banks

Are Banks and Credit Unions Open on Martin Luther King Jr. Day 2017?

January 11, 2017 By Amanda Blankenship 1 Comment

Martin Luther King Jr. Day is on Monday, Jan. 16. It is a day that many people go to parades and celebrations honoring a great man who changed the world. The holiday can get confusing though for people wondering what is open and what is closed on this day. This is because MLK Day is a federal holiday, however, private businesses, like banks and credit unions decide for themselves on whether they will open their doors or not.

Mondays are hard enough to get back into the swing of things at work. However, because Martin Luther King Jr. Day falls on a Monday each year, it adds to the confusion. Usually, banks and credit unions are open on Mondays for business. They will be closed Sunday, as usual, they will also be closed on Monday, Jan. 16.

Are banks open on Martin Luther King Jr. Day?

No, most banks are closed on Martin Luther King Jr. Day. Most banks have schedules that mirror the federal holiday schedule. MLK Day is a federal holiday, so most banks will close their doors for the holiday. However, not all banks do. Some banks located in retail outlets like Walmart and grocery stores may stay open for the federal holiday. TD Bank will also remain open on MLK Day.

Are credit unions open on Martin Luther King Jr. Day?

No, most credit unions are closed on Martin Luther King Jr. Day. Credit unions, though they offer some different perks for their customers, will work the same way as most banks on Martin Luther King Jr. Day. The only credit unions that may be open on MLK Day are those located within retail stores. If you need to do banking on Jan. 16, it may be close to impossible, unless you are a member of a bank located in a retail location or a member of TD Bank. However, it is still possible to do some of the most basic banking transactions. You can use the bank’s mobile app, their website or their automatic teller machines (ATMs). All of these aforementioned options are available 24 hours a day, seven days a week. In fact, these apps and other technology oftentimes make a visit to the bank unnecessary.

These alternatives, however, may not go through as quickly as if you talked with a teller. Some transactions may not be processed until Tuesday when the bank reopens for business. If you need money right away, this could be a problem. However, you always have the option of cashing your check if necessary.

Are Banks and Credit Unions Open Martin Luther King Jr. Day Weekend?

Most banks and credit unions are open Saturday, but will be closed Sunday on 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.

Photo: Flickr: U.S. Embassy New Delhi

Are Banks and Credit Unions Open on Christmas Day 2016?

December 21, 2016 By Alexa Mason 1 Comment

Bank operating hours used to be clear. Banks were open 9-5 Monday to Friday, but banking hours have changed in recent years. Some banks even have branches that open on Sunday. With these new changes, bank and credit union operating hours during the holidays can be confusing. It’s hard to know when businesses like banks and the post office will be open and closed. So, you might be wondering, are banks open on Christmas Day?

Banks

Banks are closed on Christmas Day. Banks will also be closed the day after Christmas this year. Although some banks open on some federal holidays such as Veterans Day, they are normally closed on federal holidays. Christmas Day is a federal holiday that will be observed on Monday, December 26. So, not only will banks be closed on Sunday (as usual) but they will also be closed on Monday, December 26, 2016.

Credit Unions

Credit unions are closed on Christmas Day. Most credit unions follow the same policy as banks and close in observance of federal holidays. Christmas Day is a federal holiday and credit unions will be closed on Christmas Day and the day after (the observed Christmas holiday).

What if you need to bank on Christmas Day?

If you cannot wait and must do your banking on Sunday or Monday, there are some banking options available on the Christmas holiday. Automated Teller Machines (ATMs) and banking apps are available 24 hours a day, 365 days a year. Most banking customers will be able do the majority of their regular banking transactions on Sunday, December 25, 2016 even though the banking centers are closed. Deposits and withdrawals can be made at ATMs. Deposits can also be made via the banking institution’s app. Bill payments can also be made through the bank’s app or online banking.

