if you schedule a periodic automatic funds transfer for the first of the month, that actually means it's okay for us to wait until the 4th to deposit the money. N.B. 11/1/2002 was not a holiday. (Thank you, Smith-Barney.)
if you schedule an automatic mortgage payment to be withdrawn on the 2nd and the 2nd is a Saturday, well hey, we tried. And of course trying it again a few days later would be completely pointless. Also, we're not going to bother to tell you that the transfer failed until 3 weeks later, when you're technically in default. (Thank you, Washington Mutual)
I guess you can probably see where this is headed.