bank holiday hours

Are Banks Open on Christmas Day 2020?

December 17, 2020 By Kathryn Vercillo Leave a Comment

Things get so busy during the holidays. The days are short and they are jam packed with activities. Yes, even in 2020. Therefore, you might forget to take care of some of the things that are on your To Do list. Banking might be one of those things. Before you know it, Christmas Day is here, and the weekend looms ahead, and you haven’t hit the bank yet. Are banks open on Christmas Day?

Christmas Day is a Federal Holiday

There are several federal holidays throughout the year. These holidays are also knowns as bank holidays. In other words, these are days when a variety of places shut down, including federal buildings and banks. Christmas is one of the federal holidays. So, naturally, many places will close for Christmas Day in recognition of the holiday. Banks are among those places.

Banks Close for Christmas

Just to reiterate, banks will not be open on Christmas Day. They allow their employees to take that time off to spend the holidays with their families. Therefore, your bank won’t be open on Friday, December 25, 2020. If you have important banking tasks to take care of, then you should make sure to get that done before Christmas Day.

Since Christmas is on a Friday, your bank like CIT Bank might not be open again until Monday, December 28th, 2020. Some banks are open on Saturdays. Very few banks are open on Sundays. So you could get lucky and be able to visit your bank on the Saturday after Christmas. But don’t chance it if you really need to go to the bank. Get there before Christmas Day.

Are Banks Open on Christmas Eve?

Banks do not close for Christmas Eve. After all, Christmas Eve isn’t a federal holiday. However, many banks change their store hours in recognition of the holiday. Banks may close as early as noon on Thursday, December 24th, 2020. Or they may be open until 2 or 3 or even their regular closing time later in the day. Each bank branch is different, so you’ll have to check with yours in advance to be certain.

That said, if you know that you need to get to the bank on Christmas Eve, then you should do so as close to the bank’s opening hours as possible. And if you can get your banking done even earlier in the week, so that you don’t need to worry about limited store hours on Christmas Eve, then that’s even better.

Some Banking Services Are Accessible on Christmas

Even though banks close for Christmas, there are certain tasks that you can still complete. For example, ATM machines won’t close for the holiday. Therefore, you can deposit or withdraw money or perform any other ATM machine tasks that you usually do. Likewise, the Internet doesn’t close for the holiday, so you can do online banking. One example of a bank that does online banking is CIT Bank, so it might be a good thing to open an account here. That said, deposits and payments might not clear until the Monday following Christmas.

Credit Unions and Christmas Day

Credit unions differ a bit from banks. Therefore, they don’t always maintain the same hours. However, credit unions typically close for Christmas as well. You should check with your specific credit union to find out what the holiday hours are on and around Christmas Eve.

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Bank of America Holiday Hours

September 11, 2017 By James Hendrickson Leave a Comment

Bank of America is reportedly the second largest bank in the United States (by assets) and has more than 5,000 branches throughout the nation. Because of this, many choose them as their primary banker. As a business that recognizes federal holidays, we often forget that in addition to celebrations like Thanksgiving and Christmas banks close on many major holidays. So, you’ll need to be aware of the Bank of America holiday hours in case you need to access your checking and savings accounts.

What Are the Bank of America Holiday Hours?

All Bank of America branches observe the same holidays and therefore close on those days. Here is the 2017 Bank of America holiday hours schedule:

Martin Luther King Day: Monday, January 16. BofA is closed.
Presidents’ Day: Monday, February 20. BofA is closed.
St. Patrick’s Day: Friday, March 17. BofA is open.
Easter Sunday: Sunday, April 1. BofA is closed.
Tax Day: Tuesday, April 18. BofA is open.
Cinco de Mayo: Friday, May 5. BofA is open.
Mother’s Day: Sunday, May 14. BofA is closed.
Memorial Day: Monday, May 29. BofA is closed.
Independence Day: Tuesday, July 4. BofA is closed.
Labor Day: Monday, September 4. BofA is closed.
Columbus Day: Monday, October 9. BofA is closed.
Veteran’s Day: Saturday, November 11. BofA is closed.
Thanksgiving Day: Thursday, November 23. BofA is closed.
Christmas Eve: Sunday, December 24. BofA is closed.
Christmas Day: Monday, December 25. BofA is closed.
New Year’s Eve: Sunday, December 31. BofA is closed.

Bank of America is usually open on Christmas Eve, but because it falls on a Sunday this year, they will be closed. Keep in mind that holidays may affect processing times for deposits or other transactions such as electronic transfers.

What are Bank of America’s Regular Open Hours?

