most banks no longer open on Saturdays

[cookiedough]

is it due to shortage of staff or just laziness/stinginess paying employees on a Saturday where no one wants to work weekends?  

I have 2 CD's at 2 banks I want to take the penalty of interest on since under 1 percent CD rate and open up 1 larger CD with a bank paying 4.15 to 4.25 percent on a CD.  I have to take off probably near 2 hours of work vacation time just to do that Monday thru Friday.  

My wife told me, since a few times we NEEDED our bank to be open Saturday mornings, to just drop our local bank and find a bank that is open Saturdays nearby so we can conduct business needed to be done in person on a Saturday morning.  I called 8 banks getting CD rates and they have been going up most at or slightly above 4% rate vs. a few months ago under 4%.

For those interest in CD's, just thought I would mention if you are in a CD now under 1 percent or so, is worth taking the penalty of interest earned for say 6 mths to 1 year and open up a new CD at or above 4% soon.

Also,  I just found out, which we are also going to do this weekend, open up a savings account with Ally Bank ONLINE only bank and transfer some of our money from our checking account earning only .60 percent rate (is a good rate vs. most other checking accounts at other banks) to their savings account earning 3.25% interest rate.    That is VERY good rate on a basic savings account FDIC insured and only catch is only can do 6 transactions per month in/out of savings account and for us that is no big deal.   I figured why keep so much money into our checking account, if we need the money to pay bills I can just do a transfer ONLINE at Ally bank from their savings account to my local checking account 1-2 days prior.  

I just reviewed my 401K and around 5% rate of return, still better than 4% CD, but is risky not guaranteed.  I do not feel like risking much money, especially as we age closer to retirement.

Just a year or two ago with CD's, etc. ONLY earning say .50 percent well under 1 percent, might as well stuffed the money under the mattresses at home .  LOL      vs. forfeiting say 200-250 bucks or so on interest penalty taking out a low rate CD cashing it in before maturity to get a better rate CD. 

[Rams]

This may not work for you but, we bank with USAA, they do not own or operate any brick-and-mortar banks.   It's all electronic and easy to use.   The one qualifier is, you must have served in the military or be related to someone who served and is a member to use USAA banking or insurance.

USAA even pays ATM fees (up to six per month) so if you need cash, just go to any ATM and get it.

Rams

[carolinarider09]

Since I am retired, it sort of does not matter about the bank being open on Saturday but I do understand your problem.  When I was working, I got off at 4:30 so I could get to a bank before it closed if needed.  It would be close but.....   I could do it if needed. 

The only real reason I use local banking (checking and a credit card) is because I can go see them if needed.   But, that is getting to be a bit of a hassle today since a lot of the activities that the bank does for us are not done locally.  But you have someone to talk to face to face. 

As for remote banking, over the course of my/our lives we have set up accounts at credit unions.   The first one we still have an account with, Great Lakes Credit Union in Great Lakes, IL (well that's where the office was I went to in 1968). 

I think a lot had to do with the shutdowns during the pandemic thing but... it could have just been the way the next generation is handling their finances. 

I do find the some online recent online banking processes to be rather difficult to use compared to the way they were.   But that's probably just me. 

[..]

Because so many bank online. I very rarely go to the physical branch.

[..]

is it due to shortage of staff or just laziness/stinginess paying employees on a Saturday where no one wants to work weekends?  

I have 2 CD's at 2 banks I want to take the penalty of interest on since under 1 percent CD rate and open up 1 larger CD with a bank paying 4.15 to 4.25 percent on a CD.  I have to take off probably near 2 hours of work vacation time just to do that Monday thru Friday.  

My wife told me, since a few times we NEEDED our bank to be open Saturday mornings, to just drop our local bank and find a bank that is open Saturdays nearby so we can conduct business needed to be done in person on a Saturday morning.  I called 8 banks getting CD rates and they have been going up most at or slightly above 4% rate vs. a few months ago under 4%.

For those interest in CD's, just thought I would mention if you are in a CD now under 1 percent or so, is worth taking the penalty of interest earned for say 6 mths to 1 year and open up a new CD at or above 4% soon.

