Holidays usually dictate whether banks are opened or closed. There are currently 11 federally-observed bank holidays in the United States. If a bank is closed, you can usually still deposit checks or withdraw cash. If you can, however, it’s best to take care of matters before or after the Federal holiday to avoid any delays or issues.
Grandma sent you a $15 check for Columbus Day. Nice! But because it’s a Federal Reserve holiday, your bank is likely closed on Columbus Day. Federal bank holidays are the main reason behind these closures. Does that mean you can’t do anything with that check until after the holiday?
Fortunately, you have a few other ways to access your account funds, even when Federal Reserve banks close. If you’re prepared, you won’t have to sweat whether your bank is closed for a day. Keep reading to learn when and why banks close and what services are still available to you during those times.
When are banks closed?
The Federal Reserve — otherwise known as the Federal Reserve System or the Fed — is the central banking system of the United States of America. The Fed is responsible for providing financial services and stability to the country. Federal Reserve banks and branches set the precedent for how banks across the U.S. — and the economy for that matter — operate.
This applies to federal holidays. The only time banks routinely close are on these holidays. If you’re wondering whether your bank is open or closed today, look at the Fed’s holiday schedule below.
Federal Reserve bank holidays
The Federal Reserve currently acknowledges 11 bank holidays. As a rule of thumb, expect your bank to be closed on these specific days. If any bank holidays fall on a weekend, banks typically observe the holiday on the preceding Friday or following Monday.
See the table below for the list of Federal Reserve holidays for 2022 and 2023.
|New Year’s Day||January 1||January 1*||January 1||January 1||January 1|
|Martin Luther King, Jr.’s Birthday||January 17||January 16||January 15||January 20||January 19|
|Washington’s Birthday (Presidents’ Day)||February 21||February 20||February 19||February 17||February 16|
|Memorial Day||May 30||May 29||May 27||May 26||May 25|
|Juneteenth National Independence Day||June 19*||June 19||June 19||June 19||June 19|
|Independence Day||July 4||July 4||July 4||July 4||July 4|
|Labor Day||September 5||September 4||September 2||September 1||September 7|
|Columbus Day||October 10||October 9||October 14||October 13||October 12|
|Veterans Day||November 11||November 11||November 11||November 11||November 11|
|Thanksgiving Day||November 24||November 23||November 28||November 27||November 26|
|Christmas Day||December 25*||December 25||December 25||December 25||December 25|
|Source: Federal Reserve System|
|* Sunday: Federal Reserve banks are closed June 20, 2022, December 26, 2022, and January 2, 2023.|
Most people understand and anticipate that banks close on holidays such as Christmas, Martin Luther King Jr. Day, or Independence Day. What about the dozens of other holidays throughout the year? These gray area holidays are often the days that leave customers wondering, “Are banks open today?” Unfortunately, there isn’t always one simple answer to that question.
First, find out if it is indeed a Federal Reserve bank holiday. If so, banks are typically closed. If it is not a Federal Reserve holiday, you’ll need to do some more research. Banks aren’t required to close on other holidays, but they have the right to modify their hours and, in some cases, close anyways.
On holidays like New Year’s Eve, Halloween, or Kwanzaa — which aren’t Federal Reserve bank holidays — most banks will be open. However, some still operate with limited hours on non-Federal Reserve holidays. For example, many banks close early on Christmas Eve and New Year’s Eve. Check with your local bank or financial institution by calling or checking their website to see if they have a modified or expanded schedule.
While most banks close during Federal Reserve holidays, there’s still a chance yours will be open. Banks can choose to remain open on holidays. However, processing times may still be impacted by the holiday.
For example, if you deposit a check on Friday, November 10, 2023, your funds won’t be available until the following Monday or Tuesday. Double check with your bank to see if they plan to close on all 11 holidays.
Additionally, some grocery store bank branches remain open on holidays. They tend to stay open following the grocery store hours, which may be modified. Check with your local grocery store to find out how they operate for different holidays, especially for any holidays falling on the weekends.
Just because a bank branch remains open for one holiday doesn’t mean they will do the same on another. If you have any important matters to take care of on a holiday, always check with your bank ahead of time.
