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Are Banks Open on Memorial Day 2020?

May 22, 2020 By Kathryn Vercillo Leave a Comment

May 25th, 2020 is Memorial Day. This is a federal holiday. Therefore, certain institutions and services will be closed. Are banks open on Memorial Day?

Memorial Day is a Bank Holiday

Memorial Day is one of the ten dates of the year that Americans consider a bank holiday. As the name suggests, banks are typically closed on bank holidays. The Federal Reserve Bank of Chicago lists Memorial Day as a bank holiday alongside these other nine bank holidays:

New Year’s Day
Martin Luther King Jr. Day
Washington Day
Independence Day
Labor Day
Columbus Day
Veterans Day
Thanksgiving Day
Christmas Day

Many stores are open during bank holidays. For example, Walmart, Target, and Costco will all be open for Memorial Day 2020. However, banks and other federal businesses such as post offices, are generally closed.

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Most, But Not All, Banks Close for Memorial Day

Since Memorial Day is a federal holiday and also a bank holiday, it’s no surprise that banks will be closed for Memorial Day 2020. If you need to do in-store banking, then you’ll want to get that taken care of before Memorial Day. Alternatively, you can wait until Tuesday, May 26th, 2020 when banks re-open with their normal hours.

Three Banks That Might Be Open on Memorial Day

That said, Banks.org says that there are three exceptions to the rule that banks are closed on Memorial Day. PNC Bank and SunTrust Bank both have in-supermarket branches that will be open on Memorial Day. Regular banks are closed but the smaller branches inside of stores may be open. Additionally, the site says that while US Bank is probably going to be closed, some of their locations will stay open for a short half-day on Memorial Day 2020. If you absolutely need to go to the bank on Memorial Day, call these three banking options to see if one is open near you.

Credit Unions Also Close for Memorial Day

Credit unions differ from banks. Nevertheless, they do typically follow the same bank holidays. Therefore, you can expect that your local credit union will be closed on Memorial Day 2020.

For that matter, the stock market is also closed for Memorial Day. If you have to deal with financial things, don’t count on doing so on Memorial Day.

Banking Services That You Can Access on Memorial Day

These days, you can often do your banking without actually going in to a physical bank. That simplifies things for people who have to deal with certain transactions on Memorial Day. Even though the bank is closed, you can still go to the ATM, for example. You can deposit or withdraw cash and complete other ATM-based activities. Similarly, online and mobile banking don’t shut down for bank holidays. Therefore, you can pay bills and do other online banking on Memorial Day. Just remember that if you’re transferring money, the transfer might not go through immediately during a bank holiday such as Memorial Day.

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Are Banks Open on President’s Day 2020?

February 13, 2020 By Tamila McDonald 2 Comments

When it comes to the February holidays, most people focus on Valentine’s Day. This year, that day of romance falls on a Friday. Since it’s the event that draws most people’s attention. It’s easy to overlook that Monday, February 17, 2020 – the Monday after Valentine’s Day – is President’s Day, a federal holiday. As with most federal holidays. There can be a bit of confusion regarding what will and won’t be open on President’s Day. If you are wondering, “Are banks open on President’s Day?” you aren’t the only one. For anyone who hoped to do some banking on February 17. Here’s what you need to know.

Are Banks Open on President’s Day?

No, banks typically are not open on President’s Day. It’s normal for banks close on federal holidays. President’s Day is no exception.

However, it’s important to note that some bank locations may be open. For example, branches inside of supermarkets or certain retail stores may open their doors on the holiday. This includes some PNC Bank and SunTrust Bank locations. Additionally, TD Bank branches are often open on President’s Day.

Otherwise, it’s often safe to assume that banks will close for the holiday. Some banks that do not open on President’s Day include:

Bank of America
Capital One
Citibank
HSBC Bank
US Bank

Additionally, regular PNC Bank and SunTrust Bank branches (those not in grocery or retail stores) will likely be closed as well.

If you need assistance from a bank employee. You will either need to head to your bank on the business day before President’s Day – either Friday, February 14 or Saturday, February 15. Depending on whether your bank has Saturday hours – or wait until the February 18, the Tuesday after the holiday.

Are Credit Unions Open on President’s Day?

