On federal bank holidays, banks across the country close their doors for the day, and some services are suspended or delayed. These holiday schedules are standardized to help businesses and consumers manage their finances and plan ahead.
Most years, there are 11 federal bank holidays:
Birthday of Martin Luther King, Jr.
Washington’s Birthday (Presidents’ Day)
Juneteenth National Independence day
But every four years, a new president takes office. As a result, Inauguration Day pushes the number of federal bank holidays to 12.
If a holiday falls on a week, there are changes to when banks recognize the holiday. For holidays that fall on a Saturday, the bank will be open on the previous Friday. But if the holiday falls on a Sunday, the bank will be closed on the following Monday.
Here are the actual federal bank holidays for 2024 to 2027:
Holidays when banks are usually open
Some holidays, from niche observances like Houseplant Appreciation Day to major holidays like Ramadan or Yom Kippur, are not federal banking holidays. Banks can adjust their hours around holidays if they want, but banks are usually open on those dates, and they will follow their normal operating schedule.
Banks usually operate normally on the following holidays:
Day of St. Patrick
Fifth of May
New Year’s Eve
If you need to visit a bank in person, it’s a good idea to call the branch location first to make sure it’s open.
Other reasons your bank may be closed
The 12 federal bank holidays are the most common reasons for bank closures. However, there are other times when banks close.
Banks may close if a natural disaster, such as a hurricane or earthquake, affects certain regions. If a hurricane is expected, the Office of the Comptroller of the Currency can issue a declaration to federal banks and credit unions allowing them to close.
Banks may also close if there is an emergency declaration due to calamities or emergency situations. One of the most famous bank closings occurred in 1933. President Franklin D. Roosevelt proclaimed a bank holiday that lasted from March 6, 1933, to March 13, 1933. The week-long closing helped restoring consumer confidence in the US banking system as people return. their hidden deposits.
4 ways federal banking holiday closures affect you
Even if you do most of your banking through a mobile app or online portal, you will still be affected by the federal bank holidays. The holidays can affect you in the following ways:
1. You can get paid early
If you are paid by direct deposit rather than receiving a paper check, your paycheck will be transferred through the Automated Clearing House (ACH) network. The ACH network is a system that connects banks and credit unions allowing them to transfer money between them securely.
Standard practice for paydays that fall on a weekend or federal banking holiday is to pay them on the first Friday to benefit the employee.
However, if you work for a small company or have an employer who processes payroll manually, there may be delays if they miss the earlier cut-off date for payroll submissions .
2. Bills may be processed later
Electronic bill payments, such as credit card or utility bill payments, are processed the next business day after the federal banking holiday.
For example, let’s say your credit card payment is usually due on the 19th of the month. This year, February 19 is Presidents’ Day, a federal banking holiday. Once you submit your payment, it will not be processed until the next business day; in this case, it will be processed on Tuesday, February 20.
If the payment due date falls on a federal bank holiday, then any remitted payments received by the bank by the end of the next business day are considered on-time payments.
3. Check deposits may be delayed
If you deposit a check, a federal bank holiday may be delayed when the check clears and the money is available to you.
For example, let’s say you deposit a check this year on Friday, Feb. 16, 2024. Typically, the check will clear and the funds will be available to you by Monday. But since Monday, February 19, is a holiday, the money will not be available for withdrawal or transfer until Tuesday, February 20.
4. Branches are closed
On federal bank holidays, banks and credit unions close their brick-and-mortar branches. If you need to visit a teller or meet with a bank representative to discuss loan options, you will have to go to the branch another day.
Services available when banks are closed
Just because banks close their branches and cease operations on federal bank holidays does not mean that your accounts are inaccessible. You can still complete the following activities on bank holidays:
Transfer money between accounts in the same bank
If you have multiple accounts with the same bank, electronic transfers between accounts are always easy. You can transfer money from your checking account to your savings account online or through a mobile app, and the money will transfer instantly.
Even though bank branches are closed on federal bank holidays, you can still withdraw money or make deposits at ATMs.
Deposit check via mobile app
Instead of depositing a check in person at a bank, you can deposit a check into your account through your bank or credit union mobile app. You can complete the deposit, which will be processed the next business day.
Open a new account online
Banks and credit unions allow you to open new checking accounts, savings accounts, certificates of deposit (CDs), or other accounts online.
Bank holiday FAQs
What does it mean if it’s a bank holiday?
The government has declared federal bank holidays to bring consistency and standardization across the industry. On federal bank holidays, bank branches are usually closed, and most transactions and processing systems are delayed until the next business day.
Are check deposits clear during the holidays?
If a check is deposited on a holiday, it will not be processed until the next business day, and the check may not be picked up for several days.
Do bank holidays affect automatic payments?
Bank holidays may affect automatic payments. Your payment is usually processed the next business day. But as long as the payment is made by the end of the next business day, it is considered a timely payment, and you will not incur late fees or penalties.