Are Banks Open Today? Federal Bank Holidays in 2022

There are 11 federal holidays observed annually by the Federal Reserve, which oversees the nation’s financial system. These holidays may affect your bank’s ability to access your cash and may cause any deposits you have made or intend to make to be delayed. A federal holiday can also result in the closure of your neighbourhood branch.

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Columbus Day is on October 10. The majority of banks and their branches will be closed because it is a Federal Reserve holiday.

When a check is deposited on a federal bank holiday, it’s possible that the cash won’t be available until the following business day. If the processing date falls on a federal bank holiday, a bill payment may also be late.

Here are the Federal Reserve System bank holidays for 2022-2023:

Nov. 11, 2023, is a Saturday. The Federal Reserve board of governors is closed Nov. 10, 2023.

The board of governors is closed June 20, 2022, Dec. 26, 2022 and Jan. 2, 2023.

Note: The federal government refers to Presidents Day as Washington’s Birthday. 

On federal holidays, most banks are closed.

More than 20 years ago, Rose Oswald Poels began her employment with the Wisconsin Bankers Association. Oswald Poels, the group’s current president and CEO, recalls that many banks were open on public holidays like Martin Luther King Jr. Day, Columbus Day, and Veterans Day back then.

According to Oswald Poels, “things are significantly different in today’s globe.”

On Federal Reserve System holidays like Washington’s birthday and Columbus Day, more institutions are opting to close. According to Oswald Poels, some banks might use the opportunity of closing on a weekday holiday to either have an all-staff training session or perform community service.

For example, the 11 federal reserve bank holidays in 2022 will be recognised on the day of the holiday at Chase, PNC, and Wells Fargo.

On A Federal Reserve Bank Holiday, Banks May Be Open.

On a Federal Reserve holiday, a bank may decide to remain open. The same procedures that would be used on a weekend are often used to handle transactions.

For example, if you sign the paperwork for a domestic wire transfer at your bank on a Saturday morning, the wire won’t be processed until at least Monday morning, presuming Monday isn’t a Federal Reserve holiday. The same thing occurs if you deposit a cheque on a holiday in a bank (or online or at an ATM). The Federal Reserve will most likely reopen the following business day if your bank is open on one of the Federal Reserve System’s holidays. Additionally, automated clearing house network transactions are not executed on weekends or bank holidays.

For example, the Federal Reserve is closed on October’s second Monday in observance of Columbus Day. Therefore, if you deposit a check on the Saturday before a holiday, the earliest the check will be fully available is usually Tuesday if the bank offers same-day availability.

According to Oswald Poels, customers in banks without same-day availability won’t have access to their money until Wednesday.

Access To The Internet On Federal Reserve Bank Holidays

If the bank’s website isn’t down for maintenance or another reason, online access should be the same on a holiday as it would be on any other day or night.

All technological features are still functional if you conduct your banking online or use remote deposit capture on your phone, according to Oswald Poels. You can now carry out those transactions. However, the impact of it (on Fed holidays) is another matter.

On one of these holidays, you can use your smartphone to deposit a check, but it’s possible that the transaction won’t be finalised until the very next business day.

For a night or weekend, you may typically open a bank account online, including a checking account, savings account, money market account, or certificate of deposit (CD).

A New Holiday As Well As Other Holidays

Black Friday, Christmas Eve, and New Year’s Eve are days when banks are typically open; nevertheless, it’s possible that your bank will opt to close early on one of these days.

According to Oswald Poels, “Everything processes through the system normally on (these days) as well because the Fed is also open.”

The Federal Reserve has expanded its calendar with the addition of Juneteenth National Independence Day on June 19 in 2021. If June 19 falls on a Saturday or Sunday, Juneteenth is observed on the Friday before or the Monday following, much like other federal holidays having a set date.

Pay Your Bills During Federal Reserve Holidays

Always make an effort to pay your debts a few days early. In this manner, even if a holiday or weekend slips your mind, the bill will still be paid on time.

According to Oswald Poels, most people set up automated bill payments from their accounts so that the day the transaction is begun is not literally the day before the bill is due.

Automatic bill payments that fall on a holiday observed by the Federal Reserve System or a weekend won’t be processed until the next business day.

Oswald Poels advises leaving ample time between the bill’s real due date and the time the request for payment was made.