Customers should keep in mind that although they are able to perform banking transactions on Christmas Day, those transactions will not post to their account until the next banking day. Don’t wait until Christmas Day to pay a bill through your online banking that is due on Sunday. Transactions will take longer to process because of the holiday. If a bill payment is scheduled, the bank will not begin processing payment on Sunday. The bank will begin processing payment on the next banking day, which will be Tuesday. Also, depending on your bank’s funds availability policy, a check deposited on Christmas Day may not be available immediately and will not be processed until the next banking day. For example, if your bank makes deposits available the next business day, a check deposited on Christmas Day will not be available on Monday. The funds may not be available until Wednesday.

When are banks and credit unions open during Christmas week?

Business hours for banks and credit unions can be confusing when a holiday falls during the week. Here are the operating hours for most banks and credit unions the week of Christmas.

Monday, December 19 – Open for regular business hours.

Tuesday, December 20 – Open for regular business hours

Wednesday, December 21 – Open for regular business hours

Thursday, December 22 – Open for regular business hours

Friday, December 23 – Open for regular business hours

Saturday, December 24 – Some Saturday business hours, many locations will close early.

Sunday, December 25 – Closed

Monday, December 26 – Many banks and credit unions will be closed

Are Banks and Credit Unions Open on New Year’s Day 2016?

December 28, 2015 By Alexa Mason 3 Comments

Bank operating hours used to be 9 to 5 Monday to Friday. Those hours were such a common standard for banks, that they were known as banker hours. But banking hours have changed in recent years to accommodate customers new expectations. Some banks now even have branches that open on Sunday and some federal holidays. With the changes in banking hours, knowing which business are open during the holidays can be confusing. It’s hard to know if businesses like banks, the stock markets and the post office will be open on federal holidays. Are banks open on New Year’s Day?

Banks

Banks are closed on New Year’s Day.

Although some banks do make an exception and open on a few federal holidays such as Presidents Day and Veterans Day, they are normally closed on federal holidays. Banks will be closed on Friday, January 1, 2016.

Credit Unions

Credit unions are closed on New Year’s Day.

Most credit unions follow the same policy as banks and close in observance of federal holidays. Credit unions will be closed on New Year’s Day.

When are banks and credit unions open during the holiday week?

New Year’s Eve falls on Thursday this year and New Year’s Day is on Friday. Business hours for banks and credit unions can be confusing when a holiday falls during the week. Here are the operating hours for most banks and credit unions during the holiday week.

Monday, December 28th – Open for regular business hours.

Tuesday, December 29th- Open for regular business hours

Wednesday, December 30th- Open for regular business hours

Thursday, December 31st – Open, but check with your local branch for operating hours. Most banks and credit unions will close early

Friday, January 1st – Closed

Saturday, January 2nd – Regular Saturday business hours

What if you need to do banking on New Year’s Day?

If you cannot wait and must do your banking on Friday, there are several banking options available anytime. Automated Teller Machines (ATMs) and banking apps are available 24 hours a day, 365 days a year. Most banking customers will be able do the majority of their regular banking transactions on Friday, January 1, 2016 even though bank branches are closed. Deposits and withdrawals can be made at ATMs and through online and mobile banking. Bill payments can also be made through mobile and online banking.

Customers should keep in mind that although they are able to perform banking transactions on New Year’s Day, those transactions will not post to their account until the next banking day. If you have a bill that is due on January 1st, don’t wait until New Year’s Day to schedule the bill payment through your online banking. Your bank normally needs at least one business day to process the bill payment. If a bill payment is scheduled on New Year’s Day, the bank will not begin processing payment until Monday, the next banking day. Which means that the bill will be paid on Tuesday, January 5th at the earliest. Also keep in mind that depending on your bank’s funds availability policy, a check deposited on New Year’s Day may not be available immediately and will not be processed until the next banking day. If your bank makes deposits available the next business day, a check deposited on Friday, January 1st will not be available on Saturday. The funds may not be available until Tuesday.

Be sure that you know your bank’s terms when it comes to the availability of your funds during the holidays. If you are unsure, visit your bank’s website or call your local branch.

What Is Checking?

August 11, 2015 By Will Lipovsky Leave a Comment

In today’s digital world, writing checks is becoming a rarity. There was a time when everyone paid their bills by check. But today, most of us only use checks to pay the landlord, a doctor’s office or a school organization. So it’s still worth knowing how to balance a checkbook. It’s also important to note how long it takes for checks to clear.

