Keep in mind that during the COVID-19 pandemic, many banks restrict access to branches even on regular working days. Some locations are temporarily closed; others may have limited hours, closed halls, or service by appointment only. Check the branch locator on your bank’s website or call your local branch to learn more about their operations.
Here are a few other things to know about banking, and not banking, on federal holidays.
Processing may take longer
Electronic bank transfers are routed through the Federal Reserve, so they do not advance on holidays when the Fed is closed. (The same goes for weekends.) That way, banking transactions you do online on a holiday won’t start processing until the next business day.
Likewise, if it typically takes, say, two or three business days for a check deposit to clear or for a payment to be processed, the holiday will not count towards those days.
The day of the week matters
By law, five of the Federal Reserve’s 10 public holidays – Martin Luther King Jr. Day; Washington’s Birthday / Presidents Day; Memorial day; Labor Day; and Columbus Day – always take place on a Monday. The rest takes place on fixed dates and periodically falls on a Sunday. In this case, the Fed observes the holiday the following Monday (as it will for June 17 and Christmas in 2022), and banks often do the same.
If a holiday falls on a Saturday, the Fed does not observe it the previous Friday.
Hours may differ depending on the state
Some states have their own statutory holidays or observe holidays that are not on the federal calendar, such as Good Friday, Day after Thanksgiving, or Christmas Eve. Bank branches in your state may close or operate with shorter hours on these days.