New Year's Day is a federal bank holiday, but not all banks close
New Year's Day (January 1) is a federal holiday, which means the federal government offices close and federal employees get the day off. However, whether your bank closes depends on which bank you use and what service you need.
Most major banks close their physical branches on New Year's Day. But online banking, ATMs, and mobile apps typically stay available 24/7, even when branches are closed. If you need cash or in-person service, you should plan ahead.
Some banks—particularly smaller regional or community banks—may stay open on New Year's Day. A few banks operate on a different holiday schedule. The only way to know for certain is to check with your specific bank.
Key Takeaways
- Most major bank branches close on January 1, but ATMs and online banking remain available.
- Federal Reserve operations close on New Year's Day, which affects wire transfers and some settlement processes.
- Credit unions follow the same federal holiday schedule as banks, so most close their branches on January 1.
- You should withdraw cash before New Year's Day if you know you will need it, since ATM availability varies by location.
- Check your bank's website or call ahead if you need in-person service on or around January 1.
What actually closes when banks observe New Year's Day
When a bank observes New Year's Day as a holiday, these services typically close: physical branch locations, teller windows, loan officers, and customer service phone lines. The bank's main office and all branch locations shut down for the day.
What stays open: ATMs (automated teller machines) at your bank's locations and partner networks, online banking portals, mobile banking apps, and automatic bill pay systems. You can still check your balance, transfer money between your own accounts, and set up payments from home.
Wire transfers and ACH transfers (the electronic system banks use to move money between accounts) may be delayed. If you initiate a wire transfer on New Year's Day, it typically will not process until the next business day. The Federal Reserve, which clears these transactions, is closed on federal holidays.
Which banks close and which stay open
The major national banks—Bank of America, Chase, Wells Fargo, Citibank, and US Bank—close all branches on New Year's Day. Regional banks like PNC, TD Bank, and KeyBank also close. Credit unions follow the same schedule and close on January 1.
Some smaller community banks and online-only banks may operate differently. A few regional banks in certain states have chosen to stay open on some federal holidays. Online banks without physical branches (like Ally, Charles Schwab, or Discover) do not have branch closures, though their phone support may be limited.
The safest approach: log into your bank's website or call the customer service number on the back of your card a few days before New Year's Day. Most banks post their holiday hours online, and the message will tell you which services are available on January 1.
How to prepare if you need cash or services around New Year's Day
Withdraw cash before December 31 if you know you will need it. ATM availability on New Year's Day varies—some machines run out of cash if they are in high-traffic areas, and some locations may be temporarily offline. Do not count on an ATM being stocked or working on the holiday itself.
If you need to pay a bill or send money, do it before the holiday. Wire transfers and ACH transfers initiated on January 1 will not clear until January 2 or later. If a payment has a important date, submit it by December 31 to be safe.
If you have a banking problem that needs when ready attention—a fraudulent charge, a locked account, or a missing deposit—you will need to wait until January 2 to reach a person. Online fraud reporting tools may be available through your bank's website, but you cannot speak to someone until branches reopen.
What happens to paychecks and automatic deposits on New Year's Day
If your paycheck or a regular deposit is scheduled to hit your account on January 1, it will still arrive. Deposits process automatically through the ACH system even when banks are closed. You will see the money in your account on the morning of January 1, and you can access it through your ATM or online banking.
Automatic bill payments also process on schedule. If you have a bill set to pay on January 1, it will go through. However, if January 1 falls on a weekend, the payment may process on the next business day instead—this depends on your bank's rules and the biller's system.
How New Year's Day affects wire transfers and other transactions
Wire transfers initiated on New Year's Day will not leave your account until January 2. The Federal Reserve, which processes wires between banks, is closed on federal holidays. If you send a wire on January 1, it sits in a queue and processes the next business day.
International wire transfers are affected even more. If January 1 falls on a weekday, your wire will not move until January 2. If January 1 is a Saturday or Sunday, the delay extends through the following Monday. International banks also observe their own holidays, which can add more days to the timeline.
ACH transfers (the system used for direct deposits, bill payments, and transfers between your own accounts at different banks) also pause on federal holidays. A transfer you start on January 1 will process on January 2 or later.
Planning around New Year's Day if you have banking needs
If you are expecting a large deposit or need to make a time-sensitive payment, plan for the holiday. Do not assume a transaction will clear on January 1 just because you initiate it before midnight on December 31. The processing happens after the holiday.
If you have a question about your account, send an email to your bank's customer service address before the holiday. Many banks respond to email within 24 hours of reopening, even if the message arrived during the holiday.
For emergencies: if your debit card is lost or stolen, call the number on the back of your card. Most banks have 24/7 fraud lines that operate even on holidays. You can report the card missing and request a replacement, though the replacement will not arrive until after the holiday.
Frequently Asked Questions
Can I use my ATM on New Year's Day?
Most ATMs stay available on New Year's Day, but some may be out of service or out of cash. If you need cash, withdraw it before December 31. ATMs at grocery stores, convenience stores, and other partner networks may have different availability than your bank's ATMs.
Will my paycheck deposit on January 1?
Yes. Payroll deposits process automatically through the ACH system even when banks are closed. You will see the money in your account on the morning of January 1 and can access it through ATM or online banking.
What if I need to reach my bank on New Year's Day?
Most bank branches and customer service phone lines are closed on January 1. You can use online banking, mobile apps, and 24/7 fraud lines. For non-urgent questions, email customer service or plan to call on January 2.
Do wire transfers process on New Year's Day?
No. Wire transfers initiated on January 1 will not leave your account until January 2. The Federal Reserve, which processes wires, is closed on federal holidays. Plan ahead if you need to send money by a specific date.
Is New Year's Day a holiday at credit unions too?
Yes. Most credit unions close on January 1 and follow the same federal holiday schedule as banks. Check with your specific credit union, as a few smaller ones may have different hours.