Many people get a day off of work for New Year’s Day. As a result, it may seem like a great time to run errands, including heading to the bank. However, you may be wondering, “Are banks close on New Year’s Day 2022?” If you’re curious about whether your nearest branch may be open, here’s what you need to know.
Are Banks Closed on New Year’s Day 2022?
Yes, banks are closed on New Year’s Day. It’s traditionally one of the federal holidays that banks shut down for, giving employees a day off. Plus, it’s also a Federal Reserve holiday too.
As a result, getting help from tellers usually isn’t an option on New Year’s Day. Additionally, most bank transactions won’t completely process until the next business day, even if you initiate them on the holiday.
Are Credit Unions Closed on New Year’s Day 2022?
Yes, credit unions are also closed on New Year’s Day. Like banks, credit unions typically follow the federal holiday schedule, so they aren’t going to be seeing customers on January 1, 2022.
Will Banks and Credit Unions Close on New Year’s Eve?
Usually, banks and credit unions are open on New Year’s Eve. However, due to a somewhat unique situation, that may not be the case this year.
Since New Year’s Day is on a Saturday, some branches might observe the holiday on Friday, December 31, 2021, instead. As a result, it’s possible that a particular bank or credit union will close while others decide to open.
What influences branches to open or close could depend on several factors. For example, if the branch usually offers Saturday hours, they may open on New Year’s Eve and only close on New Year’s Day. However, that isn’t a guarantee. Since whether a branch will open on New Year’s Eve could vary, it’s wise to check with your preferred location before December 31, 2021, to confirm its operating schedule.
Are Banks and Credit Unions Opening on the Day After New Year’s Day?
While banks and credit unions usually follow a regular operating schedule on January 2, the day after New Year’s Day, that won’t be the case in 2022. However, that doesn’t have anything to do with the holiday. Instead, it’s simply because January 2 falls on a Sunday in 2022. Since most branches don’t operate on Sundays, banks and credit unions will mainly close for the holiday.
It is important to note that there can be some exceptions. For example, branches set inside certain retail stores or grocers might open on January 2, 2022, if they normally offer Sunday hours. But since the holiday may alter how a branch usually operates, it could be wise to check the operating hours at your preferred location in advance.
How to Bank on New Year’s Day
If your bank or credit union is closed on New Year’s Day, that doesn’t mean you can’t handle certain activities. For example, if your branch has an ATM that’s accessible regardless of whether the bank or credit union is open, those will be operating on the holiday. As a result, you can withdrawal money, review your balance, and make deposits, depending on what the ATM supports.
You can also use your bank’s or credit union’s website or app to handle certain transactions. Along with check depositing, you can take a look at balances, set up bill payments, transfer money, and more. Just be aware that the transactions might not start processing until the next business day – Monday, January 3, 2022 – depending on the type.
Additionally, it can take a few days for certain transactions to complete. As a result, if you need a transaction to wrap up before New Year’s Day or early in the New Year, it’s best to initiate it before the holiday.
Bank and Credit Union 2022 Holiday Schedule:
In many cases, bank and credit union branches follow the lead of the federal government when it comes to holiday closures. By reviewing the federal holiday calendar, you can anticipate when banks and credit unions are likely to close.
Here is a quick look at a typical bank and credit union holiday schedule for 2022:
- New Year’s Day – Friday, December 31, 2021 (Observed)
- Martin Luther King, Jr. Day – Monday, January 17, 2022
- President’s Day – Monday, February 21, 2022
- Memorial Day – Monday, May 30, 2022
- Juneteenth – Monday, June 20, 2022 (Observed)
- Independence Day – Monday, July 4, 2022
- Labor Day – Monday, September 5, 2022
- Columbus Day – Monday, October 10, 2022
- Veterans Day – Friday, November 11, 2022
- Thanksgiving Day – Thursday, November 24, 2022
- Christmas Day – Monday, December 26, 2022 (Observed)
It’s critical to note that there can be exceptions when it comes to holiday closures. For example, branches located inside certain retail or grocery stores may open on days when other branches close. As a result, if you need assistance from a teller and want to handle the transaction on a holiday, check with your preferred location in advance to see if it’s open. That way, you can make sure that you’ll be able to handle your errand before you head out of the door or adjust the day you go to the bank or credit union based on what you learn.
Does it ever bother you that banks are closed on New Year’s Day? Or have you never had the need to go to the bank during this holiday? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.