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 2023, Presidents Day is celebrated on Monday, February 20th, 2023.
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. The banks closed on Presidents Day include: Chase, Bank of America, Citibank, US Bank, Truist, PNC Bank, M&T Bank, First Republic, Ally Bank, and People’s United Bank.
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.
What are the Presidents Day Bank Hours?
Since all banks except the previous mentioned TD Bank are closed on Presidents Day, there are no bank hours for this holiday. To avoid any inconvenience, you can still check with your bank to 100% confirm their hours of operation. Regardless, on Presidents Day you will still be able to deposit and withdraw money via ATMs and use your bank’s website or app to preform transactions.
What Banking Can I Get Done on Presidents Day?
The bank you are a customer of is closed on Presidents Day and you need to conduct some banking. What options do you have?
- Use Online or Mobile Banking: Pretty much all banks offer online and mobile banking services. This will allow you to access your account information and perform transactions on Presidents Day, such as transferring money between accounts or paying bills. However, these transactions will likely complete by the next business day.
- Visit an ATM: If you need to withdraw cash on Presidents Day, you will be able to do so using an ATM.
- Utilize Phone Banking: A few major banks and credit card companies offer 24-hour telephone services. Call to access account information and check your balance over the phone. You can find the number to call on your bank’s website.
- Plan in Advance: If you know you will need to perform a transaction on Presidents Day, try your best to plan ahead and make the necessary arrangements before the holiday.