Am I correct in assuming 'cut-off time' is the amount of time someone has to perform banking transactions? Something like a time-out.
Example: Once they start paying bills on ATMs, users have 15 second to key in the PIN before the system closes.
I saw a brochure that indicated that it was the time at which an ATM or branch closes.
The cut-off times are displayed on the paying-in machine, for ATMs, it's usually 11pm.
Considering the context of bank transactions.
It seems either definition works:
Barron's Banking Dictionary: Cut-Off Time
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1. Point in the business day before which electronic payments, such as Federal Reserve Fed Wire transfers or Automated Clearing House (ACH) entries, must be submitted to a processing bank for entry into the interbank clearing system.
2. Transaction processing time, measured in seconds, at which an electronic banking terminal automatically disconnects from a host computer or Intercept Processor if unable to process a transaction. Also called time-out. An automated teller machine or electronic point-of-sale terminal is said to time-out if no approval code is received within 15 to 30 seconds.
3. Latest time of day a bank will credit deposits made to a customer's account. Also called ledger credit cut-off.
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