Monday, January 18, 2021, is Martin Luther King, Jr. Day. It’s an official federal holiday, so many government offices close their doors. However, that doesn’t mean other entities follow suit. Companies aren’t required to shut down for federal holidays, but they can choose to do so. This can make things a bit confusing for people, especially for those who want to handle errands during the holiday. If you are wondering if the bank is closed on MLK Day 2021, here’s what you need to know.
Is the Bank Closed on MLK Day 2021?
Yes, banks are usually closed on Martin Luther King, Jr. Day. In most cases, banks do follow the federal holiday schedule, so they are typically shut at the same time as government offices.
It is important to note that there can be some exceptions. Certain banks may open, at least for limited hours. This is more common for branches inside or major retail outlets, like Walmart locations, or grocery stores. However, just because a branch is inside a retail store, that doesn’t guarantee it will open.
Are Credit Unions Closed on MLK Day 2021?
Like banks, credit unions are usually closed on Martin Luther King, Jr. Day. The vast majority shut down on federal holidays, causing them to close their doors on MLK Day.
However, also like banks, there can be exceptions. Again, the most common exceptions are certain branches in retail outlets, though being in a retail outlet alone isn’t enough to guarantee that branch will open.
2021 Bank and Credit Union Holiday Schedule
Generally speaking, banks and credit unions follow the federal holiday calendar. In most cases, branches close at the same time as government offices.
Here’s a look at an average bank and credit union holiday schedule:
- New Year’s Day – Friday, January 1 – Banks and credit unions are closed
- Martin Luther King, Jr. Day – Monday, January 18 – Banks and credit unions are closed
- Washington’s Birthday (Presidents Day) – Monday, February 15 – Banks and credit unions are closed
- Memorial Day – Monday, May 31 – Banks and credit unions are closed
- Independence Day (Observed) – Monday, July 5 – Banks and credit unions are closed
- Labor Day – Monday, September 6 – Banks and credit unions are closed
- Columbus Day – Monday, October 11 – Banks and credit unions are closed
- Veterans Day – Thursday, November 11 – Banks and credit unions are closed
- Thanksgiving Day – Thursday, November 25 – Banks and credit unions are closed
- Christmas Day (Observed) – Friday, December 24 – Banks and credit unions are closed
- New Year’s Day (Observed) – Friday, December 31 – Banks and credit unions are closed
It’s important to note that some banks may open on Friday, December 24, or Friday, December 31, even if those days are observed federal holidays. Mainly, this is because the actual holiday is on Saturday, a day of the week that some banks open. For banks that are usually open on Saturdays, they may choose to offer some hours on those two observed holidays. However, they might also close on both those Fridays and the holiday Saturdays.
How to Bank on MLK Day and Other Bank Holidays
Even if your bank is closed on MLK Day, that doesn’t mean you can’t handle a variety of transactions. Many ATMs accept deposits, and you can always withdrawal cash or check balances at ATMs. As long as your preferred ATM isn’t locked inside the building, you may be able to handle those tasks.
Additionally, online banking services are accessible. For example, you can deposit a check through your bank’s mobile app and schedule bill-paying services, transfers, and more. However, some may not fully process until the business day or two after the holiday.
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Do you ever wish the bank was open on MLK Day? Share your thoughts in the comments below.
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Tamila McDonald is the Chief Operations Officer at District Media, Inc. A U.S. Army veteran with 20 years of distinguished service—including five years as a military financial advisor. Tamila is a former AFCPE-certified personal financial counselor who spent eight years post-retirement guiding wounded warriors and families on budgeting, VA benefits, and long-term planning, bringing more than 15 years of specialized writing and content leadership in personal finance and HR topics to ensure District Media delivers trustworthy, experience-backed guidance.
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