Ever gone to a bank on a sunny day to deposit your cash, only to find out the bank’s closed for the day or you were late for the half-day that the bank was supposed to be operational for? You look at your phone and boom: you only now remember it’s a Saturday but you’re unsure whether the bank is supposed to be closed altogether on a Saturday or is it a half-day. If that’s the case, you’re not alone. Many people struggle to understand the routine so let’s clear it once and for all. Is Saturday a business day for banks? And if it is, is it supposed to be a half-day or a full day? Let’s find out,

For one, let’s understand the banking basics. According to a general definition and as a rule of thumb applicable in most countries, and states (in the US), banks are supposed to open and close in sync with the Federal Reserve (or the Central Reserve in some countries). They necessarily do not have a policy of their own regarding business days or operational days; rather, this is dictated by the Federal Reserve. And since the reserve is a part of the government, it follows the days government departments stay operational- from Monday through Friday. Government offices stay closed on the weekend (Saturdays and Sundays), so does the Federal Reserve, which requires the banks to close down on Saturdays too. Now you know.

However, there is a problem. Why do some banks then are open on Saturdays, albeit for a half-day? Well, that depends on what you call a business day and a working day. See, most banks operate on days (Monday to Friday), known as business days. These business days are the days you see on websites like Amazon and banks like Chase; 5-7 business days would mean that 7 days excluding Saturday and Sunday.

For those of you wondering why the bank didn’t process their cheque on a Saturday despite being ‘open for business’, this is where a working day comes in. See, despite following the Federal Reserve, many banks are still open on Saturday for a half-day as a working day. They stay open despite performing any function from the business days; it might be a working day for the sake of completing their work hours for the week or for some internal matter (auditing and other matters). Therefore, while the bank is open physically, banking activities are usually suspended, thereby making it a working day, not a business day.  To get more updates visit onlinebeststor.com.

In short, for banks that remain open Monday through Friday, each day is a business day. For banks operating a half-day on a Saturday, it is a working day; you can’t get anything done that day (usually).

So, is Saturday a business day for banks?

With the difference now sorted out, can it be really claimed that Saturday is a business day for banks? Well, lets cut to the chase. No. Banks (especially multi-national) follow the Federal Reserve or the Central Bank when it comes to operating hours and days per week: as such, they can only operate from Monday to Friday. Thereby, most banks are closed for business on Saturdays; any transaction done or any business conducted due for completion on a Saturday will be automatically shifted onto the next Monday. Similarly, any cheques or bank drafts meant for Saturday will be shifted on the subsequent Monday, making it the first business day of the week. 

For banks that stay open on a Saturday, the day will be considered a working day, not a business day. So, even if you manage to find a bank open on a good Saturday, there’s a slim chance that they’ll be open for business, like processing your pay-check or any other thing. That’s the difference between a working and a business day: a business day is always a working day, but a working day is not a business day; the bank could simply be open for internal auditing or just to complete work hours. You could see guys with their feet propped up on their tables; they’re not here for the job, they’re here to complete their hours or something else. They certainly can’t help you with your business.

Should you worry about Saturday not being a business day?

Well, you really shouldn’t. So, what if Saturday isn’t a business day for banks? Do you really need to go to a bank to sort your finances out? Post-COVID-19, digital banking has gained even more traction. All we need now are ATM’s (they don’t even need to be attached to the bank itself) since our phones and laptops can’t dispense cash yet (too many greedy people with phones and tablets out there). But the fact is that with the advent and subsequent acceleration of online and digital banking, less and less people are now heading towards banks. You can check your account from your phone, transfer funds to other accounts and do an absolute boatload of things on your laptop or phone that ordinarily would’ve cost you a trip to the bank and a good 1 or 2 hours of your time. 

So, regardless of whatever day is a business day or just a working day, or whether banks consider Saturday a business day, you can just simply cut the whole ‘go to the bank and stand in front of the teller window’ out of the equation and simply do what everybody else does: use your mobile for online banking. As for the services that well, invariably require you to visit a bank, well, the timings and business days are usually listed on the main door. Usually and mostly, with a good majority of banks, Saturday is considered a holiday and banks won’t be open at all. If you see a ‘Working day’ after a Saturday on the schedule, bear in mind that Saturday is not a business day; therefore, your business inquiries or request will not be entertained that day. Since the Federal Reserve itself is closed down that day, there’s no point in processing your payments, they’ll have to wait for Monday anyhow. 

So, don’t go to a bank on Saturday with your business. Go there to meet a friend, maybe, and certainly don’t go with a cheque.

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