H. B. 2316
(By Delegate Louisos)
[Introduced January 16, 2003; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact section one hundred eight, article
four, chapter forty-six of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
requiring banks to immediately post deposits.
Be it enacted by the Legislature of West Virginia:
That section one hundred eight, article four, chapter
forty-six of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted to read as
ARTICLE 4. BANK DEPOSITS AND COLLECTIONS.
§46-4-108. Time of receipt of items; immediate posting of deposits
(a) For the purpose of allowing time to process items, prove
balances and make the necessary entries on its books to determine
its position for the day, except for posting deposits, a bank may fix an afternoon hour of two p.m. or later as a cutoff hour for the
handling of money and items and the making of entries on its books.
(b) An item
or deposit except a deposit of money received on
any day after a cutoff hour so fixed or after the close of the
banking day may be treated as being received at the opening of the
next banking day. All deposits shall be posted immediately upon
completion of the transaction.
NOTE: The purpose of this bill is to require banks to post
deposits immediately upon completion of the transaction.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would