Community Chat

[sidsmom]

This was addressed in another thread..causing a little confusion.

Since Christmas Eve and New Years Eve falls on Monday,

the majority of Banks are OPEN 12/24 & 12/31.

A small majority of financial institutions are closed,

but check with your respective location for hours

before 12/24 & 12/31. 

[jlkz]

@sidsmom

Somewhere in the back of my mind, I remember reading that banks cannot be closed 3 days in a row.

If I am wrong, I am sure a banking professional on these boards will bring me up to date.

I don’t want to imagine the long lines of last minute banking needs on Dec. 24 th, esp. with a half day !

[Meowingkitty]

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@jlkz wrote:

@sidsmom

Somewhere in the back of my mind, I remember reading that banks cannot be closed 3 days in a row.

If I am wrong, I am sure a banking professional on these boards will bring me up to date.

I don’t want to imagine the long lines of last minute banking needs on Dec. 24 th, esp. with a half day !

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That is correct. Hubby works for a bank ( not in a branch) and law says they cannot be closed for more than 3 consecutive days. 

[sidsmom]

@jlkz

There’s not a FDIC rule/regulation for the ‘closed for more than 3 days’ thought.

Most banks are open on Saturday, automatically eliminating any

more than 3-day scenario. 

[bathina]

I don't remember a bank ever being closed on Christmas Eve or NYE, unless those holidays fell on a Sunday.

As someone who had a long career in banking, I can tell you that Christmas Eve morning is busy, but by 11:00 am or so, it dies right off.  NYE is usually a non-event. Most people these days have direct deposit of their paychecks and use ATMs and bank on their cell phones. Banks these days believe that if you're waiting in line, you want to wait in line, because you have other options.

[Mz iMac]

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@sidsmom wrote:

Most banks are open on Saturday, automatically eliminating any

more than 3-day scenario. 

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TD Banks are open 7 days a week.

[Laura14]

Banks are technically closed for three days when the holiday falls on Monday which most do. 

Anyone who has done business after 2pm on a weekday or on Saturday has probably run into the next business day posting date issue. 

The posting date for Saturday business and sometimes Friday afternoon is Monday and/or Tuesday if Monday is a holiday which can cause some grief with withdrawals and deposits so be mindful if you are looking to pull money out from a recent deposit around a holiday. 

Depending on what you are depositing you may be limited with what they'll give you back right away since they have to wait for your deposited checks and other instruments to clear first.     

[sidsmom]

@bathina

I loved working on The Eves!  

I usually never had any phone calls & got so much work done! 

I agree Christmas Eve was busy...usually those waiting to get 

into their Safe Deposit Box (if anything, those are the complaints

I got...people complaining about the wait!), but oh well.

[bathina]

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@Laura14 wrote:

Banks are technically closed for three days when the holiday falls on Monday which most do. 

Anyone who has done business after 2pm on a weekday or on Saturday has probably run into the next business day posting date issue. 

The posting date for Saturday business and sometimes Friday afternoon is Monday and/or Tuesday if Monday is a holiday which can cause some grief with withdrawals and deposits so be mindful if you are looking to pull money out from a recent deposit around a holiday. 

Depending on what you are depositing you may be limited with what they'll give you back right away since they have to wait for your deposited checks and other instruments to clear first.     

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Most banks these days don't "cut over" to the next business day. The ATM may, but tellers don't.

In the old days, the cut over was because a courier would make their last run to pick up all the checks, deposits and loan payments to deliver the work to a central processing area. Any work done after the last courier run would have to be processed with the next day's work.

These days, there are no longer couriers. The deposits, withdrawals and payments are processed at the branch- each transaction is imaged and uploaded to the federal reserve during the course of the day, with all transactions imaged and loaded by days end.

[Lipstickdiva]

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@Laura14 wrote:

Banks are technically closed for three days when the holiday falls on Monday which most do. 

Anyone who has done business after 2pm on a weekday or on Saturday has probably run into the next business day posting date issue. 

The posting date for Saturday business and sometimes Friday afternoon is Monday and/or Tuesday if Monday is a holiday which can cause some grief with withdrawals and deposits so be mindful if you are looking to pull money out from a recent deposit around a holiday. 

Depending on what you are depositing you may be limited with what they'll give you back right away since they have to wait for your deposited checks and other instruments to clear first.     

---

Aren't these really old, antiquated banking issues?

No banks are closed 3 days in a row even with a Monday holiday because they are opened on Saturdays.

I deal with a small, local savings and loan and as long as I make a deposit during business hours, that money is credited to my account that same day.  I can deposit money through a money machine up until 8:00 p.m and those funds are credited to my account immediately.

My bank hasn't had the 2:00 p.m. cut-off in a number of years.  The reason I left a bank I did business with was because they had adopted a policy of placing a 3 day hold on checks deposited.  This meant if I went in with my paycheck on a Friday, I had no access to those funds until midnight Monday, going into Tuesday.  They stopped that practice at least 5 years ago. 

Most people now have direct deposit of their paychecks so all of that is a non-issue.  With direct deposit, funds are available immediately anyhow.