Martin Luther King Jr. Day is on Monday, Jan. 16. It is a day that many people go to parades and celebrations honoring a great man who changed the world. The holiday can get confusing though for people wondering what is open and what is closed on this day. This is because MLK Day is a federal holiday, however, private businesses, like banks and credit unions decide for themselves on whether they will open their doors or not.
Mondays are hard enough to get back into the swing of things at work. However, because Martin Luther King Jr. Day falls on a Monday each year, it adds to the confusion. Usually, banks and credit unions are open on Mondays for business. They will be closed Sunday, as usual, they will also be closed on Monday, Jan. 16.
Are banks open on Martin Luther King Jr. Day?
No, most banks are closed on Martin Luther King Jr. Day. Most banks have schedules that mirror the federal holiday schedule. MLK Day is a federal holiday, so most banks will close their doors for the holiday. However, not all banks do. Some banks located in retail outlets like Walmart and grocery stores may stay open for the federal holiday. TD Bank will also remain open on MLK Day.
Are credit unions open on Martin Luther King Jr. Day?
No, most credit unions are closed on Martin Luther King Jr. Day. Credit unions, though they offer some different perks for their customers, will work the same way as most banks on Martin Luther King Jr. Day. The only credit unions that may be open on MLK Day are those located within retail stores. If you need to do banking on Jan. 16, it may be close to impossible, unless you are a member of a bank located in a retail location or a member of TD Bank. However, it is still possible to do some of the most basic banking transactions. You can use the bank’s mobile app, their website or their automatic teller machines (ATMs). All of these aforementioned options are available 24 hours a day, seven days a week. In fact, these apps and other technology oftentimes make a visit to the bank unnecessary.
These alternatives, however, may not go through as quickly as if you talked with a teller. Some transactions may not be processed until Tuesday when the bank reopens for business. If you need money right away, this could be a problem. However, you always have the option of cashing your check if necessary.
Are Banks and Credit Unions Open Martin Luther King Jr. Day Weekend?
Most banks and credit unions are open Saturday, but will be closed Sunday on Martin Luther King Jr. Day Weekend. Some banks are open on Saturdays, some are not. If your local bank branch is usually open, they will still be open Saturday. However, most banks are closed on Sunday and will not be open this Sunday to make up for the Monday holiday. There are a few exceptions, so if you are wondering if your bank is open on Sunday, give them a call and make sure.
Photo: Flickr: U.S. Embassy New Delhi