2023 & 2024 Bank Holidays—What You Need to Know

Nov 8, 2022

Payment processing is critical for the U.S. economy. Businesses, government, organizations, and consumers all rely on predictable cash flow to stay afloat. On bank holidays, payment processing is paused as many banks do not operate. Knowing the U.S. bank holidays in advance can help businesses plan for the pause.

When Are Bank Holidays

In the U.S., bank holidays coincide with Federal holidays. Some holidays fall on the same calendar day each year and others are on the same day of the week each year. For example, New Year’s Day is always on January 1 each year. However, Martin Luther King, Jr. Day is always on the third Monday of January.

Sometimes the actual holiday falls on the weekend. In those instances, the holiday is observed on the following Monday. For Saturday bank holidays, Federal Reserve Banks are open on the preceding Friday, but the Board of Governors is closed. When the bank holiday falls on a Sunday, all Federal Reserve offices are closed on the following Monday.

Bank Holidays in 2023 and 2024

The Federal Reserve announces bank holidays several years in advance, making it easier to plan.

New Year’s DayJanuary 1*January 1
Martin Luther King, Jr. DayJanuary 16January 15
Washington’s BirthdayFebruary 20February 19
Memorial DayMay 29May 27
Juneteenth National Independence DayJune 19June 19
Independence DayJuly 4July 4
Labor DaySeptember 4September 2
Columbus DayOctober 9October 14
Veterans DayNovember 11**November 11
Thanksgiving DayNovember 23November 28
Christmas DayDecember 25December 25

* Banks will observe New Year’s Day on January 2, 2023

** Banks will be open on the Friday before Veterans Day 2023

How Bank Holidays Affect Payments

Payments processed over the ACH network, which facilitates bank to bank transfers, rely on the Federal Reserve. Because the Federal Reserve closes on bank holidays (and weekends), ACH payments won’t post on those days. The pause on payment processing could mean:

  • Payroll timing should be adjusted. For instance, your company may decide to run payroll early so employees receive their direct deposit before the holiday. Using a service like Gusto can help you track holidays against your payroll schedule.
  • Online payments made on a bank holiday may be deposited one business day later. You can explore expedited payment options like same-day ACH.

While physical bank branches are closed, ATMs and online banking services are still available.

What About Other Holidays?

You may have noticed that bank holidays don’t include every major holiday. Some states observe additional holidays and allow state banks to close on those days. In addition, The New York Stock Exchange observes additional holidays and closes early on certain days.

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