Deadline to sign off

[Clara]

Just wondering why some banks give us a cut off time to sign off when in fact they delay signing off until the last hour of settlement.  Is this right?

We have a settlement at 12:00 noon and this bank wants everything ready by 10am otherwise they cannot guarantee that an officer will be available to sign off after this time.

[CT]

I cannot answer for all banks, but we are required to on occasions provide 'shortfall of funds' and until the final figures are in we are not sure what the amounts will be and will sometimes have to chase our Lenders/customers for the shortfall. We also are required to allow time to process the transferring of said funds. In saying that our last settlement time during the day is 4pm which then gives us that last hour to ensure all funds have been transferred to where they should be and all shortfall accounts have been debited prior to close of business