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December 19, 2014
PREPAID PRODUCTS - Understanding the CFPB Proposal
John Burnett

January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
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January 15, 2015
The ABC's of IRAs - The Basic Ingredients
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January 20, 2015
B & Z Appraisal Rules - Getting Them Right
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January 21, 2015
HMDA Soup to Nuts
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January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
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January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer



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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: 59
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: 51218
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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The opinions expressed are my own, take them or leave them.

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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: 7642
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Some states used to have these Depression-era laws, but they've probably been repealed over the years.
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...gone fishing.

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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: 17570
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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"Oh God, thy sea is so great and my boat is so small." Breton fisherman's prayer in JFK's office.

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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: 51218
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.
_________________________
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: 17517
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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The only people you should be getting even with are those that have helped you in some way.

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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 Online
Gold Star

Registered: 12/07/06
Posts: 406
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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Keep Calm and Carry On
CRCM

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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: 686
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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