Also,  I just found out, which we are also going to do this weekend, open up a savings account with Ally Bank ONLINE only bank and transfer some of our money from our checking account earning only .60 percent rate (is a good rate vs. most other checking accounts at other banks) to their savings account earning 3.25% interest rate.    That is VERY good rate on a basic savings account FDIC insured and only catch is only can do 6 transactions per month in/out of savings account and for us that is no big deal.   I figured why keep so much money into our checking account, if we need the money to pay bills I can just do a transfer ONLINE at Ally bank from their savings account to my local checking account 1-2 days prior.  

I just reviewed my 401K and around 5% rate of return, still better than 4% CD, but is risky not guaranteed.  I do not feel like risking much money, especially as we age closer to retirement.

Just a year or two ago with CD's, etc. ONLY earning say .50 percent well under 1 percent, might as well stuffed the money under the mattresses at home .  LOL      vs. forfeiting say 200-250 bucks or so on interest penalty taking out a low rate CD cashing it in before maturity to get a better rate CD. 

https://www.treasurydirect.gov/savings-bonds/i-bonds/

[old2soon]

      When I was in the work force in Il. banks used to stay open til 1730  1800 hrs on friday and maybe noon 1400 on saturday. I believe here where I reside its like 1500  1600 on friday and no saturday or sunday. BUT those ATMs are generally available but hve on occasion crapped a time or three. Bein as old peoples payday is 2moro fer me I WILL avoid the bank til about 1300 hrs or so and git NO WHERE NEAR Any grocery stores or wally wurlds til a couple days After old peoples pay day!   RIDE SAFE.

[Jess from VA]

Only reason I go to a credit union in person (no banks) is to get cash, which comes in handy for all kinds of things, especially guys that come and work at (or on) your home, and ask for it, and often give a decent discount for their work.  And, gun shows, though I don't go to them as much as I used to.

Credit cards rip a percentage off the top.  Everyone won't take a personal check (even if it is golden). 

So cash.... is still king. 

[Grandpot]

Sometimes you just don't know how easy we have it now-a-days.

In ancient times (prior to 1970) banks were open from 9:00am to 1:00pm and then 3:00pm to 5:00pm.  Never open on Saturday.  They also took advantage of every holiday they could think of.  Hence, the term "Banker's Hours."

They didn't have computers back then so they had to do a lot of manual bookkeeping.  Although the public only had 6 hours a day inside a bank, it was not unusual for the employees to work from 8:00am to 8:00pm.

[scooperhsd]

I  have lived literally for years without "local bank / branches".

Joined NFCU pretty much the week after I  arrived in Pensacola, and have been with them ever since. Nearest branch to me is in Leavenworth KS - about 20 or so miles from my front door. But when we lived in Youngsville NC, our nearest branch at first was in Havelock. Then they opened a branch in Fayetteville. And right before (or after) we left, they had 2 in Raleigh.

When we got here in KC KS, Mom had been banking for years with Capital Federal - several branches all over town. We did establish an account there, but don't use it for much.

[cookiedough]

Sometimes you just don't know how easy we have it now-a-days.

In ancient times (prior to 1970) banks were open from 9:00am to 1:00pm and then 3:00pm to 5:00pm.  Never open on Saturday.  They also took advantage of every holiday they could think of.  Hence, the term "Banker's Hours."

They didn't have computers back then so they had to do a lot of manual bookkeeping.  Although the public only had 6 hours a day inside a bank, it was not unusual for the employees to work from 8:00am to 8:00pm.

Never knew that prior to 1970 banks not open as much Monday thru Friday.  What IMO should be is OPEN Saturdays either 830 to noon or at least 9 to noon.  Taking off work to do something simple Monday thru Friday sorta sucks that needs to be done in person. 

A lady at work now suggested the local Credit Union to get a CD.  I looked them up and so far the BEST CD rate 4.31 percent for 22 months,  2nd best being 4.25 for 24 months at a local bank.  Doing a compounded interest calculator I am finding out that even a .10 percent better interest rate for 1 year CD is better than having a CD compounded interest monthly vs. quarterly much to my surprise.  I think though the lady at work said that in order to open a CD at the local credit union, I have to open a basic savings account and put 5 bucks in it first, sorta dumb, but guess gotta be a member first of the credit union. 

