How come nothing ever goes through on like a balance sheet when online banking over the weekend? It always updates on Monday it seems like. What’s that all about?
In: Economics
So there’s an actual reason for this. It’s pretty simple really.
When you put money in the bank, you’re not getting 365 days of interest. You’re getting 300 days of interest. Because banks are only doing business 300 days of the year.
This is why banks won’t ever convert to 24/7 banking in the US. It would require a major rewrite of the banking legislation not to mention a huge alteration of the financial system. Every company and individual would get 65 more days of interest on their deposits.
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