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Key takeaways
- Federal bank holidays are days when the Federal Reserve System – the organization that regulates the nation’s banking system – is closed. These holidays can impact your bank’s fund availability and potentially delay any planned deposits or bill payments.
- Although banks aren’t required to close on Federal Reserve holidays, they often do. However, transactions made on these holidays, including online banking and ATM services, won’t be processed until the next business day.
- Planning your banking activities around Federal Reserve holidays is advisable. If a bank is open on a holiday, transactions will be processed in the same way as on a weekend, meaning any transactions made won’t be completed until the Federal Reserve reopens the next business day.
Bank holidays 2024
In 2024, the Federal Reserve will observe 11 federal holidays, just as it does each year. These holidays can impact your banking activities, such as deposit availability and bill payment scheduling.
Here are the Federal Reserve System bank holidays for 2024:
| Bank holidays | 2024 |
|---|---|
| New Year’s Day | Jan. 1 |
| Martin Luther King, Jr. Day | Jan. 15 |
Note: The federal government refers to Presidents Day as Washington’s Birthday.Source: Federal Reserve
Most banks close on federal holidays
While there’s no legal mandate for banks to shut down on Federal Reserve holidays, they often do. If, for example, the holiday falls on a Saturday, the Federal Reserve Bank and its branches keep their doors open on the prior Friday, though the Board of Governors takes the day off. If the holiday comes around on a Sunday, all Federal Reserve offices, including the Board of Governors, take a break on the subsequent Monday. Individual states might recognize extra holidays or operate on different hours, so it’s always a good idea to check with your local bank branch.
Bottom line
Federal Reserve holidays can impact your banking activities, so it’s important to plan ahead and be aware of when they occur. While most banks choose to close on these holidays, online banking services are still available. However, transactions may not be processed until the next business day. To avoid any delays or inconveniences, it’s recommended to plan your banking tasks around these holidays and complete time-sensitive transactions beforehand. Stay informed and stay on top of your financial management, even on Federal Reserve holidays.