What Banking Holidays Are and Why They Matter
Banking holidays are days when most U.S. banks close and do not process transactions. On these days, you cannot visit a branch, use ATMs at some locations, or expect deposits and transfers to go through. The Federal Reserve and the U.S. government recognize 11 official banking holidays each year, and banks must close on all of them.
The timing matters because a deposit made on a banking holiday will not clear until the next business day. A check deposited on Friday before a Monday holiday will not post to your account until Tuesday. If you are counting on money arriving by a certain date, a banking holiday in between can throw off your timeline by a full day or more.
Not every bank closes on the same days in the same way. Some banks close branches but keep ATMs running. Some process certain transactions overnight even when branches are closed. Credit unions and online banks may have different schedules. The safest approach is to check with your specific bank before relying on a transaction to clear on a particular day.
Key Takeaways
- The 11 federal banking holidays are New Year's Day, Birthday of Martin Luther King Jr., Presidents' Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, and Christmas.
- Deposits and transfers made on a banking holiday will not process until the next business day, which can delay access to your money by one or more days.
- ATMs usually remain open on banking holidays, but some bank branches may have limited hours or be closed entirely.
- Online banks and credit unions may have different holiday schedules than traditional banks, so check your institution's calendar before assuming a closure.
The 11 Federal Banking Holidays and Their Dates
The Federal Reserve publishes an official list of banking holidays each year. These are the days when the Federal Reserve itself is closed, which means the banking system as a whole does not process certain transactions. Most banks follow this same schedule.
| Holiday | Typical Date | Notes |
|---|---|---|
| New Year's Day | January 1 | Fixed date |
| Birthday of Martin Luther King Jr. | Third Monday in January | Observed, not fixed |
| Presidents' Day | Third Monday in February | Observed, not fixed |
| Memorial Day | Last Monday in May | Observed, not fixed |
| Juneteenth National Independence Day | June 19 | Fixed date; added in 2021 |
| Independence Day | July 4 | Fixed date |
| Labor Day | First Monday in September | Observed, not fixed |
| Columbus Day | Second Monday in October | Observed, not fixed |
| Veterans Day | November 11 | Fixed date |
| Thanksgiving Day | Fourth Thursday in November | Observed, not fixed |
| Christmas Day | December 25 | Fixed date |
When a fixed-date holiday falls on a weekend, the Federal Reserve observes it on the nearest weekday. For example, if Christmas falls on a Saturday, banks close on Friday instead. If New Year's Day falls on a Sunday, banks close on Monday. The Federal Reserve publishes its holiday schedule each year on its website, so you can see the exact dates your bank will be closed.
How Banking Holidays Affect Deposits and Transfers
The main impact of a banking holiday is a one-day delay in processing. If you deposit a check on a Friday and Monday is a banking holiday, the check will not clear until Tuesday. If you initiate a wire transfer on a holiday, it will not send until the next business day. This delay can affect whether a payment arrives on time or whether you have access to money when you need it.
The Federal Reserve processes most interbank transfers and check clearing overnight. On banking holidays, this overnight processing does not happen. Transactions that would normally clear within 24 hours may take 48 hours or longer if a banking holiday falls in between. Some banks offer next-day clearing on certain deposits even during holidays, but this is not may provide and depends on your bank's policies.
Online transfers between accounts at the same bank usually process when ready, even on banking holidays, because they do not go through the Federal Reserve system. Transfers between different banks, however, do go through the Federal Reserve and will be delayed if a holiday falls on the processing day. Check with your bank about its specific policies if you are moving money between institutions.
ATM Access and Limited Services on Banking Holidays
Most banks keep their ATMs running on banking holidays, even when branches are closed. You can usually withdraw cash, check your balance, and transfer money between your own accounts using an ATM on a holiday. However, ATMs at some smaller banks or credit unions may be offline, and ATMs in bank branches that are physically closed may be inaccessible.
If you need cash on a banking holiday, plan ahead. Withdraw what you need the day before, or use an ATM at a different bank or a convenience store. Some banks charge a fee for out-of-network ATM use, so factor that in if you are not using your own bank's machine.
Customer service lines are usually closed on banking holidays. If you have a problem with your account or need to report fraud, you will have to wait until the next business day to reach someone by phone. Many banks offer online chat or email support that may be available 24/7, so check your bank's website if you need help during a holiday.
Planning Around Banking Holidays for Bills and Payments
If you pay bills by check or electronic transfer, banking holidays can affect when your payment arrives. A check mailed on a Friday before a Monday holiday may not clear until Wednesday, which could be too late if your bill is due on Tuesday. Electronic payments initiated on a holiday will not process until the next business day.
To avoid late fees, submit payments at least one business day before they are due, and account for any banking holidays in between. If a holiday falls on the day a payment is due, submit it the day before. If you are unsure whether a transaction will clear in time, contact your biller and ask for an extension, or use a payment method that clears faster, such as a same-day wire transfer.
Automatic bill payments set up through your bank usually process on schedule even if a holiday falls on the scheduled date. The bank will process the payment on the next business day instead. However, it is worth confirming this with your bank and your biller, especially if the timing is tight.
Banking Holidays at Different Types of Financial Institutions
Traditional banks, credit unions, and online banks do not all follow the same holiday schedule, though most observe the 11 federal banking holidays. Some credit unions may have additional holidays or different hours. Online banks may process transactions differently because they do not have physical branches to close.
Stock markets and bond markets have their own holiday schedules, which do not always match the banking holiday schedule. If you trade stocks or invest through a brokerage, check that institution's calendar separately. The New York Stock Exchange, for example, closes on some banking holidays but not all, and it may have different hours on others.
If you use multiple banks or financial institutions, check each one's holiday schedule. Some publish a calendar on their website, and others list holidays in their account agreement or customer service materials. A quick phone call or email to your bank can confirm whether they will be closed on a specific day.
Frequently Asked Questions
Do all banks close on the same banking holidays?
Most banks close on the 11 federal banking holidays recognized by the Federal Reserve. However, some credit unions and smaller institutions may have different schedules. Check with your specific bank to confirm its holiday hours.
Can I use my debit card on a banking holiday?
Yes. Debit card transactions at stores and ATMs usually process normally on banking holidays. The delay only affects transactions that go through the Federal Reserve, such as check clearing and interbank transfers.
Will my direct deposit arrive on a banking holiday?
Direct deposits scheduled for a banking holiday will usually arrive on the next business day instead. Employers and payroll processors know about banking holidays and adjust their schedules accordingly, but confirm with your employer if you are unsure.
What happens if I need to deposit a check on a banking holiday?
You can deposit a check using a mobile app or ATM on a banking holiday, but it will not clear until the next business day. Some banks offer mobile check deposit, which allows you to photograph and submit a check from your phone even when branches are closed.
Are banking holidays the same as stock market holidays?
No. The stock market has its own holiday schedule. The New York Stock Exchange closes on some banking holidays but not all, and it may have different hours on others. Check the exchange's calendar if you trade stocks.