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#2104271 - 10/24/16 05:06 PM Extra December Holiday?
Anonymous
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Are banks closing on Saturday, December 31, 2016 to prevent receiving deposits in 2016 but not posting until January 3, 2017?

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#2104272 - 10/24/16 05:16 PM Re: Extra December Holiday? Anonymous
Elwood P. Dowd Offline
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No.

Generally, bank closures are restricted to actual federal holidays or specific permission from their chartering agencies.

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#2104279 - 10/24/16 05:49 PM Re: Extra December Holiday? Elwood P. Dowd
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We are closing at our cutoff time on the 30th (usually are open for another 2 hours) and will be closed the 31st.

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#2104294 - 10/24/16 06:30 PM Re: Extra December Holiday? Anonymous
HappyGilmore Offline
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Pulling people out of the ditc...
Ken - correct me if I am wrong, but Bank's are not required to be open on Saturday. With sufficient notice, they could choose to close that day.
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#2104298 - 10/24/16 06:34 PM Re: Extra December Holiday? Anonymous
Anonymous
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Our core processor is not allowing us to run any work on Saturday, 12/31/16. They need the day to run year-end.

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#2104317 - 10/24/16 07:03 PM Re: Extra December Holiday? Anonymous
osucpa Offline
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You could be open on Saturday, since technically nothing would be processed until Monday night. What is the difference between running any work on Saturday and your customers using their debit/ATM cards. None of these transactions would post until Monday night anyway.

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#2104321 - 10/24/16 07:19 PM Re: Extra December Holiday? Anonymous
Anonymous
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If we opened on Saturday, we couldn't use teller machines or see any account information on core. If a customer wanted to cash a check, we wouldn't know how much they had in their account.

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#2104329 - 10/24/16 07:29 PM Re: Extra December Holiday? HappyGilmore
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Quote:
Ken - correct me if I am wrong, but Bank's are not required to be open on Saturday. With sufficient notice, they could choose to close that day.


I could not answer for all 50 states, but believe if you are state chartered and you are not going to be open on your normal days the state has to say grace over the choice. A client bank closed for the state basketball championship without asking. Not pretty. I don't think closing because you could not figure out how to post the day's work would be any smarter.

P.S. The basis for any such rule would be fear over bank closures, vis a vis the 1930's.
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#2104363 - 10/24/16 08:52 PM Re: Extra December Holiday? Anonymous
Rocky P Offline
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Florida
[i]Are banks closing on Saturday, December 31, 2016 to prevent receiving deposits in 2016 but not posting until January 3, 2017?[/i]

Most processors have the ability to post as of the day of receipt -
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#2104366 - 10/24/16 09:02 PM Re: Extra December Holiday? Anonymous
osucpa Offline
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Not to be argumentative but what do you do now if your system goes down and a customer wants to cash a check?

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#2104413 - 10/25/16 12:50 PM Re: Extra December Holiday? osucpa
Anonymous
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Good point. Luckily, that doesn't happen often and usually just for a few minutes. It just seems like opening would create a potential headache without any benefits.

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#2105979 - 11/04/16 01:26 PM Re: Extra December Holiday? Anonymous
Anonymous
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We are closing at cutoff 12/30, and our drive thru facilities that are typically open on Saturday (not for substantially all business) will not be open 12/31. We are a state chartered non Fed member bank. Obviously, check your state rules & examining bodies.

You specifically mentioned receiving deposits over the year end. As mentioned above, for us deposits taken after cutoff Friday are as of the next business day (this holiday season that would be Tuesday the 3rd of 2017). This has nothing to do with our holiday schedule as outlined, but we can't backdate interest over the end of a year. Mortgage payments received 12/31 - would have to credited as of 12/31 and come 1/3 -- we can't post interest back to 12/31. You might want to think about loans as well.

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#2108330 - 11/22/16 06:19 PM Re: Extra December Holiday? Anonymous
Anonymous
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Another anon here - Wow! Definitely appears to vary widely by state. We are closing:
Thurs & Fri for Thanksgiving (branches are open Sat)
Sat for Christmas Eve then Monday for Christmas Observed
Sat Dec 31 for New Year's Eve then Monday for New Year's Day Observed

We post signs on our branches and ATMs about a week ahead of time. We post a notice on our website.

Our state's regulator wants us to fax them our holiday schedule once a year. They have never made a single comment about it. I'm sure if they wanted to, they could, but it's more like we are notifying them, than getting their permission.

Around here there used to be a myth that you "couldn't be closed 3 calendar days in a row." Thoroughly debunked, that one was.

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