News for hackers. Stuff that matters.
Re:I Visit Libraries to Sell Bitcoins to Random People from ... by TeMPOraL on Thursday February 05, 2015 @07:45AM (#9002911)
Speaking of bank opening hours, this is something I really don't get. Where I live, all branches of most of the banks are open only Monday-Friday between 0900 and 1700, which is exactly when most people are at work. Every time I need to visit the bank in person (and 'till recently my bank didn't have cash deposit machines), I need to take half a day off at my work.

It's similar with some services, i.e. barbers. What I don't get is how do they make money when they're opened only when people don't have time to visit them. There must be something weird going on there, otherwise I'd expect the market to force them to shift opening hours so that working people could use those services.

Re:I Visit Libraries to Sell Bitcoins to Random People from ... by MrRogers on Thursday February 05, 2015 @09:01AM (#9003238)
Banks have these operating hours because the accounts on which they make the most money are small and large business accounts. Their profit margins on personal checking and savings accounts are much lower. It's all dictated by the market.

As for barbers, most shops in the U.S. are open until 7 or 8pm and weekends, pretty reasonable.

Re:I Visit Libraries to Sell Bitcoins to Random People from ... by pjc50 on Thursday February 05, 2015 @08:40AM (#9003152)
I mention this every time someone talks about small businesses closing in town centres. It's not the 1950s when wives would go to the shops. These days there's a bimodal distribution of society: couples working or commuting for >8 hours a day who have money but no time, and unemployed people especially single parents who have time but no money.
Re:I Visit Libraries to Sell Bitcoins to Random People from ... by corin_ on Thursday February 05, 2015 @09:05AM (#9003259)
Banks basically don't need to innovate on their hours. If all banks are open similar hours, none of them feel the need to impact their costs by opening longer knowing that it will just force their competitors to do the same and level the playing field again, with everyone (banks not customers) losing out.

Barbers, all the ones I've known in a few UK cities have always had at least a couple of evenings they would open for, if not all evenings (though I generally go during the day anyway). Presumably because there's so many more than there are major banks, and because it's a key decision making factor for consumers - people are more likely to think "I'll get my hair cut at X instead of Z because it's open when I want a haircut" than "I'll bank with X instead of Z because some day I may prefer the opening hours". Not sure if my different experience is based on location or the fact that I generally go to not-cheap places which wouldn't use the term "barbers" to promote themselves.

Re:I Visit Libraries to Sell Bitcoins to Random People from ... by bazookajoes on Thursday February 05, 2015 @03:27PM (#9005784)
The commercial banking industry has been watching TD Bank for the past few years.

Banks compete in 2 main areas: interest rates and services. TD Bank has a far better service offering than Citibank, Chase, etc. TD Bank offers ATM fee reimbursement anywhere in the world, much longer branch hours, free coin counting, nicer employees, etc. And yet TD Bank is not crushing the competition. TD Bank's better service offering is not enough of a competitive advantage to offset the stickiness of commercial banking.

A person's main checking account is a pain to transfer for most people. To change your checking account you need to: 1) Wait days for the new account to be approved and initial transfer to clear 2) Wait to receive new checks 3) Reset up your recurring bill payments

The reason that most banks don't innovate is that customers move to better banks very slowly.

Re:I Visit Libraries to Sell Bitcoins to Random People from ... by grecy on Thursday February 05, 2015 @10:19AM (#9003605)
They're finally innovating here in Canada.

Most branches are open until 7pm on one weeknight, and my local CIBC is now open 9am-midday every Saturday.

Re:I Visit Libraries to Sell Bitcoins to Random People from ... by larrydag on Thursday February 05, 2015 @01:46PM (#9005025)
The purpose of a bank is to lend money at a price. They want to hold on to their deposits as much as possible. I bet if willing they would only be open for an hour a day.