General Question

Soapy's avatar

Why are bank's hours so inconvenient?

Asked by Soapy (99points) September 14th, 2010

Most bank’s hours close right at 5pm which doesn’t make sense to me being most normal people work 9–5pm as well. Why is this like this? I notice a few banks finally breaking that mold but it’s still not very convenient being anything past 3pm usually goes to the next banking day.

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13 Answers

Austinlad's avatar

Personally, I don’t find banker’s hours especially inconvenient because I do most of my banking online.

stratman37's avatar

Amen!! If Walmart can stay open all night to sell us stuff we don’t need, why can’t my bank stay open ‘till 7? They could open later in the morning for all I care.

Soapy's avatar

Right, who goes to the bank BEFORE work, anyway?

Pied_Pfeffer's avatar

How about asking the bank manager the next time you go? I’ve often wondered about it as well.

It was a lot more inconvenient before ATMs, debit cards, electronic paycheck deposits, and electronic banking came around. Even paper-issued checks can be deposited through a secured slot 24/7. I’ve stepped foot in the bank about 10 times in the past 15 years, and only for arrangements that required a teller or manager.

A guess, though, would be that the bank hours are set for serving customers. There is probably some administrative work that needs to take place before they open and after they close. Or maybe there is a minimum number of staff members that need to be on-duty in order to provide proper security, and staggering shifts would lessen this or cost more.

Adirondackwannabe's avatar

In case you haven’t noticed, banks don’t give a rat’s ass for you the general customer. Unless they can nail you with fees, charge your for using their services, or otherwise get some bucks off you, you’re just a pain in the butt to them. They make their money elsewhere. Why should they waste time on you? Reformed banker here.

jaytkay's avatar

ATMs, Internet and telephone banking are a lot less expensive to run than storefront banks.

One way to maintain a branch cheaply is inside a grocery store. I just checked the one near me and its hours are 8am-8pm, 7 days a week.

Seaminglysew's avatar

jaytkay is right. Now when I actually go into the bank for a transaction, they seem put out. I have even had them tell me that I could have done this at the ATM in the front of the bank or that I could have paid that bill online. What’s up with that?

tedibear's avatar

As @jaytkay mentioned, you need to find an In-Store bank. Typically open seven days a week. Some may be more limited on their weekend hours than what is mentioned in that post, but they’re at least open.

@Seaminglysew – What’s up with that is that tellers are being required more often to try to migrate customers to less expensive ways of doing business. This can backfire on the bank of course, because then they don’t get face time with the customers to sell them other stuff

CMaz's avatar

Not a joke…

Because they are banks.
We being “slaves” to them.

They having no need to accommodate us. Us always, no matter what, handing our money over to them.

What a racket.

Nullo's avatar

Because bankers don’t want to work odd hours, and since they have a hand on the metaphorical throat of the economy, they can dictate their own terms.

Soapy's avatar

When I worked at a bank in IT, our software used to switch to the next banking day at 3pm. Think this has a connection with the old “Banker’s hours” which were 7am-3pm?

Nullo's avatar

@Soapy Makes sense. They call it ‘legacy’ for a reason.
That sort of tradition really clings. Take the circle: it was divided into 360 degrees by the Sumerians. And we’ve been doing it ever since, because it’s too much trouble to change it, it works well enough, and nobody really cares anyway.

wolfram's avatar

Banks want to get the customers out the door as soon as possible so they can make real money by investing its overnight deposits. What do banks think of their customers? Let’s take a look—1) they use cattle ropes to usher us in, 2) they hand us suckers when we hand them money. What is this supposed to tell us? What is the brand of suckers they hand us? Dum Dums. Can it be more obvious? They do not want you, they want your money and if you want it back they will lend it to you—if you qualify.

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