No, most credit unions are not open on President’s Day. Like banks, the majority of credit unions follow the federal holiday schedule and close accordingly. However, there can be exceptions. For example, locations in retail or grocery stores, that may open.

Is the Stock Market Open on President’s Day?

No, the stock market is not open on President’s Day. Regardless of where your brokerage, IRA, or other kind of investment account is held. Trades and similar activities essentially come to a halt on most federal holidays, include President’s Day.

Both the New York Stock Exchange (NYSE) and NASDAQ close. Additionally, the bond market isn’t open either.

2020 Bank and Credit Union Holiday Schedule

Since banks and credit unions generally follow the federal holiday schedule. Most will close whenever government offices do. Here’s an overview of a typical 2020 bank and credit union holiday schedule:

New Year’s Day – Wednesday, January 1 – Banks and credit unions are closed
Martin Luther King, Jr. Day – Monday, January 20 – Banks and credit unions are closed
Presidents Day – Monday, February 17 – Banks and credit unions are closed
Memorial Day – Monday, May 25 – Banks and credit unions are closed
Independence Day (Observed) – Friday, July 3 – Banks and credit unions are closed
Labor Day – Monday, September 7 – Banks and credit unions are closed
Columbus Day – Monday, October 12 – Banks and credit unions are closed
Veterans Day – Wednesday, November 11 – Banks and credit unions are closed
Thanksgiving Day – Thursday, November 26 – Banks and credit unions are closed
Christmas Day – Friday, December 25 – Banks and credit unions are closed

It’s important to note that Independence Day actually falls on a Saturday in 2020. When this happens, the day the holiday is observed usually shifts to the Friday before. As a result, many banks will close on Friday, July 3, as well as Saturday, July 4.

Many people also notice that there are additional holidays where credit unions and banks are usually closed that aren’t on the list. For example, a bank typically isn’t open on Easter Sunday, Mother’s Day, or Father’s Day. The reason that is the cases usually isn’t because of the holiday itself. Instead, it’s because those events fall on Sundays, a day of the week where most banks and credit unions are closed anyway.

How to Bank on President’s Day

Even if your local branch closes on President’s Day, that doesn’t mean your banking needs have to go unaddressed. Nearly any service that doesn’t require interacting with a teller is still available.

For example, you can withdraw cash at an ATM that isn’t locked inside the building. You may also be able to make deposits, initiate transfers, or pay certain bills at ATMs or similar kiosks.

Additionally, you’ll still have access to a range of online banking services. Check depositing through mobile apps will be available, as well as bill paying services, the ability to initiate transfers, and access to information about your balances.

It’s important to note that the transactions themselves might not process until the next business day. This includes deposits, bank-to-bank transfers, bill pay involving the institution mailing a check on your behalf, and certain other activities that require a bank or credit union to be open for it to go through.

Do you ever wish that banks were open on federal holidays? Why or why not? Share your thoughts in the comments below.

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Are Banks Open on Labor Day 2018?

August 27, 2018 By Amanda Blankenship 1 Comment

With the end of summer and children going back to school, Labor Day is a busy time of year. Falling on the first Monday in September each year, many establishments alter their hours or close doors completely for the holiday. If you have business to take care of on your day off, you may want to know if there are any banks open on Labor Day.

Are Banks Open on Labor Day?

No, banks are closed on Labor Day. Most banks are typically open on Mondays. In fact, it is usually a busy day for most banks because they have been closed for two days over the weekend. However, most banks observe federal holidays. Because of this, the majority of banks will be closed on Labor Day.

TD Bank is one of the larger banks that is known to be open on Federal holidays, however, Labor Day is not one of the holidays in which their doors will remain open. Their branches will be open on Sunday, September 2 for their regular Sunday hours.

There may be a few exceptions to this but most branches will be closed on Monday. If your bank is located in a retail outlet they may be open but you will want to call and confirm their hours.

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Credit Unions Open on Labor Day

Credit unions are also closed on Labor Day. Credit unions are typically open on Mondays, just like banks. However, they observe federal holidays as well. Some local credit union branches may be open or have limited hours on Monday but most will be closed for the day.

Although there are no credit unions or banks open on Labor Day, you can still do most of your banking through the ATM or the bank’s website. These two services are always available for members of any bank or credit union.

