There's a few companies that do that. Can't say it's an indicator of procedural excellence. It's like aiming to put your homework or assignment in a minute in a minute before closing time assuming the best. It often turns out there's a small glitch and one looks (and feels) incompetent.
At Uni I always pushed for the mandated penalty like 10% off per day late but there were always excuses. Remind you of anything?
All IMVHO. BTW try putting an application in for an SPP or rights an hour late.
