New Year’s comes the same time every year, but are the banks open? First, let’s start with New Year’s Eve. Go Banking Rates reports:
While New Year’s Day is a federal bank holiday, New Year’s Eve is not; therefore, banks will be open on New Year’s Eve. The Federal Reserve Bank, the national government organization that helps keep banks running smoothly, will be open and operating on New Year’s Eve to help facilitate bank transactions. Stock markets will also be open on New Year’s Eve, with the New York Stock Exchange and Nasdaq operating during typical hours on Dec. 31 but closing on Jan. 1, according to The Street. It’s important to note that while most banks will open on New Year’s Eve, many will have shortened hours, often closing in the early afternoon to send employees home to enjoy the holiday.
This means that banks are open on New Year’s Eve, but there may be limited hours, so it’s important to check with your local banks. For example, Wells Fargo has noted that its hours will be limited on New Year’s Eve. U.S. Bank is another major bank that will have holiday hours on New Year’s Eve.
As for New Year’s Day, the banks are closed. It is an official public holiday. Go Banking Rates writes:
New Year’s Day is a federal holiday, and is included in the Federal Reserve Bank’s list of bank holidays. This means that banks will close on New Year’s Day.
Because Federal Reserve Bank closes on the holiday, banks don’t have the support they need to facilitate transactions and that is why they close. ATMs and personal online banking will still be available. Note that any bank transfers or transactions made will not go through until the next business day. Banks will resume business hours on January 2, 2015.
