What is and isn’t open can be confusing when it comes to federal holidays. That’s because even though official federal holidays apply to federal agencies, they don’t necessarily apply to private sector companies. It’s up to each company to decide whether or not they want to give their employees the day off, and this often results in a mish-mash of some businesses being open while others are closed.
New Year’s Day lands on a Sunday in 2017, which is a day when almost everything is open, creating a little more confusion. The result is many people have the question, “Are banks and credit unions open on New Year’s Day?” The quick and dirty answer is, “No, they aren’t open,” but there are a number of exceptions to this statement.
Are banks open on New Year’s Day?
No, most banks are closed on New Year’s Day. New Year’s Day is a federal holiday when most banks close their doors for the day. Even TD Bank, the one large bank which sometimes remains open on federal holidays, will be closed to begin the New Year. Additionally, because the holiday falls on a Sunday, banks and credit unions will likely be closed on January 2 (when the holiday is observed) as well.
Are credit unions open on New Year’s Day?
No, most credit unions are closed on New Year’s Day. As with banks, most credit unions close on official federal holiday such as New Year’s Day. If you are to find a bank or credit union open, it will likely be one which is located in a larger retail outlet, such as a grocery store or Walmart. If your credit union does have a presence within supermarkets or other large retails stores, the best course of action is to call your local credit union directly to see if these will be open on January 1.
An important point to remember is that even though banks and credit unions are closed on January 1, 2017, that doesn’t mean you can’t do any banking. In fact, you should be able to do most basic banking services by utilizing the bank’s automatic teller machines (ATMs), banking app or website. These are all available 24 hours a day, even when bank branches happen to be closed, allowing you to do many basic banking transactions.
For those who do utilize these banking tools, you need to realize there are some limitations. Not everything you can do with a teller can be done with ATMs, apps and on the website. Furthermore, some transactions done with these methods may not appear in your account right away. For example, if you decide to deposit a check, it might take until the next business day for the check clearing process to begin. This is important to know if you need the funds right away, as they may not be available as quickly as you may have assumed.
Are Banks and Credit Unions Open New Year’s Eve
Maybe. Because New Year’s Eve falls on a Saturday this year some banks will be closed if they are normally closed on Saturdays. Saturday, December 31, 2016, is not a federal holiday so if your bank has regular Saturday hours they will be open this Saturday. However, some will close earlier than usual so you will want to confirm opening hours if you plan to stop by your institution. Both banks and credit unions will be closed on January 1 and some banks will not reopen until Tuesday, January 3.
The above information is generally accurate, but there are always exceptions to the rule. If you want to be sure, contacting your financial institution directly is the best course of action to take.