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Key takeaways

  • Federal bank holidays are days when the Federal Reserve System – the organization that regulates the nation's banking system – is closed. These holidays can impact your bank's fund availability and potentially delay any planned deposits or bill payments.
  • Although banks aren’t required to close on Federal Reserve holidays, they often do. However, transactions made on these holidays, including online banking and ATM services, won’t be processed until the next business day.
  • Planning your banking activities around Federal Reserve holidays is advisable. If a bank is open on a holiday, transactions will be processed in the same way as on a weekend, meaning any transactions made won’t be completed until the Federal Reserve reopens the next business day.

Bank holidays 2024

In 2024, the Federal Reserve will observe 11 federal holidays, just as it does each year. These holidays can impact your banking activities, such as deposit availability and bill payment scheduling.

Here are the Federal Reserve System bank holidays for 2024:

Bank holidays 2024
New Year’s Day Jan. 1
Martin Luther King, Jr. Day Jan. 15
Presidents’ Day Feb. 19
Memorial Day May 27
Juneteenth National Independence Day June 19
Independence Day July 4
Labor Day Sept. 2
Columbus Day Oct. 14
Veterans Day Nov. 11
Thanksgiving Nov. 28
Christmas Dec. 25

Note: The federal government refers to Presidents Day as Washington’s Birthday.
Source: Federal Reserve

Most banks close on federal holidays

While there’s no legal mandate for banks to shut down on Federal Reserve holidays, they often do. If, for example, the holiday falls on a Saturday, the Federal Reserve Bank and its branches keep their doors open on the prior Friday, though the Board of Governors takes the day off. If the holiday comes around on a Sunday, all Federal Reserve offices, including the Board of Governors, take a break on the subsequent Monday. Individual states might recognize extra holidays or operate on different hours, so it’s always a good idea to check with your local bank branch. Remember, while banks can choose to be open on holidays, transactions won’t be processed until the next business day.

Can banks open on a Federal Reserve holiday?

When a bank decides to operate on a Federal Reserve holiday, transactions are typically handled as they would be over the weekend. This implies that tasks such as authorizing wire transfer documents or depositing checks won’t be completed until the subsequent business day when the Federal Reserve is back in operation. Transactions via the automated clearing house (ACH) network won’t be processed on a bank holiday. Online banking features will still be accessible, enabling customers to carry out transactions, but the actual processing of these transactions will be postponed until after the holiday.

Banks are usually open on the holidays below (unless it falls on a Sunday).

Holidays when banks are generally open Day
Mardi Gras Feb. 13
St. Patrick’s Day March 17
Halloween Oct. 31
Black Friday Nov. 29
Christmas Eve Dec. 24
New Year’s Eve Dec. 31

It’s possible that banks might close early on Election Day, such as in 2020. Election Day this year is Tuesday, Nov. 5.

Online accessibility on Federal Reserve bank holidays

Even though physical bank locations and off-site customer support may not be operational on Federal Reserve holidays, the world of digital banking never sleeps. Customers can still take advantage of online banking, mobile banking apps, and even make deposits via their phone’s remote deposit capture. These transactions will be processed, but may not be fully completed until the following business day. Plus, it’s possible to open all kinds of bank accounts online, such as checking accounts, savings accounts, money market accounts or certificates of deposit (CDs), even on Federal Reserve holidays.

Bill pay around Federal Reserve holidays

It’s worth planning ahead for automated bill payments that are scheduled for, or around, a Federal Reserve holiday as they won’t be processed until the following business day. This means that any money from a check deposit might not be accessible until after the holiday, and any bill payment could potentially be delayed if the processing date coincides with a holiday. To prevent any inconvenience, it’s recommended that customers plan their banking needs processed at least a day ahead of Federal Reserve holidays and to get time-sensitive transactions completed prior to the holiday.

Bottom line

Federal Reserve holidays can impact your banking activities, so it’s important to plan ahead and be aware of when they occur. While most banks choose to close on these holidays, online banking services are still available. However, transactions may not be processed until the next business day. To avoid any delays or inconveniences, it’s recommended to plan your banking tasks around these holidays and complete time-sensitive transactions beforehand. Stay informed and stay on top of your financial management, even on Federal Reserve holidays.