Skip to content
BOL Conferences
Thread Options Tools
#49950 - 12/19/02 08:37 PM Changing Bank Hours
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
I have tried to find this information in the OCC Corp. handbook, but to no success. I thought I read somewhere where we had to contact or regulators if we change our business hours? We are changing the hours from closing at 5:00 PM to 2:00 PM.
_________________________
Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

Return to Top
General Discussion
#49951 - 12/19/02 08:39 PM Re: Changing Bank Hours
Nanwa Offline
Power Poster
Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
I have always sent a letter with the new hours to FDIC as a courtesy. I am not aware of any requirement to get their approval.
_________________________
Member of the National Sarcasm Society - like we need your support!

Return to Top
#49952 - 12/19/02 08:46 PM Re: Changing Bank Hours
redsfan Offline
Power Poster
redsfan
Joined: Dec 2000
Posts: 3,455
The Pennant Race
Tina, the OCC does not have any requirements for notifying them. However, check your state law - there may be some notification requirements, even as a national bank.

You will want to review your disclosures and account agreements, especially Funds Availability under Reg CC and payment address/time for receipt of payments under Reg Z. Changes in these disclosures may require specific advance notice of a change in terms to your customers.

_________________________
The opinions expressed here are personal and do not represent opinions of my employer.

Return to Top
#49953 - 12/19/02 08:53 PM Re: Changing Bank Hours
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
Thanks Paul, I appreciate your response. Have a Merry Christmas.
_________________________
Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

Return to Top
#49954 - 12/19/02 08:56 PM Re: Changing Bank Hours
BANNED BY BOL MANAGEMENT Offline
Platinum Poster
BANNED BY BOL MANAGEMENT
Joined: Oct 2002
Posts: 524
It's my understanding that there is no notification requirements, federal or state, relating to changing of hours.

Return to Top
#49955 - 12/19/02 11:52 PM Re: Changing Bank Hours
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
And...as I always say...Be sure to notify your CRA officer. If the branch is located in a low or moderate income tract they will have to make an excuse for reducing services to these populations.

If the services are being picked up by another area, or access is available in another location to low and mod populations it's not a big deal, but if it's a reduction and you're not strong in the services test it could bite you in the bum in the future.
_________________________
Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

Return to Top
#49956 - 12/20/02 01:02 AM Re: Changing Bank Hours
Lucy Griffin Offline

Diamond Poster
Lucy Griffin
Joined: Nov 2000
Posts: 1,544
I just stopped by my bank (the one where my spouse has his account) which I do about once every two or three years. Imagine my surprise and disgust to discover that they had started closing at 2:00! I moved my business account when they closed the drive-up windows at 5:00. I would have to miss client phone calls to do my banking during their hours, so I switched to a friendlier bank.

Now, about this 2:00 closing. I needed to get to my safe deposit box. Last time I looked, you couldn't do that at the drive-up window. Neither can you apply for a loan at the drive-up. All you can do is make deposits, cash checks, and make payments. So when the branch locks its doors at 2:00, you drastically reduce service. My first thought is CRA. However, I only have that thought because a) I work in compliance, and b) I have already moved my accounts to another bank!

Return to Top
#49957 - 12/20/02 07:56 PM Re: Changing Bank Hours
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
I'd agree with you Lucy. Reducing hours to 2:00 wouldn't work for me either. I am hoping that's a change for the weekend hours, verses weekday. We found after about 2 no one cares if we're open on Saturday (lobby traffic is nil). The morning folks however really enjoy the Saturday convenience.

Reducing hours of branch opperation does impact the community, and the banks service rating as you know. I always like to point that out when the subject of reduced hours comes to a head here. We get huge kudo's from our regulators for being open late and very accessible to low and moderate income neighborhoods. It's worth a few hours of staff time to keep it that way in my bank's eyes.
_________________________
Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

Return to Top
#49958 - 12/20/02 09:31 PM Re: Changing Bank Hours
KK Offline
100 Club
KK
Joined: Jan 2002
Posts: 249
Southern California
Tina,

Is the reduction of hours a trend of the banks in your area?

Return to Top
#49959 - 12/20/02 09:59 PM Re: Changing Bank Hours
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
Not really, we have a small branch in a rural mountain area that is slow. Staffing in this area is difficult and costly. Thus we have decided to reduce hours. We have centralized many functions so issues can be directed during business hours to our CSC center.
_________________________
Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

Return to Top