Whats wrong with my script?

I wrote this script to change cameras when i am in a store to a camera that is in a corner of the store, but when i walk in the store nothing happens.

var PlayerCamera : Camera;
var BankCamera: Camera;

function update ()
{
    var hit =  collider.GameObject;

    if(hit.gameObject.tag == "Player")
    {
        PlayerCamera.enabled = false;
        BankCamera.enabled = true;
    }
    else
    {
        PlayerCamera.enabled = true;
        BankCamera.enabled = false;
    }
}

This script is attached to the floor of the store

Update() usually has a capital 'U'. I would suggest putting a print statement in there to determine what code is executed. Something like this:

var PlayerCamera : Camera;
var BankCamera: Camera;

function Update ()
{
    var hit =  collider.GameObject;
    Debug.Log("update");
    if(hit.gameObject.tag == "Player")
    {
        PlayerCamera.enabled = false;
        BankCamera.enabled = true;
        Debug.Log("hit player");
    }
    else
    {
        PlayerCamera.enabled = true;
        BankCamera.enabled = false;
    }
}

Rather than checking inside/ouside all the time with Update, I would use OnTriggerEnter function attached to the Player. Assume you begin with outside & door = trigger.

var PlayerCamera : Camera; 
var BankCamera: Camera;
private var isInside: boolean = false;

function Start()
{       
    PlayerCamera.enabled = true;        
    BankCamera.enabled = false;    
}

function OnTriggerEnter(hit: Collider)
{    
    if(hit.gameObject.tag == "door" )  
    {        
        if(!isInside)
        {
            PlayerCamera.enabled = false;        
            BankCamera.enabled = true; 
            isInside = true;       
            Debug.Log("I am inside.");   
        }
        else
        {
            PlayerCamera.enabled = true;        
            BankCamera.enabled = false;    
            isInside = false;
            Debug.Log("I am outside.");   
        }
    }       
}