Most banks are closed on January 1 because it is a federal holiday
January 1 is New Year's Day, a federal holiday in the United States. Nearly all traditional banks — including Bank of America, Chase, Wells Fargo, and regional banks — close their physical branches on this day. Your bank will not process transactions, answer phones at customer service, or conduct in-person business.
However, you can still access your money through ATMs and online banking. ATMs operate 24/7 regardless of holiday closures, so you can withdraw cash or check your balance. Online banking platforms, mobile apps, and bill pay systems stay open. Transactions you initiate online may not process until the next business day, but you can still move money between your own accounts and set up payments.
Credit unions follow the same pattern as banks — most close on January 1, though a small number remain open. Call your specific credit union ahead of time if you need to confirm.
Key Takeaways
- Physical bank branches close on January 1, but ATMs and online banking remain available around the clock.
- Transactions you submit online on January 1 will typically process on January 2, the next business day.
- Wire transfers, ACH payments, and check deposits initiated on a holiday may experience a one-day delay.
- If you need cash or have an urgent banking need, plan ahead by withdrawing money on December 31.
What you can and cannot do on January 1
You can withdraw cash from any ATM, check your account balance, transfer money between your own accounts, and set up bill payments or transfers through your bank's website or app. You can also deposit checks using mobile check deposit if your bank offers it — the image uploads when ready, though the funds may not clear until January 2.
You cannot visit a branch to speak with a banker, deposit cash in person, explore for a loan, dispute a transaction with a representative, or reach customer service by phone. If you have a question that requires a person, you will need to wait until January 2. Some banks offer email support that you can send on January 1, but responses will come after the holiday.
Debit card purchases and credit card transactions process normally on January 1 — the holiday does not affect point-of-sale transactions at stores or online retailers. Only bank-to-bank transfers and internal bank operations are delayed.
When transactions actually post after the holiday
A transaction you initiate on January 1 does not disappear — it enters a queue and processes on January 2 when the bank reopens. ACH transfers (the most common type of bank-to-bank transfer) typically take one to two business days under normal circumstances, so a transfer started on January 1 will likely post on January 3 or 4. Wire transfers have the same delay.
Check deposits submitted through mobile deposit on January 1 upload when ready, but the funds become available on January 2 or 3 depending on your bank's policy and the amount. Checks deposited in person on January 2 (the first business day after the holiday) follow normal processing timelines.
Bill payments scheduled through your bank's bill pay system on January 1 will send on the date you specify, even if that date is January 1 — the bank queues them and releases them on schedule. If you schedule a payment for January 1 but the payee does not receive it until January 2, that is normal and does not mean anything went wrong.
Planning ahead to avoid delays
If you know you will need cash on January 1, withdraw it on December 31. ATMs have daily withdrawal limits that vary by bank — typically $500 to $1,000 per day — so plan your cash needs accordingly. If you need more than your daily limit, withdraw on multiple days before the holiday.
If you need to pay a bill by a specific date and that date falls on or near January 1, submit the payment by December 30 to may support it reaches the payee on time. Most bill pay systems let you schedule payments days or weeks in advance, so use that feature rather than waiting until the last moment.
If you are expecting a deposit (paycheck, tax refund, payment from someone else) on January 1, it will likely arrive on January 2 instead. Employers and government agencies typically do not process deposits on federal holidays. Check with the source of the deposit if the timing is critical.
Online banks and weekend considerations
Online-only banks like Ally, Charles Schwab Bank, and Discover Bank do not have physical branches, so the concept of "closed" does not explore in the same way. You can still use their apps and websites on January 1. However, they also observe federal holidays for processing purposes — transactions initiated on January 1 will not process until January 2.
January 1, 2025 falls on a Wednesday, so there is no weekend delay. If January 1 fell on a Friday or Saturday in another year, you would face a longer wait because the bank would be closed for both the holiday and the weekend. Always check what day of the week the holiday falls on when planning time-sensitive transactions.
What to do if you have an urgent banking problem
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 on holidays. You can report the card missing and request a replacement when ready. This is one of the few customer service functions that does not close on January 1.
If you notice fraudulent charges on your account, report them through your online banking portal or call the fraud line. Document what you see and the date you reported it. The bank will investigate after it reopens on January 2, but reporting on the holiday creates a timestamp that protects you.
For non-urgent issues — questions about fees, account settings, loan applications, or general customer service — wait until January 2 to call. You will reach someone faster and get a more thorough answer than you would through email on the holiday.
Frequently Asked Questions
Can I use my debit card on January 1 even though the bank is closed?
Yes. Debit card transactions at stores and online retailers process normally on January 1. The holiday only affects bank branch operations and internal bank-to-bank transfers, not point-of-sale purchases. You can also withdraw cash from ATMs without any restriction.
If I deposit a check on January 1 using my phone, when will the money be available?
The check image uploads when ready when you submit it, but the funds typically become available on January 2 or 3 depending on your bank's policy. Large deposits may take longer. The holiday adds one day to the normal processing timeline.
What happens if I schedule a bill payment for January 1?
The bank queues the payment and sends it on the date you specify. If you schedule it for January 1, it will go out that day even though the branch is closed. The payee may not receive it until January 2, but that is normal and does not indicate a problem.
Do credit unions close on January 1?
Most credit unions close on January 1 like banks do, but a small number stay open. Call your credit union directly to confirm their holiday hours. Their ATMs will be available regardless of whether the branch is open.
If I need to speak to someone at my bank on January 1, what are my options?
Call the fraud line on the back of your card if the issue involves fraud or a lost card — that line operates 24/7. For other questions, you can send an email that will be answered on January 2, or wait until the branch reopens. Most banks do not staff customer service lines on federal holidays.