Few things are more frustrating than wanting to deposit a check, make a withdrawal or make a same-day online bill payment and then finding out that the bank is closed for a holiday.
The Federal Reserve bank observes 11 holidays each year. Most banks and credit unions will generally follow suit.
While not every bank observes all of these holidays, here is a handy schedule of holidays observed by most banks (including the Federal Reserve Bank) in the United States for 2023.
As a general rule, when a bank holiday falls on a Saturday, it is observed on Friday.
When a bank holiday falls on a Sunday, it is observed on the following Monday.
2023 Bank Holidays
|January 1, 2023||New Year’s Day||Sunday|
|January 2, 2023||New Year’s Day Observed||Monday|
|January 16, 2023||Martin Luther King, Jr.’s Birthday||Monday|
|February 20, 2023||Presidents’ Day/Washington’s Birthday||Monday|
|May 29, 2023||Memorial Day||Monday|
|June 19, 2023||Juneteenth||Monday|
|July 4, 2023||Independence Day||Tuesday|
|September 4, 2023||Labor Day||Monday|
|October 9, 2023||Columbus Day||Monday|
|November 10, 2023||Veterans Day Observed||Friday|
|November 11, 2023||Veterans Day||Saturday|
|November 23, 2023||Thanksgiving Day||Thursday|
|December 25, 2023||Christmas Day||Monday|
What about the bank holidays in years other than 2023?
You can use the handy chart below to figure out when the bank holidays are for any given year. New Year’s Day, Inauguration Day, Juneteenth, Independence Day, Veterans Day, and Christmas Day all land every year on the same date. The dates for the other holidays, MLK Day, Presidents Day, Memorial Day, Labor Day, Columbus Day, and Thanksgiving, vary depending on the year.
|New Year’s Day||Always January 1st||Federal Holiday|
|Inauguration Day||Always January 20th||DC Area Holiday|
|Martin Luther King, Jr. Day||3rd Monday in January||Federal Holiday|
|Presidents’ Day / Washington’s Birthday||3rd Monday in February||Federal Holiday|
|Memorial Day||Last Monday in May||Federal Holiday|
|Juneteenth||Always June 19th||Federal Holiday|
|Independence Day||Always July 4th||Federal Holiday|
|Labor Day||1st Monday in September||Federal Holiday|
|Columbus Day||2nd Monday in October||Federal Holiday|
|Veterans Day||Always November 11th||Federal Holiday|
|Thanksgiving Day||4th Thursday in November||Federal Holiday|
|Christmas Day||Always December 25th||Federal Holiday|
If a bank holiday falls on a weekend, when is it observed?
As a general rule, when a holiday falls on a Sunday, it is observed the following Monday. In 2023, New Year’s Day lands on a Sunday, so it will be observed on Monday, January 2nd, 2023.
When a bank holiday falls on a Saturday, it is observed on the previous Friday. In 2023 for example, Veterans Day takes place on Saturday, November 11th, 2023 and is observed on Friday, November 10th.
Banks won’t necessarily be closed on these observed holidays, as there is no federal law requiring them to close. Federally chartered banks, however, will usually be closed on these observed dates.
Is today a bank holiday?
It is important to verify with your individual bank or financial institution if it will be closed on a specific day, as holiday schedules may vary. Read more in our article: Is Today a Bank Holiday?
Why do banks observe these holidays?
Federal Reserve Bank holidays mirror the schedule of federal holidays enacted by Congress. Generally, these holidays are days when various sectors of the U.S. population celebrate history, religion, and culture.
While they apply to the Federal Reserve Bank, there are no federally mandated holidays for the private banking sector. Some states require banks and other businesses to be closed on certain holidays.
Which banks observe these holidays?
All national and regional banks are closed on these federal bank holidays. This holds true for all the major financial service corporations, investment banks, and lenders, including Capital One, PNC, Wells Fargo, Bank of America, CitiBank, and Chase. All major American credit unions, including Navy Federal, USAA, and SECU will also be closed for these holidays. One exception might be bank branches located within supermarkets and grocery stores. If the store is open on a holiday, the in-store branch may also be open for limited hours.
What about Inauguration Day?
Every four years, some banks may observe Inauguration1 Day, the holiday designated by Congress to mark the swearing-in of a new President and Vice President, as an 12th holiday for the year. Inauguration Day is generally only recognized as a holiday by government employees and certain businesses in Washington, D.C. and its bordering counties in Virginia and Maryland. Designating the day as a holiday can help alleviate congestion for the ceremony. In years when Inauguration Day falls on a weekday, it is observed as a bank holiday by some financial institutions in the D.C. area.
What banking can I still do on a bank holiday?
On bank holidays when the banks are closed, you will not be able to deposit or withdraw funds by visiting a teller at the branch. This means you will also not be able to buy a cashier’s check or money order or take a credit card advance through the teller. You will also usually not be able to talk to a live phone banker or pay bills with the same effective date as the holiday.
The good news is that, even if a bank is officially closed for a holiday, you should still be able to access information including your balance and recent transactions online through your bank’s website. Most banks now also offer mobile applications, so if you have downloaded and installed the bank’s app on your smartphone or tablet, you can do these same things on the go. If your current bank does not offer online or mobile banking, it might be a good idea to open a new savings account with a bank that does.
While you cannot visit a teller or phone your bank, you should still be able to access funds or deposit checks through ATMs, deposit checks through mobile devices, schedule bill payments, and access things like statements and copies of checks through your bank’s website or app.
Will my bills still be due on a bank holiday?
While some bills may still be due on a bank holiday, even if your bank or financial institution is closed, there are options available for making payments, such as using online or mobile banking, payment services like PayPal or Venmo, payment kiosks, or drive-through windows if available. To ensure that you do not miss a payment deadline on a bank holiday, it is important to confirm the payment policies and deadlines of your creditors beforehand. By staying organized and planning ahead, you can avoid any potential late fees or penalties.
Plan ahead to avoid disruptions
So, while bank holidays mean the bankers and tellers are not working, it may not mean much to the way you manage your account. Whenever you can, try to plan ahead so that any business you need to conduct with your bank takes bank holidays into account. That way, you can sit back, relax and enjoy the holiday along with your local bankers.