When it comes to business days especially normal business days, we have Monday, Tuesday, Wednesday, Thursday and Friday with Saturday and Sunday being an option. So this usually got people trying to know if at all is saturday a business day.
In this article, I will explain everything you need to know on business days but in the financial sector or the banking sector.
However, it will also touch every aspect of other sectors aside from the banking sector.
Is saturday a business day?
Saturday is not a business day for government owned sectors and banks, but it is a business day for most private businesses or companies. The likes of Amazon, dhl, FedEx do ship on saturday or deliver item on Saturdays.
When talking about is saturday a business day, you should know that private sectors usually work on Saturdays as Sundays are mostly a resting day though it depends.
If you are buying products online, the likes of Amazon, dhl, FedEx, ups will ship or deliver your item on Saturdays, but they don’t work on Sundays.
In terms of government owned sectors, they are mostly not open on Saturdays though it depends on one’s location or country.
As this is a financial blog, I will focus more on financial institutions like banks as most bank customers will like to know if banks are open for business on Saturdays.
Is saturday a business day for banks?
Saturday is not a business day for banks as banks normally open or operate from Mondays to Fridays. Banks are partially open on Saturdays but only few bank branches and they will only accept cash deposit transaction.
In most countries of the world, banks are not open on Saturdays and Sundays as they will be completely closed until the next banking day or business day.
To further explain this question of is saturday a business day for banks, I will explain it based on the number of countries I’ve visited and know much about their banking system and services.
In the United States
In the United States, banks are open from Monday to Friday starting from 9am until 5pm though in some bank branches they will start operation from 9am until 6pm in the evening.
On Saturdays, banks are open from 10am until 4pm in some branches or from 9am until 2pm in the afternoon.
Not all bank branches are open on Saturdays, and those that open are located near business hubs or in an area where there are lots of companies and firms.
On Saturdays, the banks are only open for cash deposits and withdrawals but no any other transactions will occur.
Even the cash you deposited into the bank will not be posted until the next business day which is usually on Monday except in the case whereby Monday will be a federal holiday, then Tuesday will be the next business day.
In terms of cash withdrawal through the counter, you can withdraw money through the counter if the bank branch near you is open on saturday, but if you want to transfer money right inside the bank, thar won’t be possible and you have to wait until the next business day.
Mind you Sunday is not a business days are Banks are not open for operation.
Is saturday a business day for banks uk?
In the UK, banks are open for a short period of time which they allow payments and withdrawals, but deposits made on saturday are not processed or posted until the business day.
The normal business days for banks in the UK is Mondays to Fridays, and cash deposits will be posted to the account plus other transactions.
Again, you can’t go to the bank on Saturday to open a bank account as you have to wait until the business day to open a new bank account right inside the bank.
Is saturday a business day for banks in Canada?
Banks are open in Canada but for a short period compared to weekdays, and most bank services are not available.
You can easily make withdrawal, meet and speak with a customer service representative, deposit cash whicg will be posted on the next banking day but you can’t make transfer or other bank transactions.
Do bank transactions go through on saturday?
The answer is no. Bank transactions don’t go through on Saturday as any transaction made on saturday will have to wait until Monday or the next business before it is processed and gets posted.
For example, you went to the bank and deposited a check(cheque) or made a cash deposit, the deposit won’t be posted or reflect on the stated bank account until the next business day then it will be processed and posted to the stated bank account.
If you went to the bank to make corrections to your bank account and which is not something of emergency like blocking a bank account, blocking a debit card, etc, the correction made on your account won’t reflect until the next banking day.
This is why mostly it is of no use going to the bank on Saturdays.
I can only go to the bank on Saturday if I have large amount of cash to be deposited into my account or a company’s bank account. Aside from that, I don’t see the reason going to the bank on a Saturday because any transaction made will have to wait until the next business day.
Since that’s the case, I will have to wait till the next business day to go to the bank for the transaction.
Does saturday count as a business day for banks?
Saturday doesn’t count as a business day for banks because banks don’t process transaction on Saturdays and also they are open for a short period of time.
Mostly the reason why bank branches are opened on Saturday is for customers that wants to make a large amount of cash deposit like companies and firms. Individuals can also make cash deposits or also deposit w check but they will all be processed on the next banking day.
For the fact that banks are opened for a short period of time on Saturdays and transactions are not processed until the next banking day, saturday doesn’t count as a business day for banks.
So asking if is saturday considered a business day for banks, kindly note that saturday is not considered a business day for banks rather Monday to Friday are business days for banks.
When you hear or see the term banking day, it simply means the day banks are open for operation or offer bank services to their customers.
Banking days are usually Monday to Friday, as banks start their activities or offer services to the customers from 8am until 6pm depend on the bank rules and regulations and also the location.
When you hear or see the next banking day or business day, it simply means the next day which the bank is open to their customers to offer bank services to them.
For the fact you did a transaction in the bank on a Saturday which you were told it will be posted on the next banking day or business day, you concluded that definitely by Monday the transaction will be posted.
However, there are certain event that usually affect the banking days.
And the question talking about the bank holiday.
Using 2022 as an example and if you base in the United States. We have up to five bank holidays that fall on a Monday, and they are;
- Martin Luther King Jr. Day – Mon, 17 Jan 2022
- Memorial Day – Mon, 30 May 2022
- Independence Day – Mon, 4 Jul 2022
- Labor Day – Mon, 5 Sept
- Christmas Day – Mon, 26 Dec 2022
If you happen to make a cash deposit or any transaction in the bank on May 27th 2022 and which you were told that the transaction will be posted on the next banking day or business day, you shouldn’t conclude that will be on Monday cause that very Monday (30th May 2022) will be a bank holiday and bank will not be open.
In this type of situation, the next banking day will be on Tuesday being 31st of May 2022.
I’m saying this because it is very important as most people usually think that definitely Monday to Friday are banking days and banks are open for operation and offer services to their customers.
If federal holiday falls on a business day which is Monday to Friday, banks will not be open.
There are Banks that don’t observe some federal holiday like the TD bank don’t observe Columbus Day which will be on October 10.
So it is proper to know if your bank observe all the federal holidays by contacting the customer service representative and inquire about their bank holiday for the year.
Is saturday considered a business day?
In the private sector, saturday is considered a business day as most of the private sectors are open for operation on Saturdays. However, banks don’t consider Saturdays as a business day or banking day.
The likes of FedEx, dhl, ups, Amazon, aliexpress are all open for services and shipping on Saturdays.
Is saturday a banking day?
The answer is no. Saturday is not a banking day but rather Monday to Friday is a banking day except if there is a bank holiday or federal holiday.
And with all explained in this article, this is where I draw the conclusion on the question of the day is saturday a business day and is saturday a business day for banks.