In 2020, Martin Luther King Jr. Day falls on Monday, January 20. It is the second federal holiday of the year and, because it falls so close to the new year, often gets forgotten until it is upon us. When a holiday like this sneaks up on you-you may find yourself confused as to what’s open and what’s closed. Banks typically follow the federal holiday schedule but are banks open on Martin Luther King Jr. Day?
Are Banks Open on MLK Day?
Most banks will be closed on Martin Luther King Jr. Day. Typically, the bank holiday schedule mirrors the federal holiday schedule. Because MLK Day is a federal holiday, most banks will not open their doors. However, not all banks adhere to this rule of thumb. Institutions located in retail outlets, malls, and grocery stores may remain open on the holiday.
Are Credit Unions Open on Martin Luther King Jr. Day?
Like banks, most credit unions are closed on Martin Luther King Jr. Day. Although credit unions don’t explicitly follow the bank holiday schedule, most close on federal holidays. The only credit unions that will be open on Martin Luther King Jr. Day are those located within retail locations.
Banking Services Available on MLK Day
If you need to do any banking on January 20, you still have some options. As mentioned above, banks within retail locations may be open. And even if you’re not lucky enough to have a bank that is open, some services are available 24 hours a day, even on holidays.
Basic banking transactions like deposits, withdrawals, and transfers can be done through your bank’s website, mobile app, or ATM. In fact, most people don’t need to visit the bank at all anymore. Each of these is available 24 hours a day, seven days a week. For the most part, they are available 365 days a year as well (though scheduled maintenance may hinder that at times).
Keep in mind, some banks will put a hold on deposits and may take longer to process transactions over the holiday. If you need the money to post right away, you may have a problem getting access to your newly deposited cash on MLK Day. Worse comes to worst, you can always cash a check at a grocery store or other check-cashing facility if you need the money immediately.
MLK Day Weekend Hours
Most banks and credit unions are open Saturday but will be closed Sunday during 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.