Fargo Banks Reopen Today in 1933 After National Banking Holiday

On March 13, 1933, banks in Fargo reopened their doors for limited services following a week-long suspension of all banking operations across the United States. This suspension was part of a nationwide initiative led by President Franklin D. Roosevelt to restore confidence in the financial system amidst a wave of bank failures.

New Regulations Set for Banking Operations

The reopening was governed by specific regulations issued by Secretary Woodin of the federal treasury department. These guidelines allowed Fargo banks to perform several key functions, although they prohibited withdrawals from accounts established before the banking holiday. According to a statement from the Fargo Clearing House Association, the banks could now:

– Accept new deposits in cash or checks from the United States Treasury, which would be held in cash or in a Federal Reserve Bank.
– Process withdrawals from these new deposits through checks designated as “new account.”
– Cash checks drawn on the United States Treasurer, provided no gold or gold certificates were disbursed.
– Grant customers access to their safe deposit boxes.
– Accept payments for outstanding debts owed to the banks.
– Handle drafts and bills of exchange related to essential food and feed products.

With these measures in place, the temporary facilities established by the Fargo Chamber of Commerce for making change were terminated, and banks would resume this service directly.

Uncertainty Surrounds Future Withdrawals

Despite the reopening, Fargo banks had not received official communication regarding the regulations for partial withdrawals from existing accounts. There were also reports suggesting the possibility of banks issuing “scrip” as a form of currency by Friday, although this remained unconfirmed at the time.

The reopening of Fargo’s banks signified a critical step towards stabilizing the financial landscape during a tumultuous period in American history. The government’s measures aimed to reassure the public and restore faith in the banking system.