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"We've Stepped Out - Back in an Hour"

Question: 
Do you know of any FDIC or FRB regulation that would prohibit a banking branch office from closing for one hour for lunch?
Answer: 

Answer by Andy Zavoina: The banks hours are not federally regulated that I see. It is a matter of state laws. I have heard of banks which closed in the middle of the day. The risk you have is how these customers will be serviced. If you have an open branch nearby, you may be covered. If your competitor has one nearer, you may find that the lunches can be longer and longer as you won't be busy.

Answer: 

Answer by Mary Beth Guard: This becomes as much a security issue as a regulatory one. If the branch doesn't close for lunch, you may have just one employee left to staff the office, which can be a security concern. On the other hand, if you close the branch for lunch, in addition to dealing with customer inconvenience issues (which can be ameliorated, to a large extent, by giving appropriate notice and reminders), you also have a second "opening" for the day and the need to follow good procedures for reopening the branch after lunch.

First published on BankersOnline.com 07/04/05

First published on 07/04/2005

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