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If you’re planning to handle your personal finances on a holiday, you might be surprised to find your bank is closed. Many banks observe federal holidays just as you do, so here’s a comprehensive list of traditional bank holidays and information about when banks are open to help you in 2024.
What Holidays Are Banks Closed?
National holidays are those commonly celebrated throughout the country, while a federal holiday is one recognized by the government. In the U.S., certain institutions—such as banks, post offices, government offices and most schools—are closed during federal holidays. Here’s a list of those holidays with their dates observed.
Bank Holidays Calendar for 2024
Are the banks open today? If it’s a federal holiday, chances are your bank will be closed. See below for the list of bank holidays in 2024. Note that when a holiday falls on a Saturday, banks will close the Friday before. And if it falls on a Sunday, banks close the following Monday. If you need to plan even further ahead, you can visit the Federal Reserve website to see which holidays will be observed, along with their corresponding dates, for the next few years.
What To Do if Your Bank Is Closed
If your bank is closed on a federal holiday—or because of special circumstances like an emergency situation or global pandemic—you can still fulfill most of your banking needs by visiting ATMs and accessing your bank account online or through your bank’s mobile app. Check your bank’s website or call ahead to find out if it’s closed on a particular day.
If you discover your bank is closed for the holiday, any deposits you make won’t be posted until the next business day. The upside to this is that withdrawals will also be suspended.
Bill Payments on Bank Holidays
If your bill due date falls on a federal holiday, your payment will be processed the following business day. In this instance, your payment will be considered on time as long as you made the payment before the bill cut-off time, which cannot be before 5 p.m. on the bill due date.
For example, let’s say your credit card bill is due on Monday, September 2nd or Labor Day, and you pay it at 3 p.m. Your transaction will be processed on September 3rd, the following business day. You won’t be charged a late fee because you made your payment on the credit card’s due date.
Why Do Banks Close for Federal Holidays?
Most banks belong to the private sector. However, given that bank activities rely on the Federal Reserve—a government agency—banks follow the calendar for federal holidays, which originally started in 1870 as a way to grant federal employees paid time off. The U.S. currently recognizes the ten federal holidays listed above. The most recent change to this list was the addition of Juneteenth in 2022.
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What Banks Are Open Today?
Most banks, especially smaller and regional institutions, follow the federal holiday calendar. There are a few exceptions—some banks may be open on Presidents Day or Columbus Day/Indigenous Peoples’ Day, often with limited banking hours. Even if your bank is open on a banking holiday, your transaction won’t post until the next business day.
Another exception may be bank branches located inside grocery stores but with limited hours. If you need in-person banking with more flexible hours, check to see if your financial institution happens to have a branch inside a store.
Here is a list of banks open on either Presidents Day or Columbus Day/Indigenous Peoples’ Day. Keep in mind that even though these banks are open, the Federal Reserve is closed, so any transactions received on those dates will be posted the following business day.
Are Online Banks Open During Bank Holidays?
If you use an online bank that doesn’t have brick-and-mortar locations, online banking services will be available on bank holidays, but transactions likely won’t post until the next business day.
Bottom Line
If it’s a federal holiday, it’s likely a bank holiday too. But it’s still worth checking your bank’s website for additional options and holiday hours when your needs exceed regular online banking and mobile app options.
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Frequently Asked Questions (FAQs)
What happens to transactions on a bank holiday?
Although banks have the authority to follow their own schedules, most will hold transactions on a bank holiday, posting them on the next business day.
What if a holiday falls on a weekend?
If a holiday falls on a Saturday, banks will often be closed the Friday before. And if a holiday falls on a Sunday, banks will be closed the following Monday.
Are banks open on Christmas Eve?
Christmas Eve is not a federal holiday, but some bank branches do choose to close their doors early. Check your bank’s holiday hours to be sure.
What about payroll during bank holidays?
Although they’re not required to do so, employers can schedule payroll to go out early, before a bank holiday—and thankfully, many do. Otherwise, payroll can be paused for a bank holiday.
