customer deposits are likely to be available on the very next business day. All cash deposits are immediately available.

At other banks, these cutoff times and fund availability policies can vary greatly.

For bank customers who choose to make non-cash deposits through a bank teller on a business day, the deposit is usually recorded as of that very day. Obviously, the availability of a teller is determined by the specific branch’s hours, which can vary greatly from branch to branch.

ATM cutoff times vary even more. For example, the deposit cutoff time for Citibank is 7:30 p.m. at most locations. Chase has a late ATM deposit cutoff time of 11 p.m., which is more convenient than the new policy at TD Bank.

However, the extended cutoff time complements TD’s better-than-average bank schedule. On weekdays, many TD Bank branches operate until 8 p.m. while many other banks close business by 5 p.m. to 6 p.m. Many TD locations are open on weekends, but for reduced hours. In addition to having most branches open seven days per week, TD Bank is closed only four days — New Year’s Day, Easter Sunday, Thanksgiving and Christmas — in the calendar year.

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