Yes, January 1st is a federal bank holiday
January 1st — New Year's Day — is a federal bank holiday in the United States. This means most banks are closed on that day, and you cannot conduct in-person banking transactions like deposits, withdrawals, or speaking with a banker face-to-face.
However, you can still access your money through ATMs, online banking, and mobile apps on January 1st. If you need to deposit a check or handle something that requires a teller, you will need to wait until the next business day.
The federal government observes New Year's Day as a holiday, which is why banks follow suit. Not every bank closes on every federal holiday — some credit unions and smaller institutions have different schedules — but the vast majority of national and regional banks do close on January 1st.
Key Takeaways
- Most banks close their physical locations on January 1st because it is a federal holiday.
- ATMs and online banking remain available on January 1st, so you can still access your money.
- If January 1st falls on a weekend, banks typically close on the nearest weekday instead.
- Some credit unions and smaller banks may have different holiday schedules, so check with your specific bank.
- Wire transfers and other electronic transactions may be delayed if they are initiated on a holiday.
What you can and cannot do on January 1st
On January 1st, you can use ATMs to withdraw cash, check your balance, and transfer money between your own accounts. You can also log into online banking or your mobile app to pay bills, send money, or review transactions. These services run 24/7 and do not stop for holidays.
What you cannot do is walk into a branch and speak with a banker, deposit a check at a teller window, or handle transactions that require a person to process them. If you need to open a new account, dispute a transaction with a banker, or get a cashier's check, you will have to wait until January 2nd or the next business day.
If you have a time-sensitive banking need on January 1st, plan ahead. Deposit checks a day or two early, or use mobile check deposit if your bank offers it. If you need cash, withdraw it before the holiday.
When January 1st falls on a weekend
If January 1st lands on a Saturday or Sunday, banks do not observe the holiday on that day. Instead, they close on the nearest weekday — usually the Friday before if January 1st is a Saturday, or the Monday after if it is a Sunday.
For example, if January 1st is a Saturday, your bank will likely be closed on Friday, December 31st instead. If January 1st is a Sunday, your bank will likely be closed on Monday, January 2nd. Check your bank's website or call ahead to confirm the exact day, because some banks handle this differently.
How bank holidays affect wire transfers and payments
If you send a wire transfer on January 1st, it will not process until the next business day. The same is true for other transactions that require the banking system to move money between institutions. Your bank may accept the request on January 1st, but the money will not leave your account or arrive at the other bank until January 2nd or later.
Bill payments you schedule through your bank's online system may also be delayed if the payment date falls on January 1st. Some banks will process them on the next business day automatically; others may require you to reschedule. Check the confirmation message when you schedule a payment to see when it will actually go through.
If you are expecting a deposit — like a paycheck or a government payment — and it is scheduled to arrive on January 1st, it may arrive on January 2nd instead. Banks process incoming deposits on business days, so holiday delays are common.
Credit unions and smaller banks may have different schedules
While most national banks close on January 1st, some credit unions and community banks stay open or have limited hours. This varies by institution and by state. A few credit unions operate on Saturdays and Sundays, which means they might be open on January 1st if it falls on a weekend.
The safest approach is to contact your specific bank or credit union before January 1st and ask about their holiday schedule. You can call the main number, check their website, or visit a branch in person. They will tell you whether they are closed, have reduced hours, or are open as usual.
Planning ahead for January 1st banking needs
If you know you will need cash or want to deposit a check around January 1st, handle it a few days early. Withdraw cash on December 30th or 31st. Deposit checks using your mobile app or an ATM before the holiday. Pay bills a day or two ahead of time so the payment clears before the holiday arrives.
If you are expecting a paycheck or other deposit around January 1st, assume it will arrive a day or two late. Do not count on the money being in your account on January 1st itself. If you need the money by a specific date, plan for the delay.
For anything that requires a banker — opening an account, getting a loan, disputing a charge — schedule it for January 2nd or later. Banks are usually busier the day after a holiday, so calling early in the morning or visiting mid-week may get you faster service.
Frequently Asked Questions
Can I use my debit card on January 1st?
Yes. Your debit card works at stores, restaurants, and ATMs on January 1st. The bank holiday only affects in-person banking at the branch, not your ability to spend money or withdraw cash from ATMs.
Will my direct deposit arrive on January 1st?
Probably not. Direct deposits are processed on business days. If your paycheck is scheduled to arrive on January 1st, it will likely arrive on January 2nd instead. Check with your employer or the organization sending the deposit to confirm their schedule.
What if I need to deposit a check on January 1st?
Use mobile check deposit through your bank's app if you have it. Most banks allow you to photograph the front and back of a check and deposit it without visiting a branch. If your bank does not offer this, deposit the check on December 31st or January 2nd instead.
Are all banks closed on January 1st?
Most are, but not all. Some credit unions and smaller banks have different schedules. Call your bank before January 1st to confirm whether they are closed, have limited hours, or are open as usual.
If January 1st is a Sunday, is the bank closed on Monday?
Usually yes. When a federal holiday falls on a weekend, banks typically observe it on the nearest weekday. If January 1st is a Sunday, your bank will likely be closed on Monday, January 2nd. Confirm with your bank to be sure.