The Naked Scientists

The Naked Scientists Forum

Author Topic: Why do banks close down at the week end?  (Read 758 times)

Offline syhprum

  • Neilep Level Member
  • ******
  • Posts: 3823
  • Thanked: 19 times
    • View Profile
Why do banks close down at the week end?
« on: 11/06/2016 11:51:30 »
Why no banking at weekends, do technicians take all the bits and bytes out of the computers and do the calculations manually to give the Silicon a rest ? 


 

Online chris

  • Neilep Level Member
  • ******
  • Posts: 5339
  • Thanked: 65 times
  • The Naked Scientist
    • View Profile
    • The Naked Scientists
Re: Why do banks close down at the week end?
« Reply #1 on: 12/06/2016 09:43:18 »
It's an archaic legacy of a bygone era. Funny that they don't stop charging you interest on your mortgage as soon as the door closes though do they?

I think there is a worse iniquity in the banking system though: as anyone with multiple bank accounts knows, usually when money is moved between them there is often a "limbo period" when it is not in the first account but also does not appear to be in the second account either.

I had a recent example with HSBC. I moved money to a credit card account (also HSBC) to settle the bill. The money disappeared from my current account immediately (and the peppercorn interest it would have earned also ceased that day). But it did not appear in the credit card account until a day or more later. Meanwhile I was billed interest on the credit card account.

I challenged HSBC to explain where my money was for the day it disappeared, but they couldn't. They would not accept that "in the system" means that they have effectively helped themselves to my money - for free - and are using it for their own purposes like an interest-free loan - until it eventually turns up in my other account on which they are good naturedly charging me debit interest in the interim.

I refuse to believe that, in this day and age, payments should necessarily be so slow. I suspect that it's so much in the "interest" of these institutions (excuse the pun) that they are dragging their heels to move themselves into the 21st Century.

That said, many banks do seem to open for a bit on Saturdays these days, albeit in a limited fashion. Maybe there is hope?
 

Offline syhprum

  • Neilep Level Member
  • ******
  • Posts: 3823
  • Thanked: 19 times
    • View Profile
Re: Why do banks close down at the week end?
« Reply #2 on: 12/06/2016 10:04:55 »
That's a real pain when you get interest or overdrawn charges despite you best efforts to pay
 

Online evan_au

  • Neilep Level Member
  • ******
  • Posts: 4130
  • Thanked: 249 times
    • View Profile
Re: Why do banks close down at the week end?
« Reply #3 on: 12/06/2016 12:08:48 »
Generally my bank takes a few minutes to transfer money between my accounts. So I guess some banks are worse than others??

In the "bad old days", banks had similar hours to government departments. You couldn't access your money on the weekend, or after 5pm.

However, these days you can buy goods over the internet or in a supermarket or restaurant at any time of the day or night. For those rare occasions where you really need cash, you can get it from the many bank ATMs which are open 24 hours per day.

It used to be that you took cash to the supermarket; they took your cash and gave you goods. Now I go to the supermarket to get goods and cash.

I expect that over the next few years, a lot of transactions will move off a stack of plastic cards onto your smartphone.
 

Offline Villi

  • Full Member
  • ***
  • Posts: 50
  • Thanked: 2 times
    • View Profile
Re: Why do banks close down at the week end?
« Reply #4 on: 16/06/2016 08:24:23 »
All my banking is done online, which is 24/7 for most fundamental actions. Online chat has pretty much allowed me to not walk into a bank except to deposit the odd cheque or withdraw some cash, but that's still through ATM and no real person is needed.

It's probably because many businesses rest on the weekends and banks are a business. Might be rooted in religion since Saturday/Sunday is holy to some or just rooted because humans need days off.
 

The Naked Scientists Forum

Re: Why do banks close down at the week end?
« Reply #4 on: 16/06/2016 08:24:23 »

 

SMF 2.0.10 | SMF © 2015, Simple Machines
SMFAds for Free Forums