The Panic Button
I saw a headline today that screamed about “massive bank closures” coming to the United States. The word “massive” usually triggers a fight-or-flight response, making you wonder if the financial system is finally collapsing or if there’s a new crisis on the horizon. But as is often the case, the reality is far more mundane than the panic.
It turns out, the “massive” event is simply a calendar date: January 19, Martin Luther King Jr. Day.
Physical Doors, Digital Windows
It is funny how we still tether our sense of financial security to physical buildings. Bank of America, Chase, Wells Fargo will all lock their doors for 24 hours. A few years ago, this might have been a genuine inconvenience. Today? It feels like a forced pause in a system that never really sleeps.
While the lobbies go dark, the invisible wires of the internet keep humming. The apps work, the ATMs blink, and the transfers (mostly) go through. It made me wonder, if the physical branches disappeared tomorrow, how long would it take for us to actually notice?
A Day of Reflection
The closures are consistent across the industry because they follow the Federal Reserve holiday calendar. It is a federal holiday, intended for reflection on Dr. King’s legacy.
Perhaps the irony is that while the banks “close” to observe the day, our digital commerce continues without taking a breath. The transaction dates might shift to the next business day, but our spending habits certainly won’t. I suppose that is the new normal: the doors may close, but the window to our wallet is always wide open.