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re: Why are there no banks open past 5
Posted on 2/26/15 at 2:15 am to LSULyle00690
Posted on 2/26/15 at 2:15 am to LSULyle00690
Back in the day, banks would have to close fairly early to balance their books. It took a long time-big banks would work all night and finish shortly before they opened the next morning. Computer processing sped that up, but they still had to close early enough for the couriers make their connection-all those canceled checks from other banks had to be shipped through the Federal Reserve system back to the banks they were drawn on.
Electronic imaging and real time processing have lessened the need for that, but it's still a tradition. More than you probably wanted to know on the subject
Electronic imaging and real time processing have lessened the need for that, but it's still a tradition. More than you probably wanted to know on the subject
3
Posted on 2/26/15 at 2:17 am to Jim Rockford
That's actually pretty interesting, didn't think about all that
Posted on 2/26/15 at 2:23 am to Jim Rockford
They used to close at lunch, then reopen at like 3 or so for only another hour/ hour and a half just for convenience. All the days deposits were done by noon.
The phrase, "banker's hours", reflected this.
Mass banking is all headed to expanded ATMs anyhow.
The phrase, "banker's hours", reflected this.
Mass banking is all headed to expanded ATMs anyhow.
Posted on 2/26/15 at 6:25 am to Jim Rockford
quote:
Back in the day, banks would have to close fairly early to balance their books. It took a long time-big banks would work all night and finish shortly before they opened the next morning. Computer processing sped that up, but they still had to close early enough for the couriers make their connection-all those canceled checks from other banks had to be shipped through the Federal Reserve system back to the banks they were drawn on.
I knew that but haven't thought about that in years. Shows my age. I remember my father on Thursday saying he had to go see his friendly banker. So he could use his revolving credit line to make that 300 person Friday payroll. No wonder he enjoyed a cocktail on Thursday evenings.
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