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Handling ACH Origination Exception Issues
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April 17
Fair Lending - Internal Monitoring
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April 22
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Required Training for Loan Originators
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#1485623 - 12/26/10 07:33 PM Can a Bank be closed for more than 3 days?
GoPirates Offline
Member

Registered: 05/15/06
Posts: 57
Is it really true that a bank cannot be closed for more than 3 days? I've heard it for years, but have never seen it in a regulation. Can someone point me to a regulation or law that states the number of days a bank may be closed. Interested particularly due to inclement weather around a weekend or holiday.

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#1485627 - 12/27/10 08:28 AM Re: Can a Bank be closed for more than 3 days? [Re: GoPirates]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 48452
Loc: Galveston, TX
There is no such specific law. The closure of banks on normal business days would be governed under the OCC regulations for National Banks or State law for State banks.
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#1485803 - 12/27/10 02:12 PM Re: Can a Bank be closed for more than 3 days? [Re: rlcarey]
Richard Insley Online
Power Poster

Registered: 10/26/00
Posts: 7331
Loc: Richmond, VA
Some states used to have these Depression-era laws, but they've probably been repealed over the years.
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#1486098 - 12/28/10 10:49 AM Re: Can a Bank be closed for more than 3 days? [Re: GoPirates]
Ken_Pegasus Offline
10K Club

Registered: 08/30/01
Posts: 16662
Loc: Another trip around the sun
Appropriately enough, this issue is discussed on Snopes. (Some commenters note they will ask their banker. Good luck with that.)

It may have been true some time after the depression, but I doubt that it has a basis in fact now.
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#1486109 - 12/28/10 10:57 AM Re: Can a Bank be closed for more than 3 days? [Re: Ken_Pegasus]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 48452
Loc: Galveston, TX
Typically, if the bank has established a day as a normal business day, they would need permission from the OCC or State Banking agency to close on a non-holiday.
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The opinions expressed are my own, take them or leave them.

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#1487354 - 12/30/10 10:36 AM Re: Can a Bank be closed for more than 3 days? [Re: rlcarey]
HappyGilmore Online
10K Club

Registered: 06/11/04
Posts: 17220
Loc: Moron, Mongolia
There is still at least 1 bank in a southern state that I'm aware of that is closed on a weekday as they open on a Saturday. Very strange in this day and age...
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#1487780 - 12/30/10 06:24 PM Re: Can a Bank be closed for more than 3 days? [Re: HappyGilmore]
sewanee, CRCM Offline
Gold Star

Registered: 12/07/06
Posts: 398
Loc: TN
I know of a lot of banks in rural areas surronding our city that still close on Wednesday afternoon and are open on Saturday morning.
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#1487785 - 12/30/10 07:10 PM Re: Can a Bank be closed for more than 3 days? [Re: sewanee, CRCM]
Always In Training Offline
Platinum Poster

Registered: 07/11/06
Posts: 678
Loc: Where the Green Grass Grows
I know of a bank that is open Tuesday through Saturday in my surrounding area. (10 am until 2pm.) And they don't answer the phone after the doors close.

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