All I know having too much money tied up in a near non interest bearing checking account is not good when even a 3-4 percent savings or CD is much more beneficial in the long run.  I gotta be careful though and not tie up all my eggs into CD's since still want liquid cash on hand for that 'just in case' moments that always seems to pop up yearly.  I think that is where the Ally Bank online savings account at 3.25% will come in handy vs. putting too much into CD's etc. where 6 to 12 month interest penalties forfeited exist if not letting CD's go full term.

[..]

Sometimes you just don't know how easy we have it now-a-days.

In ancient times (prior to 1970) banks were open from 9:00am to 1:00pm and then 3:00pm to 5:00pm.  Never open on Saturday.  They also took advantage of every holiday they could think of.  Hence, the term "Banker's Hours."

They didn't have computers back then so they had to do a lot of manual bookkeeping.  Although the public only had 6 hours a day inside a bank, it was not unusual for the employees to work from 8:00am to 8:00pm.

Never knew that prior to 1970 banks not open as much Monday thru Friday.  What IMO should be is OPEN Saturdays either 830 to noon or at least 9 to noon.  Taking off work to do something simple Monday thru Friday sorta sucks that needs to be done in person.  

A lady at work now suggested the local Credit Union to get a CD.  I looked them up and so far the BEST CD rate 4.31 percent for 22 months,  2nd best being 4.25 for 24 months at a local bank.  Doing a compounded interest calculator I am finding out that even a .10 percent better interest rate for 1 year CD is better than having a CD compounded interest monthly vs. quarterly much to my surprise.  I think though the lady at work said that in order to open a CD at the local credit union, I have to open a basic savings account and put 5 bucks in it first, sorta dumb, but guess gotta be a member first of the credit union.  

All I know having too much money tied up in a near non interest bearing checking account is not good when even a 3-4 percent savings or CD is much more beneficial in the long run.  I gotta be careful though and not tie up all my eggs into CD's since still want liquid cash on hand for that 'just in case' moments that always seems to pop up yearly.  I think that is where the Ally Bank online savings account at 3.25% will come in handy vs. putting too much into CD's etc. where 6 to 12 month interest penalties forfeited exist if not letting CD's go full term.

Did you look at the link I posted?

[Willow]

I'm not sure what the whining on a Valkyrie board is about.  All the banks near me are open on Saturday but like others have said I only go to the physical branch for cash and I can actually do that through an ATM.

[Jack B]

Last week I got a CD that pays 4.7%

[cookiedough]

I'm not sure what the whining on a Valkyrie board is about.  All the banks near me are open on Saturday but like others have said I only go to the physical branch for cash and I can actually do that through an ATM.

I also posted besides 'whining',  thinking for those that do not know,  that CD rates have gone WAY up the past few months and would be beneficial to some to consider forfeiting the interest on their existing CD's that are say below 1% interest and to open up a 4% or greater CD soon.

If you want to delete the posting, feel free to, if it does not meet the rules of posting.   

[cookiedough]

[/quote]

Did you look at the link I posted?
[/quote]

yep, sure did, thanks.  Something to consider as well once my mom's estate settles in a few months. 

[h13man]

Our CU stays open until 1:00pm on Saturdays since 1984'. We do online banking and/or over the phone for years now. Being retired we can get off our butts Mon.-Fri. 

[cookiedough]

Our CU stays open until 1:00pm on Saturdays since 1984'. We do online banking and/or over the phone for years now. Being retired we can get off our butts Mon.-Fri.  

Yah,  we found a local credit union always open 9-12 everywhere on Saturdays and opened a new checking account along with a CD that is more widely around with offices in several cities vs. my local mom/pop bank which is never open when I want them to be.  

Yah,  cannot wait for retirement both of us have been thinking about it near daily, but only age 53.  We seem to be playing powerball, etc. a lot more as well, in case we get lucky.  

Got a good 4.41% interest rate CD along with opening up a checking account, the credit union threw in a free 100 bucks which I never knew was coming since the banker guy never said that.  Only fee is a yearly 5 dollar debit card fee is all, but unlike our local bank waiting 3 weeks to get in the mail a new debit card if lost, etc.,  this credit union gives new debit cards instantly since they print them off themselves in house right away takes 1 minute.

Now the fun begins calling around or going online all over about 10 different places to switch auto-pays from local bank to our new checking account at the credit union.