When Are Banks Closed? Veterans Day and Other Federal Reserve Bank Holidays
These days, more and more people are opting to do their banking online or via mobile app. Last year, roughly half of people with bank accounts used their phone to access the account, according to the Federal Reserve, compared to 20% in 2011.
Mobile and online banking is convenient, but not everyone has embraced it. When faced with a task like opening a new account, many Americans still prefer to visit a branch in person, a 2017 survey found. Applying for a mortgage or car loan, getting a money order, or even getting a document notarized could all require an in-person visit to your local bank branch.
Making it to the bank during normal business hours can be a challenge, especially if you work. But if you’re planning on giving up part of your next holiday to run some financial errands, think again. Most banks are closed on major holidays.
Federal Reserve bank holidays
There are no rules requiring banks to close on certain holidays. However, most banks observe Federal Reserve bank holidays. These are the 10 days that the Federal Reserve shuts down, which means that most banks and credit unions also close their doors. Here they are:
- New Year’s Day
- Martin Luther King Jr. Day
- Washington’s Birthday/Presidents Day
- Memorial Day
- Independence Day
- Labor Day
- Columbus Day
- Veterans Day
- Thanksgiving Day
- Christmas Day
While not official holidays, some banks also close on Christmas Eve and New Year’s Eve, or close early. Sometimes when a holiday falls on a Sunday (when most banks are closed) banks will close the following Monday. That’s the case with Veterans Day 2018, which officially falls on Sunday, November 11, but is being observed on Monday, November 12.
Almost all banks will be open on other holidays, like Good Friday, and on state-specific holidays like Patriots Day in Massachusetts or Cesar Chavez Day in California. However, you should check with your local bank branch to confirm their hours.
Some banks even make a point of opening on days when most of their competitors are closed. TD Bank, for example, opens on Presidents Day, Columbus Day, and Veterans Day.
When are banks normally open?
Once upon a time, most banks in the U.S. stuck to “banker’s hours.” This term referred to the relatively small window (at least by modern standards) that banks were open for business. A typical bank might have been open from 10 a.m. to 3 p.m. or 4 p.m., according to Bankrate. That’s because processing financial transactions was a time-consuming, manual process.
Now, most banks are open from 9 a.m. to 5 p.m., Monday through Friday, at a minimum. Many have longer hours, opening at 8 a.m. and closing at 6 p.m. Many banks have also expanded their Saturday hours.
Some banks are even open on Sundays, though this is less common. Banks with locations within a retail store (such as a Walmart or your local grocery store) are usually your best bet if you need to do Sunday banking, notes Banks.org. Retail banking locations might also be open on certain holidays.
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