Presidents Day is a bank holiday which is celebrated on the third Monday in February. It has been this way ever since the passage of the Uniform Federal Holidays Act of 1971. The holiday will always occur on the Monday between the 15th and 21st of February. In 2020, Presidents Day is celebrated on February 17th, 2020.
Previously, the holiday was known only as “Washington’s Birthday”. The holiday was created to honor the first President of the United States, George Washington. He was born on February 22nd, 1732.
Coincidentally, former President Abraham Lincoln’s birthday is on February 12th. There was never a formal federal holiday to honor Lincoln, who is considered one of the best presidents in American history. After all, he was responsible for the Emancipation Proclamation which officially ended slavery in the United States.
Therefore, in honor of this great president, Abraham Lincoln’s birthday celebration was combined with George Washington’s birthday celebration.
The result is the bank holiday we know today as Presidents Day. According to the Federal Reserve, the rest of the U.S. federal government, and some states, the holiday is still officially called Washington’s Birthday.
Using the chart below, you can see which Monday the holiday is observed.
Which Banks Are Closed on Presidents Day?
Because it is a federal holiday, most banks are closed on Presidents Day.
However, you may find some community banks and local banks open on Presidents Day. They may have limited hours available or drive-thru only, depending on their own specific policies. It is best to contact your local bank branch directly and ask them if they’re open on Presidents Day. Then you can be assured that their services will be available to you when you get there.
There is no federal law which requires banks to observe federal holidays like Presidents Day, even though their deposits are insured by the FDIC. Most large public banks tend to stick with the federal holiday schedule anyway.
On the other hand, smaller banks and credit unions tend to set their own rules when it comes to federal holidays. They may or may not follow the federal schedule. In most cases, they will celebrate the most popular days off like Christmas and Thanksgiving. Contact your local bank branch to verify their hours.
Which Banks Are Open on Presidents Day?
The only major bank in the United States that stays open on Presidents Day is TD Bank. This is likely due to the bank being a subsidiary of a multinational Canadian bank. Obviously, Canada doesn’t follow the holiday schedule of the United States, so Canadian corporate leaders are not too motivated to keep their US-based banks open on Presidents Day.
Even though TD Bank and some Fifth Third branches will be open, some transactions will not finalize until the next business day.
ATMs, bank websites, and mobile banking apps will operate as normal on Presidents Day.