This question relates to the statutory requirement that interest stops accruing on the date that a warrant is postmarked or on the day that an electronic funds transfer, i.e., direct deposit, is transmitted to the vendor. The date that a warrant is available at the Comptroller's office for an agency or the Comptroller to distribute to a vendor, or the date that a direct deposit is ready to be transmitted from the Comptroller's office, constitutes the settlement date for a payment. Settlement dates only occur on state workdays. Settlement dates do not occur on weekends or state holidays. Settlement dates occur on federal holidays ONLY if the state does not recognize that holiday as a state holiday, e.g., Columbus Day.
Interest stops accruing on the settlement date of the principle payment.
Interest would stop accruing in the first case on the Thursday and in the second case on the Monday, because that is when the warrants were available for postmarking. If these transactions had been direct-deposit transactions, they would have been transmitted on the same days as the warrants were available for postmarking. USAS will have an override feature to negate the interest calculation. The Comptroller will operate that override function for agencies upon request. The Comptroller may require documentation to prove that an override should be used on a particular document, and also may require that your agency alter the document it submitted into USAS if that information is deemed to be incorrect, incomplete, or needing clarification.