When it comes to managing your finances, time is quite literally money.
When you work hard for your money, and you’re also making your money work for you, it’s not ideal to miss a single day when managing your finances.
So why is it that your bank is closed on a Sunday?
Have you ever needed to process an important financial transaction or unfreeze your bank account, only to arrive at the bank and find it closed?
While a majority of day-to-day financial actions can be performed online via remote banking, there are still some essential functions that you may prefer or that must be conducted inside of the bank.
If you’ve ever wondered why banks are closed on Sunday, or if you’re looking for a way to manage your money on the days that your bank is closed, this article will be a worthwhile read.
Remember to look at bank holidays which shows you all the worldwide holidays that banks observe throughout the year.
All working people know how valuable time off the job is.
One simple explanation as to why banks are closed on Sunday is that the bank staff simply needs some time off.
The staff of a bank includes managers, bank tellers or clerks, financial advisors, and security personnel.
It’s highly likely that these employees need one day off per week, especially if these workers are associated with a union.
Logistically, it makes sense to have one day per week in which the bank ceases operations and gives their employees a day of rest before beginning the next work week.
🔎 Read more on why banks close so early.
Observance of Religious Custom
For followers of the Christian faith, Sunday is intended to be a day of worship and rest.
This custom is recognized throughout most of the northern hemisphere, and a majority of businesses are closed on Sundays.
Banks, after all, are businesses, and they too recognize this custom.
Not all banks, however, close their doors on Sundays and give employees the option to come to work.
The recognition of religious customs, however, is not the primary reason for banks closing on Sunday, as we’ll discuss in the next section.
Since banks are businesses, they must consider the logistics of their operations.
The operation costs of opening a bank for a day must be considered.
Banks must calculate the return on investment they will receive for each business day they are open.
They must consider whether or not it’s worth the cost to stay open for a given day of the week.
Typically, business is conducted during the five-day work week, which spans from Monday to Friday.
Since this is the case, people are much less likely to conduct business during the weekend and less likely to do banking for both business purposes and personal finances during the weekend.
This combined with the fact that Sunday is a significant day in the Christian faith means that opening a bank on a Sunday will not be worth it.
The little amount of business they conduct on a Sunday will be dwarfed by the operating costs of the day.
These costs include employee pay, building utilities, and so on.
It’s also important to note that every day a bank is open, there is a high amount of liability.
Public liability, and most importantly, the threat of theft are more significant when a bank is open.
Bank robberies only occur when banks are open because the cash in the vault can only be accessed via the employees.
Since very little to no business is being conducted on Sundays, and the fact that banks too are businesses, there is really no logistical reason for a bank to be open on Sunday.
Additionally, every day a bank is open incurs risk upon the bank, so having one non-operational day out of the week is very beneficial to the bank.
Other Ways to Bank
If you find yourself needing to make a financial transaction while your bank is closed, there are other ways you can interact with your bank account while the bank is closed.
Depending on the transactions you wish to make, there is likely a solution for your banking issue that’s within your reach.
If you simply need to get some cash, you can use an ATM that’s associated with your bank.
ATMs are everywhere, so you shouldn’t have any problem getting cash no matter where you are.
When it comes to depositing checks, doing so is very simple with the help of remote banking.
If you have a smartphone, many banking companies have apps.
Most of these apps allow you to deposit checks instantly.
All you need to do is sign the check and use the app’s camera feature.
Take a clear photo of the front and back of the check, and it should deposit very quickly.
Also, checking your bank account balance does not require walking into the bank.
Logging on to your account via the app or on the web has been the easiest way to check your account balance for a number of years, and you will also likely find other services online as well.
If you need to speak with a bank representative about questions you may have about your bank account status, you can most likely call the company phone number and speak with a remote representative.
These call center employees are usually available any day week and at any time.
If you have any questions about applications in progress, the status of a loan or you have any general questions, you can most likely get in touch with a representative that can help you regardless of whether or not the local branch of your bank is open.
In summary, there are a number of reasons why banks close on Sunday, but with all of the online banking options available today, most of your daily banking functions can be carried out whether or not your bank is open.
Sundays and weekends no-good for your business? Try switching to a virtual business account that lets you make payments and trade in FX 24/7.
Consider opening an account with Statrys and start making smarter payments today.