Curious about what the best and worst banks in America are? Check out this deep dive into America’s banks by SuperMoney.
Online banking on holidays
We know that most banks are closed on Federal Reserve holidays. You may be wondering if this applies to online banking or just brick-and-mortar branches. Online banking isn’t immune to holiday closures, but it can give you access to certain services even when physical banks are closed.
Keep in mind that with online banking, you’re open to the risk of closures due to maintenance or technological issues. As always, try to plan important transactions to avoid any technological or scheduling issues that could put you in a tricky situation.
What to do if the bank is closed
Emergencies happen, but try to prevent needing banking services on holidays. That way you won’t have to worry about the banks being closed. If you have any important transactions to complete, do so at least one week before a holiday just to be safe. Be proactive so that you can enjoy your long Labor Day or Presidents Day weekend.
If you have a mobile app with your bank, most services will still be available to you there when the physical bank is closed. If you need ATM or checking services when the banks are closed, you still have some options. Otherwise, just wait until the bank reopens after the holiday.
Sometimes you need cash in a pinch. Luckily, ATMs remain open in most cases when banks are closed. Visit a local ATM to withdraw cash anytime. Just make sure you have enough money in your account.
Moreover, you can usually visit any bank’s ATM to withdraw cash from a debit card, whether you have an account there or not. To save yourself some cash, take a look at some of the checking accounts below that don’t charge an additional out-of-network ATM fee.
Check-cashing and deposits
The holidays are popular times to receive checks and cash. When banks are closed, there are three main ways you can still cash or deposit personal checks.
- ATMs. Some ATMs allow check deposits and cashing. However, those funds likely won’t be available to you immediately. You may have to wait until the bank reopens to process the check.
- Check-cashing stores. Some grocery and convenience stores like Wal-Mart offer check-cashing services, some of which may still be open on holidays. There are specific check-cashing stores where you may be able to cash a check on a holiday. Check with your local stores to see if this is possible for you.
- Online. Mobile deposit is still available on holidays. It’s an easy and quick way to deposit your checks without having to go anywhere. Keep in mind that the funds won’t be cleared in your account for at least a couple of days after the holiday and weekend.
Where can I get cash when banks are closed?
ATMs are usually open even when banks are closed. Assuming there aren’t any other outstanding issues, you can visit your local ATM to get cash whenever you need to.
How can I cash a personal check when banks are closed?
You may be able to cash a personal check at an ATM, grocery store, or check-cashing store when banks are closed. If you try to cash a check at an ATM, you aren’t guaranteed to be able to access the funds immediately. Additionally, not all stores offer check-cashing services on holidays. Do your research before going out to cash a check on a holiday.
Is the Federal Reserve closed the day after Thanksgiving?
The Federal Reserve does not observe Black Friday, the day after Thanksgiving day, as a holiday. Therefore, most banks are open on that day. However, they may open late or close early. Check your local branch for their hours.
How many federal holidays are there in 2022?
There are 11 holidays in 2022 and in 2023. The Fed’s holiday schedule contains 11 holidays each year through 2026.
- Federal Reserve Banks determine the holidays on which most banks close. There are currently 11 holidays observed by the Federal Reserve.
- On non-federal holidays, banks may still choose to close or modify their hours. Every bank is different, so you should check your local bank’s hours before visiting your local branch.
- Most banks are closed on a Federal Reserve holiday. However, ATMs, check-cashing stores, and online banking are still available to you in most cases. Processing times will still be affected by the holidays.
- Try to be proactive and take care of banking matters before or after the holidays so that you don’t have to worry.
View Article Sources
- Holidays Observed by the Federal Reserve System 2022-2026 — Federal Reserve System
- Federal Holidays — U.S. Office of Personnel Management
- Is It Okay to Open and Close Bank Accounts? — SuperMoney
- Can Opening or Closing Your Bank Account Hurt Your Credit? — SuperMoney
- How To Close A Chase Checking Account — SuperMoney
- America’s Best And Worst Banks — SuperMoney
- Is Finance a Good Career Path in 2022? — SuperMoney
- Capital One 360 Checking — SuperMoney
- Chase Bank Total — SuperMoney
- Chase Secure Banking — SuperMoney