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. This means most traditional banks — Chase, Bank of America, Wells Fargo, Citibank, and regional banks — will be closed for the day. Their branches will not open, and you will not be able to visit a teller or use the drive-through.
However, you can still access your money through ATMs and online banking. ATMs work 24/7 regardless of whether the branch is staffed, and you can transfer funds, check balances, and pay bills through your bank's website or mobile app without waiting for the branch to reopen.
Some credit unions also close on January 1, but not all. If your money is at a credit union, check their website or call ahead — credit unions are not required to follow federal holiday schedules the way banks are.
Key Takeaways
- Federal holiday closures mean most bank branches will not have staff or tellers available on January 1.
- ATMs and online banking remain available 24/7, even when branches are closed.
- Credit unions may have different hours than traditional banks, so confirm with yours directly.
- If you need cash or a service that requires a teller, plan ahead by withdrawing money on December 31.
- Banks reopen on January 2 (or January 3 if January 2 falls on a weekend) at their normal hours.
What you can and cannot do on January 1
On January 1, you can deposit checks and transfer money through your bank's mobile app or website. You can withdraw cash from any ATM that accepts your card, even if it belongs to a different bank (though you may pay a fee). You can pay bills online, check your balance, and freeze or unfreeze your debit card if needed.
What you cannot do is speak to a teller, get a cashier's check, open a new account, or resolve a dispute that requires staff involvement. If you need a notary, a safe deposit box, or a loan officer, you will have to wait until the branch reopens.
If your bank is part of a larger network, some branches in other states or regions may have different holiday schedules. A few banks operate limited hours on certain holidays, though this is rare. Check your specific branch's website or call the main number to confirm.
Planning ahead for cash and time-sensitive transactions
If you know you will need cash on January 1 or January 2, withdraw it on December 31. ATMs have daily withdrawal limits — usually $500 to $1,000 depending on your bank and account type — so plan accordingly if you need more than that amount.
If you have a check that needs to be deposited by a certain date, use mobile deposit (take a photo through your app) on December 31. The check will be processed when the bank reopens, but the timestamp will show it was received on the 31st, which protects you from late fees or missed important date.
For transactions that absolutely must happen on January 1 — such as paying a bill to avoid a late fee — use online bill pay through your bank's website. The payment will be scheduled and processed when the bank reopens, but you will have a record showing you initiated it before the important date.
Online banks and weekend-only closures
If your account is with an online-only bank such as Ally, Charles Schwab Bank, or Discover Bank, the concept of "closed" is different. These banks do not have physical branches, so there is no location to close. You can still access your account 24/7 through their website or app.
However, some online banks do pause certain services on federal holidays. Wire transfers, for example, may not process on January 1 even though you can initiate them. Check your bank's holiday schedule on their website to see which services are affected.
If you use a bank that is open on weekends, January 1 is still a holiday closure — weekend hours do not override federal holidays. The bank will be closed regardless of what day of the week January 1 falls on.
What happens to deposits and transactions on January 1
If you deposit a check through mobile deposit on January 1, it will be processed when the bank reopens on January 2 (or January 3 if the 2nd is a weekend). The funds may not be available when ready — most banks hold mobile deposits for one to two business days even after processing.
If you transfer money between your own accounts at the same bank on January 1, the transfer usually completes when ready within the bank's system. If you transfer to a different bank, it may take one to three business days, and the clock starts when the bank reopens.
Automatic bill payments and direct deposits scheduled for January 1 will process on that date even though the branch is closed. The bank's automated systems run independently of branch hours. If January 1 falls on a weekend, these transactions typically process on the next business day.
Frequently Asked Questions
Can I use my debit card on January 1 if the bank is closed?
Yes. Your debit card works at any merchant or ATM regardless of whether your bank's branch is open. The only thing you cannot do is visit a teller or use the drive-through at your branch location.
Will my paycheck deposit on January 1 if it's a direct deposit?
If your employer processes payroll on January 1, the deposit will post to your account that day because direct deposits are automated. However, if your employer's payroll system is also closed for the holiday, the deposit may be delayed until January 2.
What if I need cash and the ATM is out of money?
ATM outages happen occasionally, especially on busy holidays. If one ATM is empty, try another location or a different bank's ATM network. If you cannot find cash anywhere, you may need to wait until January 2 when branches reopen and can refill machines.
Do banks in other countries close on January 1?
Yes, most banks worldwide close on January 1 because it is New Year's Day globally. If you are traveling or have an account abroad, check that specific bank's holiday schedule, as some countries observe different holidays or have regional variations.
What time do banks reopen on January 2?
Most banks reopen at their normal opening time on January 2, which is typically 9 a.m. or 10 a.m. Check your branch's posted hours or website to confirm, as some locations may have different opening times.