With more than 5,000 branches, Bank of America opens and closes at lots of different times. However, you would probably be safe if you used the following for planning purposes:

Monday: 9:00 am – 4:00 pm
Tuesday: 9:00 am – 4:00 pm
Wednesday: 9:00 am – 4:00 pm
Thursday: 9:00 am – 4:00 pm
Friday: 9:00 am – 6:00 pm
Saturday: 9:00 am – 1:00 pm
Sunday: closed

That said, the hours do vary based on region, so it would be smart to contact their customer service department anytime from 7:00 am to 10:00 pm. The best number to call is: 704-386-5687. That is the Executive Customer Relations number. Don’t call the main line, the wait is longer and the service isn’t as good.

You can also use their online locator if you need to find a specific branch.

Bank of America History

According to the venerated Encylopedia Brittanica, Bank of America started in 1904 as the Bank of Italy in San Francisco. Over time, it evolved into the Bank of America Corporation and issued the first bank credit card in 1958, which they named the BankAmeriCard. BoA is responsible for the biggest U.S. interstate bank merger when they acquired the Washington state bank Seafirst Corporation in 1983. Another milestone for the company took place in 1991, when they became the first bank to offer coast-to-coast services in the U.S. after they purchased Security Pacific Organization, their major competitor in California.

BofA met much scrutiny after the global financial crisis in 2008. Particularly when they announced in January 2009 that they would receive $20 billion in U.S. government aid and an additional $118 billion in guarantees against bad assets incurred as a result of the 2008 acquisition of Merrill Lynch. Because of this, Bank of America faced numerous state and federal lawsuits claiming that they defrauded investors. In 2012, they agreed to pay $2.43 billion to settle a class-action lawsuit, and in 2014, they agreed to pay $16.65 billion to the U.S. government after being sued for financial fraud.

Finally, in 2017 bank was sued by the Federal Deposit Insurance Corporation (FDIC) for $542 Million. The 2017 lawsuit charged that the bank had underreported their financial statements in order to avoid paying the FDIC, indiating the bank’s legal troubles are not over yet.

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Photo credit: Mike Mozart

Bank of American was contacted for this article.

Are Banks and Credit Unions Open on Veterans Day 2014?

November 8, 2014 By Jeffrey Strain 3 Comments

It can get quite confusing when federal holidays roll around because it’s often not apparent what businesses will and won’t be open. There is no standard answer, and some businesses which are closed on some federal holidays are open on others. It can get especially confusing when the holiday falls in the middle of the week. Veterans Day falls on a Tuesday this year and will be celebrated on November 11, 2014. The question many people have is, “Are banks and credit unions open on Veterans Day?” The general answer to this question is “No, they will be closed,” but there are a few exceptions to this statement.

Banks

Are banks open on Veterans Day?
No, most banks are closed on Veterans Day.

It’s standard for most banks to remain closed on federal holidays, and the vast majority of them will be closed on Veterans Day. There is one big exception to this and a couple of partial exceptions:

Open Banks

TD Bank: All branches
PNC Bank: Supermarket branches only will be open
SunTrust: In-store branches only will be open

TD Bank will be open for Veterans Day, as well as the store branches of PNC Bank and SunTrust.

Closed Banks

Bank of America
Capital One
Chase
Citibank
HSBC
PNC Bank: Regular branches
SunTrust: Regular branches
US Bank
Wells Fargo

Credit Unions

Are credit unions open on Veterans Day?
No, most credit unions are closed on Veterans Day.

When it comes to federal holidays, most credit unions act similar to banks and remain closed. There are a few regional credit unions which may be open, and a few branches located in retail or grocery stores which may remain open, but most credit unions will close for the day. The best action to take is to call the credit union directly to see if they will have any branches or in-store locations open on Veterans Day.

Just because the vast majority of banks and credit unions will be closed on November 11 doesn’t mean you can’t do any banking at all. In fact, you should be able to do most basic banking transaction by utilizing the institutions website, their app or through one of their Automatic Teller Machines (ATMs). One of the benefits of the computer age is that even if a bank branch isn’t open, ATMs and websites are usually open 24/7. While it won’t be possible to do every type of banking transaction through these, customers can do most basic banking transactions through these methods.

Consumers who do banking on Veterans Day should realize that any transactions may not immediately be recorded in the bank’s records. For example, a check deposited on November 11 won’t have the funds immediately available, and may not begin the clearing process until the next business day. This could mean the funds may take a bit longer before they will be available for withdrawal than if deposited on a regular business day.

Are Banks and Credit Unions Open the Day before Veterans Day

With the holiday landing on a Tuesday this year, banks and credit unions will be open on Monday, November 10 for their normal business hours. Most banks and credit unions will be closed on Sunday, November 9 over the Veterans Day weekend and will also be closed on Saturday, November 8 if the branch is usually closed on Saturday. Banks and credit unions will have normal weekday business hours on Wednesday, November 12, the day after the holiday.

(Photo courtesy of DVIDSHUB)