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Depends on the company. I think the bankable day sounds fair, but what's really important IMO is that everybody in the same situation gets the same resolution.
My favorite was back in 1992 or so. There was a pretty bad snowstorm. I got up about 6:15AM and called security where I worked and asked them what was up. They said classes would go on as normal, but administrative offices were closed. (This made sense.. this was not a commuter campus; almost 100% of students and better than 3/4 of the faculty lived on campus or within one block.) So I went back to bed.
The next day I got very peculiar looks when I walked in. Finally my boss pipes up, "We're glad you're here... we were a little worried when you didn't show up yesterday." "Oh," I said, "weren't we closed yesterday?" (I didn't bother asking, if they were so worried, how come they didn't at least try to call me at home.) It turned out the security folks were confused and were giving out the wrong information for a brief time and of course I called during that time.
I was a bit aggravated at our HR guy... the ruling was that I should take a vacation day. He didn't answer my email pointing out that, while I admitted it wasn't fair for me to get a free day off, it also wasn't fair to me to burn a day off because somebody else screwed up and told me not to come to work, when I would have been there otherwise. I didn't push it because I was in no danger of using up all my time off that year.
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