In banking, EOB most commonly stands for End of Business. It refers to the closing time of a business day for a financial institution. This is the point at which transactions are processed, balances are updated, and daily reports are generated.
While the term "EOB" can have other meanings in different contexts (such as Explanation of Benefits in healthcare), its usage within the banking sector centers around the end-of-day business operations. The provided references don't offer specific banking-related definitions for EOB, instead focusing on healthcare, government payments, and other domains. Therefore, the context of banking is crucial for determining its meaning.
Example: A bank might use "EOB" in internal communications to refer to daily cut-off times for various processes.
