Have you ever needed to deposit a cheque after work only to find the bank has already been closed?
When you find yourself in this situation, the question on your mind would have most likely been, “Why do banks close so early?”.
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This article explains why the bank closed early and what to do if you need banking services outside regular hours.
What Time Does the Bank Close?
Banks typically close at 5 p.m., however, banking hours can differ between banks and branches. Generally, they open between 8 a.m. and 9 a.m. and close by 5 p.m. on weekdays. Some banks may close earlier at 4 p.m., while others extend hours until 6 p.m. or 7 p.m.
Most banks are closed on weekends, though a few may open on Saturdays, and very few banks open on Sundays.
To find the exact closing time for your local branch, it’s best to check your bank’s website or call them directly.
Reason 1: Operation Costs
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The longer banks stay open, the higher their operating costs.
At the end of the day, most banks are businesses, and most businesses aim to generate profit. Higher costs lead to decreased profits, and therefore, closing earlier can allow banks to reduce costs spent on electricity, security, workers, and so on.
These costs add up over the year. So, while closing an hour earlier might save only a small amount each day, it becomes a significant sum in the long run.
Reason 2: The Books
In the past, when bank records hadn’t yet been digitized, ledgers had to be updated by hand.
After opening hours (usually after 5:00 PM), the banks would be closed to customers. However, during this time, bank workers would be going through the current day’s banking records and making sure that everything is accurate.
This ensured that they always had enough funds in their accounts because if there were a large number of outgoing payments, then this would generally mean that the bank would have to borrow money from other banks to use in the coming working day.
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Making sure that the books were correct at the end of a working day was, therefore, a very important process to ensure the bank’s smooth operation the following day.
Over time, these operating hours of banks become the norm.
Reason 3: Safety
Most physical bank branches store cash as well as other valuable items, which can attract unwanted attention.
Hence, bank robbery is a real concern for bank managers.
Bank crime statistics show that over 1,700 bank robberies took place in banks around the United States in 2021 alone, with the largest portion of robberies taking place between 3-6 PM on Mondays and Fridays.
Additionally, the number of robberies that happened outside of bank operating hours is lower than the number of robberies that occurred while banks were still open.
Overall, closing earlier helps ensure the safety of the bank’s valuables and employees.
Source: https://t-tees.com
Category: WHY