Using these services, you can perform most basic banking functions using both. That being said, it should be noted that any transactions made by either of these methods may not be completed until the next business day. A good example of this would be depositing a check. If you deposit a check on a holiday, like Labor Day, the funds may not begin to be processed until the next business day, meaning they may not be available for withdrawal right away.

With the holiday landing on a Monday, and most banking institutions also closed on Sunday (there are a few exceptions), those who are in need of getting to the bank need to plan ahead this week or wait until Tuesday, September 4 when banks will revert back to their normal business hours.

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Bank Holiday Schedule 2018

December 14, 2017 By James Hendrickson 5 Comments

One of the most confusing things in the US is that federal holidays aren’t national holidays. The 10 official US federal holidays each year only apply to federal employees. Private businesses such as credit unions and banks, don’t have to follow the federal holiday schedule if they don’t want to, but with a few exceptions, in most cases they do. Below you’ll find the bank holiday schedule for 2018.

2018 Bank Holidays

January 1 (Monday): Banks are closed New Year’s Day.
January 15 (Monday): Martin Luther King, Jr. Day is the second bank holiday of the year.
February 19 (Monday): Most banks will be closed Presidents’ Day.
March 30 (Friday): Banks are open Good Friday
April 1 (Sunday): Banks are closed on Easter Sunday.
May 25 (Monday): Banks will be closed Memorial Day.
July 4 (Wednesday): Banks are closed on Independence Day.
September 3 (Monday): Banks are closed Labor Day.
October 8 (Monday): Columbus Day is another day the bank will remain closed.
November 12 (Monday): Veterans’ Day falls on a Sunday this year, so banks will close on November 12 in observance of the holiday.
November 22 (Thursday): Most banking institutions are closed Thanksgiving Day.
December 24 (Monday): Many banks will close early on Christmas Eve.
December 25 (Tuesday): There are no banks open on Christmas Day.
December 31 (Monday): Some banks may close early on New Year’s Eve.

Download a printable bank holiday schedule.

One holiday that will be a bit confusing in 2018 is Veterans Day. Because it lands on a Sunday, and since many federal employees don’t work on Sundays, Veterans Day is being observed as a federal holiday on Monday, November 12. This puts banks in a somewhat strange position because many do have their branches open on Saturday. As a result, most banks will be closed on the 3rd to observe the federal holiday, and also be closed the 4th on the actual holiday.

For anyone needing to use banking services, it’s important to remember that just because a bank or credit union branch is closed doesn’t mean you can’t do a lot of the basic banking functions. This applies to the holidays listed above, but also to Sunday when most banks are closed (with a few exceptions). There are several ways you can do basic banking including using bank ATM’s, mobile apps and the bank’s website.

While not all banking services can be done through these options, many of the basic ones can, which is something to keep in mind. If you do use these services, remember that any change you make may not immediately post to your account. For example, if you deposit a check, the check may not begin the clearing process until the next business day, meaning the funds from it may not be immediately available to you when the bank does open.

Staying on top of your finances also means staying on top of your bank accounts, which may mean a trip to the bank every now and then. Knowing what the bank holiday schedule is will help you with your financial planning and organization. Download a free printable schedule here.

For those who closely follow their investments, the stock market follows a similar holiday schedule as banking institutions. Find a stock market holiday schedule here.

Photo: John Loo

Are Banks and Credit Unions Open on Labor Day 2017?

August 30, 2017 By Alexa Mason 1 Comment

With the end of summer and children going back to school, Labor Day is usually a busy time of year. Labor Day is simply celebrated on the first Monday in September each year. Having the knowledge of which businesses will be open and which are closed will make your life a bit easier.

Because Labor Day is a Federal holiday, all nonessential government offices will be closed. There are a few exceptions to this, such as national parks, which will remain open, but the majority of government offices will be closed for the day. Does that include banks and credit unions? As the holiday gets closer many people are wondering if banks and credit unions will be open on Monday, September 4, 2017.

Banks

Are banks open on Labor Day? No, banks are closed on Labor Day. Most banks are typically open on Mondays. In fact, it is usually a busy day for most banks because they have been closed for two days over the weekend. However, most banks observe Federal holidays. Because of this the majority of banks will be closed on Labor Day. There may be a few exceptions to this but most branches will be closed on Monday. If your bank is located in a retail outlet they may be open but you will want to call and confirm their hours.

