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Are the Banks Open Today?

Congress has decreed 10 federal holidays, when all non-essential government offices, including the Federal Reserve, close. Major banks, other banks in the Federal Reserve system and the financial markets close, too. As a result, bank holidays is another name for the federal holidays. Non-bank employers also use these holidays as a guide for when they close, but don’t necessarily close for all of them (think Columbus Day). This practice can lead to some confusion over when banks are open. For example, when a holiday falls on Saturday and you have the preceding Friday off, your bank will likely be open on that Friday and close only on the Saturday. Similarly, while many of us get Christmas Eve or New Year’s Eve off, banks tend to be open. Read on to know when your bank will be open – and what to do if you need your bank when it is closed.

When Are Banks Open?

Most bank branches are open Monday through Friday, and some are open on Saturday. Generally, U.S. banks do not offer teller or drive-through services on Sundays. They also close their lobbies and drive-through windows on the 10 federal holidays, which are also known as bank holidays.

When Are Banks Closed in Observance of a Holiday?

Here is the list of 10 bank holidays and when they generally fall:

U.S. Bank Holidays
Holiday Date
New Year’s Day January 1
Martin Luther King Day 3rd Monday of January
Presidents’ Day 3rd Monday of February
Memorial Day Last Monday of May
Independence Day July 4
Labor Day 1st Monday in September
Columbus Day 2nd Monday in October
Veterans Day November 11
Thanksgiving 4th Thursday in November
Christmas Day December 25

When Are Banks Closed in 2020?

Half of federal holidays do not fall on the same date every year. For example, banks close on the third Monday of every February for Presidents’ Day. In those cases, you’ll want to double check the exact dates each year. Other holidays like Independence Day and Christmas Day will always fall on the same date each year, so you can count on banks to be closed on these exact dates. Here is the schedule for 2020:

U.S. Bank Holidays in 2020
Holiday Date
New Year’s Day January 1
Martin Luther King Day January 20
Presidents’ Day February 17
Memorial Day May 25
Independence Day July 4
Labor Day September 7
Columbus Day October 12
Veterans Day November 11
Thanksgiving November 26
Christmas Day December 25

Why Are Some Holidays Bank Holidays?

U.S. banks follow the federal holiday schedule because they rely on the U.S. Federal Reserve for major transactions. This includes wire transfers and Automated Clearing House (ACH) transactions. With the U.S. Federal Reserve shut down on these holidays, banks can’t really complete these kinds of transactions customers will need to make.

What If I Need My Bank When It’s Not Open?

Are the Banks Open Today?

Luckily, nowadays we have the internet at our fingertips. So instead of driving to the bank to make your transaction, you can log into your bank account with your online login info. There, you can typically move money around between accounts, set up deposits, check your balances and more.

Your banking abilities extend a little further, too, if you have your bank’s mobile app. This adds the ability to deposit checks right from your smartphone.

Online and mobile banking will allow you to perform most transactions right away. Since the U.S. Federal Reserve and your bank are still closed, however, most transactions will be processed the next business day. So while you can get your end of the transaction out of the way, the money may not go through immediately.

If you really needed to make a cash deposit or withdrawal, your bank’s ATMs should still be in service. Bank holidays just mean you won’t be able to go into a branch and speak with a teller. You could also head to another ATM, either within your bank’s network or out-of-network. Just be careful of ATM fees that can easily pop up.

The Takeaway

Are the Banks Open Today?

Bank holidays, which are the same as federal holidays, aren’t always the same days people have off from work. This is likely why many of us think banks are closed when they are actually open and vice versa. Generally, banks stay open on the eve of major holidays such as Christmas and New Year’s. But whether your bank is open or closed, you’ll likely be able to use the ATM. If you need a teller’s help, though, be sure to call or look up the bank’s hours online before you go.

Tips for Banking

  • If you do most of your banking online, you may want to consider an online bank. You’ll still have access to ATMs. But without the costs of brick-and-mortar locations, online banks can pass on those savings to you with high-yield savings accounts, allowing you to boost your savings.
  • An important part of banking is making sure you’re not paying more than you should be. This is especially true when it comes to bank fees which can sneak up on you if you’re not careful. In the case of closed bank branches, you may think you’ll use a nearby out-of-network ATM. But this can result in a surcharge and potentially a fee from your own bank.
  • If you ever need some professional help managing your money, consider working with a financial advisor. Our advisor matching tool will connect you with qualified advisors in your area. The right advisor can help you boost your savings and investments.

Photo credit: ©iStock.com/fstop123, ©iStock.com/RyanJLane, ©iStock.com/zoranm

Lauren Perez, CEPF® Lauren Perez writes on a variety of personal finance topics for SmartAsset, with a special expertise in savings, banking and credit cards. She is a Certified Educator in Personal Finance® (CEPF®) and a member of the Society for Advancing Business Editing and Writing. Lauren has a degree in English from the University of Rochester where she focused on Language, Media and Communications. She is originally from Los Angeles. While prone to the occasional shopping spree, Lauren has been aware of the importance of money management and savings since she was young. Lauren loves being able to make credit card and retirement account recommendations to friends and family based on the hours of research she completes at SmartAsset.
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