Banking on Sunday?

TD Canada Trust announced that they will be opening some of their Bank Branches on Sundays from Noon until 4:00 PM, for our convenience.  Evidently they have been spurred by news that CIBC was going to open some of their branches on Sundays, which begs the question, Why would I want to Bank on Sunday?

I realize that many folks don’t get a chance to get to their banks during the week or even on a Saturday, but is opening on a Sunday really that important a service to offer as a bank? Will this cause a sudden rash of Impulse Banking (there is an expression you never thought you’d see).

My assumption is that bank transactions will still not be processed until the next business day (as is the current rules of banking), but now that banks are open every day of the week, maybe the term Next Business Day is a misnomer, in fact most transactions will be processed on the next Weekday that the bank should be open on (i.e. not a holiday).  So if you walked into a bank and did something on a Sunday it would be the same thing as on Saturday, it really wouldn’t happen until the following Monday (assuming that is not a holiday).

Day of Rest

Sunday a Day of Rest?

ATM Machines are present at pretty much every bank branch that I have been to, and most folks avail themselves of this service on Sundays currently, but now with this new service they can talk to tellers directly. I must admit I do like making larger deposits at a Teller’s Window, it just makes it feel less risky (yes, I am paranoid about computers and automated systems, it is the nature of my generation).

As I have said previously (many times) I do most of my banking on line and rarely (except on some extenuating circumstances) if ever go into my local branch, other than to use the ATM machine. I pay my bills on line, I transfer funds on line and I order cheques on line (for $40!!! but that is for another post), so going to my local branch isn’t that important.

My guess is that this Sunday opening at some of the Branches is mostly for things like Mortgage Negotiations, Loan and Credit Discussions and maybe RESP Cashing (Ooops, sorry about that, I promised I was going to not talk about that any more). Some banks have even opened on Sundays already during peak RRSP season, to ensure we all have a chance to get our savings in place (Impulse Retirement Planning?).

I really don’t understand the importance of opening on a Sunday, if you already open a Saturday, but I am also from a generation where Sunday shopping was not legal for a long time, so maybe I am just old and don’t comprehend the importance of having access to a bank on a Sunday. I am willing to open the floor to discussion about whether this new service is needed or not, but I do pity the folks at the bank who must now work on Sundays.

Is Sunday banking really needed?

{ 10 comments }

{ 10 comments… add one }

  • Credit Cards October 30, 2010, 7:59 PM

    For me Bank working on a Sunday is great since I hardly get time during weekdays.

    Reply
  • DividendMan October 29, 2010, 2:38 PM

    It’s always amusing to me when people think other things should or shouldn’t be open on the weekends. If everything was closed nobody would have anything to do.

    Why does a teller or branch manager deserve to have the day off every weekend but not a waitress, retail employees, theater folk, or priests! For heavens sake don’t priests deserve their Sundays?!

    Some people want to bank on Sundays, some banks want to open on Sundays… what’s the problem again?

    I woudln’t mind if my work said you have to work 2 sundays a month but you get two extra days off!

    It’s not like they are being forced to work more hours for the same pay, that would be ridiculous.

    Reply
    • bigcajunman October 29, 2010, 3:04 PM

      Are you sure that is the case? Tellers are actually treated quite shabbily by their employers, and the argument, if they don’t want to work the hours, they don’t have to doesn’t really hold water, employers simply lay off those folks.

      Reply
  • Gammj October 28, 2010, 7:27 PM

    There’s already a CIBC branch open on Sundays here and has been for awhile now. It’s in the largest and most popular mall in the city. So far, it’s the only one though

    Reply
  • Echo October 27, 2010, 9:35 PM

    I bank with TD and have found it convenient to make appointments on Saturdays to speak with a loan officer or mortgage specialist. That being said, from talking to their employees they all hate working Saturdays (they rotate shifts so that you do it about once a month). My guess is the employees will really hate this move, and it will actually begin to hurt TD’s ability to attract and retain their staff.

    Reply
  • Financial Cents October 27, 2010, 8:56 PM

    Agreed BCM, open on Sundays, won’t this cost more money than earned? I can count on one hand how many times I actually go inside a bank each year. Maybe it’s a pilot.

    Reply
  • Credit Cards Canada October 27, 2010, 9:14 AM

    I don’t see this to be a financial boost for the banks. It’s just marketing ploy showing the customer that they are being there for them at their convenience.
    Banks are competing heavily against each other and they won’t let any chance of proving their customer service centric goals.

    You will definitely find people visiting the bank on Sundays. Most of them would be those who would want to skip the rush on Saturdays.

    You can never overrate convenience.

    Reply
  • Traciatim October 27, 2010, 7:49 AM

    What makes Sunday so special (other than cults declaring it special) that people should avoid doing anything productive on them?

    There are piles of people who work odd hours, on call, and all kind of other situations that make opening on more days and wider hours profitable for the bank . . . Why do you get to dictate their acceptable hours?

    Reply
    • bigcajunman October 27, 2010, 7:53 AM

      Really grumpy these days aren’t we? I was simply pointing out that say having to work on a Sunday if you are part of a Cult that worships on that day (or Saturday, or Friday for that matter), is the yoke that the oppressed workers of today must now live with.

      Profitable? Speaking as a shareholder, I would love to see the business case that claims any extra money will be made by doing this.

      I would suggest a soothing Lemon Tea for your dark demeanor.

      Reply
  • Beth October 27, 2010, 7:36 AM

    I rarely need to see a teller, so TD’s hours and being open Saturday work for me.

    What this move suggests to me is that TD either has too much money on their hands or they’re susceptible to “me too” thinking. I don’t like either possibility!

    Reply

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