IBM Mainframe Discussion List <[email protected]> wrote on 06/28/2012 04:07:46 PM:
> From: Dave Juraschek <[email protected]> > Mike said: > >Banking rules say you have to process the day's deposits before the > >day's withdrawals. > >Basically, you post the transaction to a transaction file which is > >applied to the account after the cutoff time. > > No. This is a general accounting rule. (And actually, the rule is > that transactions should be processed in the order received by an > agent of the company/bank.) > It is a "bank", not a "banking" rule that you allude to. The rules vary from "bank" to "bank" and from country to country, and in some cases the type of account. In the USA it used to be possible for rules to vary from state to state, but I have not seen cases of that lately. There are also rules that vary in a similar way concerning the application of fees and the calculation of interest. The classes I have taken on this have caveats on each software option as to where and how it may be used. Reminds me of standing in a waterfall. Institutions subject to these rules, including service providers, have departments called "compliance" whose job is to make sure rules are followed and that advice given is accurate for the situation. And as Dave indicated in the part of his message not copied, institutions use differences in rules to competitive advantage. ----------------------------------------- The information contained in this communication (including any attachments hereto) is confidential and is intended solely for the personal and confidential use of the individual or entity to whom it is addressed. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this communication in error and that any review, dissemination, copying, or unauthorized use of this information, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail, and delete the original message. Thank you ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to [email protected] with the message: INFO IBM-MAIN
