At one time it was quite common and I remember many buldings with external shutoffs,and the meters inside. The meter was often quite some distance from where the power entered the building - often right at the distribution panel/fuse box. I even remember seeing the disconnect mounted on the power pole next to the building, with the power coming down the pole to the disconnect, then down from there and entering the building underground - no rack attached to the building to connect the power wires to.
The meter reader had to enter the building to read the meter.