Despite this, many of us continue to hold checking accounts, mainly because of the other benefits they carry. It’s one of the 10 financial accounts everyone should have. Here’s what you need to understand about checking and why they are the most common type of bank account people have.

Understanding Checking

A checking account is like other bank accounts. The bank holds onto your money, promising to keep it safe until you need to use it. You can write checks from the balance and the recipient can cash the check or deposit it in their own bank account. It’s the most common type of account because the debit and ATM cards that come with checking accounts make them flexible, allowing you to pay many types of bills using the same pool of funds.

Most checking accounts don’t pay high interest. If they do, they sometimes require a minimum balance. People who make few monthly transactions will opt for basic checking, which charges few (if any) fees. In Illinois, Massachusetts, Minnesota, New Jersey, New York, Rhode Island and Vermont, the law requires banks to offer a basic checking service called a Lifeline account. This offers an affordable banking option for the poor and elderly, who often cannot receive Social Security checks without having a checking account.

Why Not Savings?

Most people choose checking accounts, even though they rarely write checks, because savings accounts make it harder to access their money. They don’t offer debit cards, often requiring users to transfer money to a checking account before they can access it.

Savings accounts often restrict the number of withdrawals you can make too, which makes it a poor choice for paying your bills. Because of this, most people prefer to keep a savings account to keep emergency funds while using a separate checking account for paying the bills.

What’s Open and Closed on Thanksgiving Day 2014

November 26, 2014 By Jeffrey Strain 4 Comments

Thanksgiving Day used to be a day where consumers could pretty much assume everything would be closed for the day, but that’s no longer the case. While the vast majority of institutions will shut their doors to let families celebrate the holiday day together, there are more and more retail outlets opening their doors, and the idea of Thanksgiving being a holiday for everyone is beginning to show cracks. For those who are planning to be out and about on Thursday, November 27, 2014, below you’ll find what you can expect to be open and closed for Thanksgiving.

Retail Stores

Large retail stores may open or may be closed. There are a lot of retail stores open on Thanksgiving Day, although this will be for limited hours for most. On the other side, there are a group of retailers who continue to refuse to open for Thanksgiving. For those stores that do open, here is a list of their opening times.

For those who decide to take advantage of the deals available at stores which open on the holiday, don’t forget the most important rule to save money during sales — the price you pay for something on sale fails to be a good deal no matter how low the price if it’s something you would not normally purchase. When you purchase something because it has a good price and not because you need it, you are basically impulse buying on price, and that’s never a good thing.

Three Major Drug Store Chains

Drug stores are open. All three big drugstore chains (CVS, Rite-Aid and Walgreens) will open on Thanksgiving, but may have limited hours Local drugstores, independent drugstores and smaller chains will likely be closed. Contact them to confirm to be sure.

Gas Stations

Most gas stations should be open. While not all gas stations will be open, there should be enough in your area to fill up with gas if need be. Those along the highway should be open for travelers as well. The service departments of stations will be closed.

Major Chain Grocery Stores

Most major chain grocery store chains are open. Most major grocery chain grocery stores will be open for business on Thanksgiving Day (there are some exceptions like Trader Joe’s), but most will have limited hours. Smaller grocery stores and ethnic food grocery stores will likely be closed for the day. It’s best to contact to confirm opening hours before making a trip to one.

Chain and Independent Restaurants

Some restaurants will be open while others will be closed. Many national chain restaurants will be open while independently owned restaurants may have a special Thanksgiving Meal special. If you’re planning to go out to eat, it’s best to call to confirm whether or not they will be open and the hours.

US Stock Markets

The stock markets are closed. The New York Stock Exchange and NASDAQ stock market will be closed on Thanksgiving Day.

Libraries

Public libraries are closed. Public libraries will shut their doors on Thanksgiving (and many of theme will be closed the day after Thanksgiving as well).

Schools

Schools are closed. Public and private schools will be closed for the day. Most schools will have the day after Thanksgiving off as well.

Garbage Services

Most garbage service will be rescheduled. Most people who usually have their garbage service pick-up on Thursday will have it rescheduled for another day. be sure to call your local garbage service to get the holiday schedule.

