# Plain Language Summary: Original Open for Business Act of 2023

This bill requires banks and credit unions to keep their physical branch locations open for longer hours. Starting six months after the law would take effect, any bank branch that offers in-person customer service must stay open until at least 7 p.m. on weekdays (Monday through Friday), and must be open for at least 4 hours on Saturdays. The only exception is on federal holidays, when branches wouldn't need to follow these rules.

The practical effect is that if you work a traditional 9-to-5 job or have a busy schedule during normal business hours, you'd have more opportunity to visit your bank in person after work. You could deposit checks, withdraw cash, or handle other banking needs without having to take time off work or rush during lunch breaks. Saturday hours would also give weekend access to banking services for people who can't get to a branch during the week.

This applies to all depository institutions, which includes traditional banks, savings banks, and credit unions—basically any financial institution that takes deposits from customers. However, the bill doesn't specify penalties or enforcement mechanisms, so it's unclear how strictly these requirements would be enforced or what would happen if a bank doesn't comply. Some smaller banks or those in less populated areas might find it challenging to staff branches for these extended hours, which could potentially affect their operations or costs.

Original Open for Business Act of 2023

Green, Al

Original Open for Business Act of 2023This bill requires each branch location of a depository institution with in-person customer service to remain open until 7:00 p.m. on weekdays and for a minimum of four hours on Saturdays. &nbsp;