Going to the bank can be inconvenient for a lot of people, especially if they have a job. A majority of the time they will be closed on holidays, open after you leave for work, or close before you even clock out. However, things have changed and banks have started to become more accessible regarding their hours.
In terms of regular days, most banks will run from 9 AM to 6 PM, and for holidays, it’s easy to follow because banks will adhere to the Federal Holiday schedule which only has ten days. The financial industry has finally figured it out! The more they’re open, they more they can make. Here is the list of Bank Holiday Schedule from 2019 – 2023.
Banks now follows the holiday schedule of the Federal Reserve System, so they get 10 days off. Even if you don’t plan on actually going inside the bank, trying to do a deposit, transfer, bill pay, or other online bank activity won’t work because the bank won’t process it the day they are closed.
However, not all banks or credit unions may follow the Holiday schedule set by the Federal Reserve system, or they will opt to add more holidays to their schedule.
Here is a list of the holidays observed by the Federal Reserve system:
- New Year’s Day – Always January 1st
- Inauguration Day – Always January 20th (every four years)
- Martin Luther King Jr Day – Third Monday of January
- Washington’s Birthday (a.k.a. President’s Day) – Third Monday of February
- Memorial Day (a.k.a. Decoration Day) – Last Monday in May
- Independence Day – Always July 4th
- Labor Day – First Monday in September
- Columbus Day (a.k.a. Indigenous People’s Day) – Second Monday in October
- Veterans Day – Always November 11
- Thanksgiving Day – Fourth Thursday of November
- Christmas Day – Always December 25th
Please note that not all banks will observe Inauguration day. Also, if the holiday falls on a Saturday, the holiday is not observed. If the holiday lands on a Sunday, the holiday will be observed on the following Monday.
Here are the dates for the next five years:
|New Year’s Day||Jan 1||Jan 1||Jan 1||Jan 1*||Jan 1**|
|Inauguration Day||–||–||Jan 20||–||–|
|Martin Luther King Jr. Day||Jan 21||Jan 20||Jan 18||Jan 17||Jan 16|
|Washington’s Birthday||Feb 18||Feb 17||Feb 15||Feb 21||Feb 20|
|Memorial Day||May 27||May 25||May 31||May 30||May 29|
|Independence Day||July 4||July 4*||July 4**||July 4||July 4|
|Labor Day||Sept 2||Sept 7||Sept 6||Sept 5||Sept 4|
|Columbus Day||Oct 14||Oct 12||Oct 11||Oct 10||Oct 9|
|Veterans Day||Nov 11||Nov 11||Nov 11||Nov 11||Nov 11*|
|Thanksgiving Day||Nov 28||Nov 26||Nov 25||Nov 24||Nov 23|
|Christmas Day||Dec 25||Dec 25||Dec 25*||Dec 25**||Dec 25|
* The holiday fell on a Saturday so there is no bank holiday.
** The holiday fell on a Sunday so the banks are closed the following Monday.
It is important to know which days the banks will close early or when they close altogether because if you’re in need of any bank related transactions, you won’t be able to get that done if they’re closed.
Also, if you’re wondering why you can’t make your transaction, even if it’s just a deposit or a transfer, it is because during bank holidays, the U.S. Federal Deserve is closed. The Reserve is required to make all the transactions made by banks. If you’re interested in posts like this, check out our list of the Best Bank Rates and the Best Money Market Rates, here on HMB!