Banking day
Business Day ( English banking day ) is a worldwide business day on which banks are open to the public and the cashless payment is settled. The bank holiday is a complementary term .
Concept development
The term working day differs from the banking day in particular in that Saturday is a working day, but not a banking day. The term bank working day has changed in terms of content and internationally and arose from the requirement that credit institutions must make and accept payments and determine the start and end of interest. These typical banking activities can only be carried out when banks are working.
Whether a certain weekday is a banking day depends on various conditions around the world. On the one hand, bank working days and working days do not always match; on the other hand, there are also different regulations for bank working days due to nationally different holiday regulations. Since the main financial center of the state whose currency is the subject of the contract is decisive , there may well be different banking days even within a state due to regional holidays .
Germany
A banking day is any day on which credit institutions in Germany are open to the public and which is also a TARGET day . The Bundesbank's electronic bulk payment transaction (EMZ) only runs on bank working days . The reference location for TARGET2 and EMZ is Frankfurt am Main . Saturdays and Sundays are not bank working days, even if some bank branches (e.g. at airports or train stations) have their counters open. In order for a working day to be assumed, however, labor law requires that the vast majority (80%) of the workforce regularly work in the company on that day. If, on the other hand, only individual company departments work on a particular day, it is not a working day. At least with purely regional banks such as u. a. Volksbanken and Sparkassen also do not count as bank working days on the regional holidays of the respective federal state (e.g. Holy Three Kings in Baden-Württemberg, Bavaria and Saxony-Anhalt). Even the Christmas Eve (December 24) and New Year's Eve (31 December) are not banking days. The Rose Monday in Frankfurt a business day, but not in Cologne or Dusseldorf. So that banks in Cologne or Düsseldorf do not suffer any disadvantages, they must also ensure their functionality in relevant areas on Rose Monday without being open to the public.
The term bank working day is often mentioned in laws or contracts with a payment effect. This is to give the debtor the opportunity to make their payment to banks on a specific day.
The social security and health insurance contributions based on wages are due on the third-last bank working day of the month in which the employment is carried out and are to be paid by then.
In the General Terms and Conditions , all working days are defined as bank working days, with the exception of Saturdays and December 24th and 31st (Section 9 of the General Terms and Conditions of Savings Banks). This applies in particular to the “ Receipt reserved ” credit when redeeming collection papers ( checks , bills of exchange ), if this is not canceled after two banking days .
International
Internationally, credit institutions align their financial transactions with what counts as a bank business day for the clearing and payment systems to be activated or in the foreign currencies concerned . The so-called "payment days" of the European payment system TARGET2 have become commonplace . TARGET2 day is a day on which book money payments in euros are processed via TARGET2. TARGET2 days do not include Saturday , Sunday , New Year's Day (January 1st), Good Friday , Easter Monday , Labor Day (May 1st) and Christmas Day (December 25th and 26th). In the relationship between the customer and the bank, banking days are all weekdays with the exception of Saturday and Sunday and the respective national and regional holidays. If a payment is due on Whit Monday, TARGET2 settlement (Interbank Settlement Date) also takes place on Whit Monday (not a TARGET2 holiday); Since this is a public holiday in Germany, the customer will not be charged until the following Tuesday. This has led to the development of the term business day in international syndicate and contractual practice and in international credit transactions .
LIBOR bank holidays include January 1st , Good Friday , Easter Monday , English May Day (first Monday in May), English Spring Bank Holiday (last Monday in May), English Summer Bank Holiday (Monday in August), December 25th ( English "Christmas Day" ) and December 26th ( English "Boxing Day" ). In the US, banks don't operate on Thanksgiving Day , Veterans Day , Columbus Day , Labor Day , Independence Day, and President's Day .
The EU-wide payment service law speaks of a business day . According to § 675n Paragraph 1 Clause 4 BGB , a business day is any day "on which the payment service provider involved in the execution of a payment order maintains the business operations necessary for the execution of payment transactions ". The main thing is to maintain business operations at the account-holding institution, particularly in the area of payment transactions . At branch institutes, however, the business days do not have to be uniform due to regional holidays. National or regional public holidays at one of the banks intermediary in the transfer chain do not count when calculating the execution period ( Section 675s (2) BGB). If a business is maintained, according to the wording of the law, it is a business day; the law avoids the specific mention of bank holidays in order not to make subsequent changes to them difficult. The execution period for transfers therefore only begins on a bank business day. In the case in which no payment is made from or to an account, the determination of whether it is a business day is based on the maintenance of the business operations of the account-keeping office of a credit institution. For the time of a credit note ( Section 675t Paragraph 1 BGB), the business hours of the payee's institute will generally have to be taken into account, regardless of those of the payer's institute. This applies to the business day of a credit note (Section 675t Paragraph 1 BGB) or for the execution period (Section 675s BGB).
Payment systems
TARGET, the HBV (house bank procedure) and the EMZ (electronic bulk payments) remain closed on TARGET public holidays . The EMZ remains closed on national holidays, but TARGET is open unless it is a TARGET holiday. The EMZ and TARGET are open on regional holidays, which are only valid in some federal states, but no paper transfers or data carriers are accepted, as no counter operations are maintained.
Stock exchange trading
In exchange trading, there are fixed trading calendars, depending on the exchange , in which it is specified which days are exchange days (i.e. days on which trading takes place) and which fulfillment days are. While bank working days are always exchange and settlement days, there are also exchange and settlement days that are not bank working days.
See also
Individual evidence
- ↑ Ernst Jäger / Wolfram Henckel / Walter Gerhardt, Großkommentar Insolvenzordnung , Volume 3, 2014, § 104 Rn. 72
- ↑ BAG, judgment of June 1, 1966, Az .: 1 ABR 16/65
- ↑ according to § 23 Abs. 1 Satz 2 SGB IV
- ^ Georg Wittmann, Ernst Stahl: E-commerce guidelines . 2012, pp. 7–31.
- ↑ The Anglo-American treaties contain an identical definition: "[…] means a day (other than a Saturday or Sunday) on which banks are open for general business in London (New York) / (and which is a TARGET Day) / (and a LIBOR Day). "
- ↑ European Union No. 97/5 / EC of January 27, 1997 on cross-border transfers (so-called EU Transfer Directive 2)
- ↑ Directive 2007/64 / EC of the European Parliament and of the Council of November 13, 2007 on payment services in the internal market
- ↑ Otto Palandt , Hartwig Sprau: Commentary BGB . 2014, § 675n Rn. 4th
- ↑ Implementation of the civil law part of the Payment Services Directive . Bundestag printed matter 16/11643, January 21, 2009, p. 108.
