Most banks are closed on MLK Day, but the timing depends on which day the holiday falls

Banks observe Martin Luther King Jr. Day as a federal holiday, which means most branches close for the day. The holiday is observed on the third Monday in January. If you need to deposit a check, withdraw cash, or speak to someone at your bank, you will not be able to do so at a physical branch on that Monday.

However, you can still access your money through ATMs, mobile apps, and online banking on MLK Day itself. Transfers between your own accounts, bill payments, and peer-to-peer payments all work normally. The closure only affects in-person services at the branch.

Some banks operate limited hours on the day before or after the holiday, so it is worth checking your bank's website or calling ahead if you have a time-sensitive transaction. A few banks that operate on weekends may have Saturday or Sunday hours available instead.

Key Takeaways

  • Federal banks close on MLK Day (the third Monday in January), and most major banks follow this schedule.
  • ATMs, mobile apps, and online banking remain available on the holiday, so you can move money and pay bills without visiting a branch.
  • Check your specific bank's website to confirm closure times, as some regional or credit union branches may have different schedules.
  • If you need in-person service, plan ahead by visiting your branch on Friday or the following Tuesday.

Which banks close on MLK Day

All major national banks—including Bank of America, Chase, Wells Fargo, Citibank, and US Bank—close their branches on MLK Day because it is a federal holiday. Credit unions typically close as well, though some smaller or regional credit unions may operate on their own schedule.

Online-only banks like Ally, Charles Schwab, and Discover do not have physical branches, so the holiday does not affect them in the same way. You can still log in and conduct transactions through their apps and websites.

If you bank with a smaller regional bank or credit union, call ahead or check their website. Some institutions may stay open or operate with reduced hours, particularly if they serve areas where the holiday is not widely observed.

What you can still do on MLK Day

ATMs work 24/7, including on federal holidays. You can withdraw cash, deposit checks (if your ATM has a deposit slot), and check your balance at any time on MLK Day.

Mobile banking apps and online banking portals remain active. You can transfer money between your own accounts, send money to other people through your bank's app, pay bills online, and deposit checks by taking a photo of them (mobile check deposit). These transactions process normally, though some may not settle until the next business day.

Peer-to-peer payment services like Venmo, PayPal, and Square Cash operate on MLK Day. Wire transfers initiated on the holiday will not process until the next business day, since the Federal Reserve does not process wires on federal holidays.

When deposits and transfers actually post

Any deposit you make on MLK Day—whether through an ATM, mobile app, or in-person (if you somehow reach a branch that is open)—will not post to your account until the next business day, which is Tuesday. The Federal Reserve does not process transactions on federal holidays, so Monday's deposits sit in a queue.

Transfers between your own accounts at the same bank usually post when ready in your online view, but the actual movement of funds does not settle until Tuesday. If you transfer money to another bank on Monday, expect it to arrive on Tuesday or Wednesday, depending on the receiving bank's processing schedule.

Bill payments scheduled for MLK Day will process on Tuesday instead. If you have a bill due on Monday, pay it before the holiday closes.

Planning ahead for time-sensitive transactions

If you need to speak to a banker, deposit a large check in person, or resolve an account issue, do it on Friday before the holiday. Most banks are open regular hours on Friday and will reopen on Tuesday.

Some banks offer Saturday hours, which may be available the day before MLK Day (Saturday) or the day after (Tuesday, if it is not a regular business day for some reason). Check your bank's website for weekend branch locations near you.

If you absolutely need cash and your ATM is out of service or out of cash, convenience stores, grocery stores, and pharmacies offer cash back with a debit card purchase on the holiday.

Wire transfers and same-day payment services

The Federal Reserve does not process wire transfers on federal holidays, including MLK Day. If you initiate a wire on Monday, it will not leave your bank until Tuesday at the earliest. This applies to all banks, regardless of size.

Same-day ACH (Automated Clearing House) transfers, which some banks offer, also do not process on federal holidays. These services resume on the next business day.

If you need to send money urgently and MLK Day falls on the day you planned to wire it, initiate the transfer on Friday instead. If you are receiving a wire, ask the sender to initiate it on Friday so it arrives by Monday or Tuesday.

Frequently Asked Questions

Can I use my debit card on MLK Day if the bank is closed?

Yes. Your debit card works at ATMs, stores, and online merchants on MLK Day. The bank closure only affects in-person branch services. You can withdraw cash from any ATM and make purchases normally.

Will my paycheck deposit on time if it hits my account on MLK Day?

Direct deposit payroll processes on schedule, but if your payday falls on MLK Day, the funds will post to your account on that day. However, if your employer processes payroll through the Federal Reserve, there may be a one-day delay. Check with your employer's payroll department if you are unsure.

What if I need to report fraud on MLK Day?

Call your bank's customer service number on the back of your card. Most banks operate fraud hotlines 24/7, even on federal holidays. You can report unauthorized transactions and request a card freeze or replacement when ready.

Do credit unions close on MLK Day?

Most credit unions close on MLK Day because it is a federal holiday. However, some smaller or independent credit unions may have different schedules. Contact your credit union directly to confirm their hours.

Can I deposit a check at an ATM on MLK Day?

Yes, if your ATM has a check deposit slot. The check will be scanned and held until Tuesday, when it officially posts to your account. Mobile check deposit through your bank's app also works on MLK Day.