Oil Patch Banking | VideoAlex Hagan | 11/28/2012
Pay day is a busy time in the oil patch. Troy Hatfield and Steve Ostrom are contractors from Idaho. They spend a lot of time at the bank cashing checks and making deposits.
"Two to three times every two weeks sometimes, you know what I mean. So maybe the average six to eight times a month," Ostrom said.
"There`s only one bank, Bank of America, that`s local with Idaho banks so we just usually round them up and take a day to go and cash checks," Hatfield said.
Dakota Community Bank and Trust in Dickinson only had around 200 transactions a day in 2007. Now it has more than 600 transactions a day.
"Pay day has become a nightmare in essence trying to find extra help," said head teller Marge Bren.
Thursdays and Fridays have become an all day event.
"Sometimes our tellers don`t take a lunch because they`re so busy with taking care of customers who are coming in making deposits, taking out cash," said branch manager Thomas Fath.
However, many oil workers are from out of state and don`t have bank accounts here.
"They don`t have relationships here in town, so it makes it hard to help service those employees for that business whether they have established a checking account with us," Fath said.
And with all the construction because of housing needs, bank employees say they get plenty of loan requests as well.
"The growth and the real estate boom that we`re seeing, obviously prices are inflated," Fath said.
Employees and customers say they are still getting used to the madness.
"Years ago, you could drive up and you`re immediately waited on. Now the traffic is stop and go," Bren said.
"Just like the traffic on the road, you sit and wait," Ostrom said.
Similar to everything else in oil hub communities, waiting in line has become the norm at banks.
Bank employees have also noticed a small increase in employees wiring money home to their families.