Credit Unions

Are credit unions open on Labor Day? No, credit unions are closed on Labor Day. Credit unions are typically open on Mondays, just like banks. However, they observe Federal holidays as well. Some local credit union branches may be open or have limited hours on Monday but most of them will be closed for the day.

Although banks and credit unions will be closed on Monday, September 4 in observance of Labor Day, you can still do most of your banking through the ATM or the bank’s website. These two services are always available for members of the bank or credit union. You can perform most basic banking functions using both. That being said, it should be noted that any transactions made by either of these methods may not be completed until the next business day. A good example of this would be depositing a check. If you deposit a check on a holiday, like Labor Day, the funds may not begin to be processed until the next business day, meaning they may not be available for withdrawal right away.

With the holiday landing on a Monday, and most banking institutions also closed on Sunday (there are a few exceptions), those who are in need of getting to the bank need to plan ahead a little, or wait until Tuesday, September 5 when they will revert back to their normal business hours.

Photo: Flickr: CAMH Foundation

Are Banks and Credit Unions Open on Presidents’ Day 2017?

February 15, 2017 By Amanda Blankenship 1 Comment

This weekend many people will still be focused on Valentine’s Day (February 14) and it may slip some people’s minds that Monday, February 20, 2017 is also a holiday. Presidents’ Day will be observed on February 20 and sometimes it can be confusing as to what is open and what is closed on federal holidays such as Presidents’ Day. The day is one of ten federal holidays in the United States, but not every business closes for federal holidays. This leaves many people asking themselves, “Are banks and credit unions open on Presidents’ Day?” Since banks are not all federally controlled, it can vary from holiday to holiday, and from bank to bank, as to whether or not each will be open on a particular federal holiday.

Presidents’ Day is observed on the third Monday in February every year. This means that the actual date of Presidents’ Day is always changing. Because it is on a Monday, it also causes some problems when it comes to day-to-day business. Banks, however, don’t always close on federal holidays so whether your bank is open on Presidents’ Day or not is not a simple yes or no answer. The majority of banks are closed on Presidents’ Day, but there are exceptions.

Are banks open on Presidents’ Day?

No, most banks are closed on Presidents’ Day. For the majority of banks and credit unions, being closed on Presidents’ Day is the general rule. There are exceptions on this holiday. All the branches at three well-known banks remain open on Presidents’ Day, as well as store branches at a couple of others:

Banks Open on Presidents’ Day

Chase Bank is open on Presidents’ Day
TD Bank is open on Presidents’ Day
Wells Fargo is open on Presidents’ Day
The supermarket branches of PNC Bank are open on Presidents’ Day
The in-store branches of SunTrust Bank are open on Presidents’ Day

Banks Closed on Presidents’ Day

Bank of America is closed on Presidents’ Day
Citibank is closed on Presidents’ Day
US Bank is closed on Presidents’ Day
Capital One is closed on Presidents’ Day
HSBC Bank is closed on Presidents’ Day
PNC Bank regular branches are closed on Presidents’ Day
SunTrust regular branches are closed on Presidents’ Day

Are credit unions open on Presidents’ Day?

No, most credit unions are closed on Presidents’ Day. Credit unions are much like banks when it comes to this holiday. The vast majority of regular branches will be closed for the day, but there may be some located in grocery stores or other retail outlets which will remain open along with the store where they’re located.

The good news is that in the age of technology in which we are living, you do not have to go to the bank to do business. You can often do banking at the ATM or even through your mobile phone or the bank’s website. Most of these options can usually be accessed 24 hours a day, seven days a week.

Is the stock market open on Presidents’ Day?

No, stock markets are closed on Presidents’ Day. Both the New York Stock Exchange (NYSE) and NASDAQ Composite are closed on Monday. The stock markets usually mirror federal holidays when it comes to when they are closed. For those interested, these are all the stock market holidays this year.

Are Banks Open on the day Before Presidents Day?

No, banks are closed the day before Presidents Day. Like every year, Presidents Day falls on a Monday the day before is a Sunday. Local bank and credit union branches have differing opening hours with some open on Sunday, but many banks remain closed. If your local bank branch is typically open on a Sunday, it will be open the day before Presidents Day.

Photo: Flickr: GotCredit