Why don t banks have armed guards?

Former bank robber Joe Loya said he used to avoid banks with armed guards because of the potential for violence. The finding that armed guards may endanger public safety is a sentiment long echoed by the insurance and banking industries.

Are there armed guards at banks?

As a banker who worked in financial institutions for over twenty years and as a consultant to financial institutions for another twenty years, it has been my experience that most banks have armed security guards on duty; and the financial institutions at which I worked never had a robbery attempt.

Do banks have overnight security?

A night depository is an overnight drop box service provided by banks that allows account holders to make money deposits after regular banking hours. A night depository service is always available for making deposits 24 hours a day, 7 days a week.

Is it safe to put cash in the night deposit?

The night depository does not limit the amount of cash or the number of checks that are deposited. It also accepts coins. The money should be deposited in special bags, which are put inside a drop box and operated with a key.

Can a check clear overnight?

In general, you can expect most checks to clear the day after you deposit them, as long as you make the deposit on a business day and during bank business hours.

How do banks stop robberies?

Today, all banks employ a similar strategy to deter robbers – dye packs, bait money, security cameras and even armed guards – but there remain steps above and beyond that further improve branch security.

Why do banks have armed security guards?

Also, it is not uncommon for a bank that had no armed security guard to place an armed security guard at a banking facility after there has been a robbery there. Clearly, the bank also thinks that the presence of a security guard would lessen the chances of future robberies.

Should a security guard be present at a bank meeting?

In many cases, that means that a security guard should be present. A bank’s policy on the use of security guards should be documented in its policy and procedure manuals along with its other security policies and procedures. If this basic bank policy is not documented, then it is well outside nationwide banking industry standard practices.

Do security guards really prevent robberies?

Clearly, the bank also thinks that the presence of a security guard would lessen the chances of future robberies. One basic fact with which we can all agree is that no sane robber wants to be shot. This is the basic premise behind the industry’s thought that security guards reduce the likelihood of the occurrence of a robbery.

What is adequate security at banking facilities?

It is a nationwide banking industry standard practice for banks to provide adequate security at banking facilities. This is similar to the general requirements for any other type of cash handling business, but it is immensely more important for banks since, as notorious bank robber Willie Sutton allegedly said, “Because that’s where the money is.”