Federal Government Offices

Most government offices are closed. Thanksgiving Day is an official federal holiday, so all non-essential federal government offices will closed. There are some government services like air traffic control and law enforcement which are essential, and they will remain open.

State and Local Government Offices

State and Local government offices are closed. Most state and local government offices will be closed for Thanksgiving, but essential services such as police departments and fire departments will remain open.

Credit Unions and Banks

Banks are closed. Both credit unions and banks will be closed for Thanksgiving Day. Some banking services that don’t require a teller can be done at AMTs, through the bank’s app or on the bank’s website.

Post Offices

Post offices are closed. The US Postal Service (USPS) and all local post offices will be closed on Thanksgiving Day. There will be no home of business mail delivery.

(Photo courtesy of Ben+Sam)

What’s Open and Closed on Labor Day 2017

August 30, 2014 By Jeffrey Strain 6 Comments

Updated for 2017

As with many holidays that land on a Monday like Labor Day, it can be confusing to try to remember which businesses are open and which are not. If you plan to go out on Monday, September 4, then it is a good idea to know what is open and what is closed. This will allow you to avoid wasting time by not going to places which will be closed. Below you’ll find a breakdown of which businesses will be open and closed for Labor Day:

Retail Stores

Most major retailers are open. Most large retail stores will be open for Labor Day, with the exception of Costco. Many of these retail stores, such as Target, Walmart, and Macy’s will also be having special sales events throughout the entire holiday weekend. If you decide to include shopping as part of your Labor Day celebration, don’t forget that if you purchase items on sale due to the great price which you wouldn’t have bought otherwise, then you aren’t actually saving money.

Drug Stores

Drug stores are open. the three major drugstore chains (Walgreens, Rite Aid and CVS Caremark) will be open on Labor Day. If you use an independent local drugstore, you should call them directly to determine if they will be open or if they will be operating during special hours for the holiday.

Gas Stations

Gas stations are open. Most gas stations are open on Labor Day due to the large amount of vacation and holiday traffic. Some independent gas stations may decide to close, but there should be plenty that remain open in the areas where these might close for the day. Some gas stations which are not open 24 hours may also choose to operate on holiday or Sunday hours, instead of their normal Monday hours.

Grocery Stores

Grocery stores are open. All major grocery store chains will be open for Labor Day, however, some may be operating on Sunday or holiday hours. If you are planning to go shopping in the evening, then you may wish to call to double check their store hours for Monday, September 7.

Restaurants

restaurants are open. Most major chain restaurants will be open on Monday, September 7. Independently owned restaurants set their own hours, so it is best to call and verify their hours if you are planning to go to one.

Federal, State and Local Government Offices

Most government offices are closed. Due to the fact that Labor Day is a federal holiday, all non-essential federal, state and local government offices are closed in observance of this. However, government offices which have been deemed as essential to safety and security will remain open. Basically, only essential government services will remain open, such as police departments and fire stations. National Parks will also remain open.

The Stock Market

Stock markets are closed. All stock markets in the United States will be close on Labor Day.

Credit Unions & Banks

Banks and credit unions are closed. Financial institutions are typically closed for federal holidays, so banks and credit unions will be closed in observance of Labor Day on Monday. Even though these financial institutions are closed for the day, you can still do financial transactions by using the bank’s ATM or accessing your account online. It’s important to remember transactions which are performed on a holiday may not be completed until the next business day.

Post Offices

Post offices are closed. All post offices will be closed and no mail will be delivered on September 4 in observance of Labor Day as it’s an official federal holiday.

Schools

Schools are closed. Federal holidays are generally observed by both private and public schools. Schools, if they have already started the new year, will be closed to observe Labor Day on Monday.

Libraries

Libraries are closed. Nearly all libraries observe federal holidays and will be closed in observance of Labor Day.

Garbage Services

Garbage service won’t pick-up. Most garbage pickup services will be closed on Monday, September 7 for Labor Day, but this varies from town to town. You should check with your local garbage service to see if they will be open if your normal garbage pickup day is on a Monday.

(Photo courtesy of Robert Couse-Baker)