answersLogoWhite

0


Best Answer

This is a perpetuated myth; a fallacy.

There is NO federal law or regulation that requires financial institutions (FIs) to be open on certain days or that prohibits them from closing for a specified number of consecutive days.

"The Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102--242, 105 Stat. 2236) (FDICIA) was enacted on December 19, 1991. Section 228 of the FDICIA added a new section 42 to the Federal Deposit Insurance Act (12 U.S.C. 1831r--1) (FDI Act) that imposes notice requirements on insured depository institutions that intend to close branches."

This law, however, is specific to "branch" closings which might have significant, long-term impact on local communities. As such, FIs are required to notify their prudential regulators and provide sufficient analysis and substantiation for such permanent closings.

For those who might disagree, please provide a regulatory citation for your position.

User Avatar

Mike Cockrell

Lvl 2
4y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

15y ago

It's a matter of accessibility. People need to be able to have access to their money.

This answer is:
User Avatar
User Avatar

Ruby Testarossa

Lvl 1
2y ago
If only there were some kind of machine that customers could use to access their money during the evening, on the weekend and on holidays. They could be called Accessing Transactions Monetarily (or ATM for short).

Add your answer:

Earn +20 pts
Q: Why can't banks be closed for more than 3 days straight?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Why banks cant close for more than 3 days in a row?

Banks do not close for more than three days in a row because people have banking that they need to get done. It is hard enough when banks are closed for three days.


Can banks close 3 days in a row?

Banks can be closed for 3 days, but no longer than 3 days.


How long were banks closed during the Great Depression?

120 days


Can Canadian Banks be closed for three days in a row?

That all depends. If their government commands it, then its true.


Is pnc bank closed on good Friday?

PNC Bank is closed on Good Friday. All banks and government buildings are closed on Good Friday, which occurs two days before Easter.


Why can't a bank be closed for more than 3 days?

There are many reasons why a bank cannot be closed for more than 3 days at a time. People rely on banks and money exchanges to survive for example.


Are courts closed on Veterans Day?

Yes, courts are always closed on Veterans Day. Veterans Days is a recognized federal holiday. Banks and post offices will be closed also.


Are most banks closed on Martin Luther King Day?

Wells Fargo Bank will be closed on the days listed below. Please be aware that Wells Fargo is one of very few banks that are open on many National Holidays. ... 2021 Wells Fargo Holidays. Jan 1 Jan 20 New Year's Day Martin Luther King Day Wednesday Monday Closed Closed


Franklin D. Roosevelt's immediate response to the banking crisis after becoming president was to?

declare a bank holiday that closes banks for days


What are bank holidays?

Bank holidays are the days that the banks are closed. Bank holidays are Christmas, Thanksgiving, President's Day, and Independence Day.


Isn't there a law where financial institutions such as banks cannot be closed more than 1 consecutive day?

None that I know. If consecutive holidays come up then banks can be closed. For example if Christmas is on a monday then the bank can be closed for 2 days Sunday and monday. After all employees of the bank too need their time with their families right :)


Are banks open on Easter Monday?

It depends on the country the bank is located in. In most places they will be open on Good Friday and that is a religious holiday and not a bank holiday. In some countries they have designed Good Friday as a holiday and they will be closed.