Why do banks close so early?

Need to deposit a check after work? Tough luck. Odds are, your bank tellers have closed up well before you've packed up your bag for the day. read more

So many are closed by the end of an average workday. read more

Historically banks closed early for 2 basic reasons (1) their processes where all very manual and they needed time after they closed the doors to update all of the ledgers and to balance cash and withdrawals, (2) there was not much competition in those days when only people with money used banks and common people did not use them. read more

They must borrow the money from the central bank at the overnight rate/interest rate. This is what sets the mortgage rates and such because the bank has to borrow themselves. So the banks close early so the chain of balances must be calculated in the appropriate time. read more