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 that while New Year’s Day is a federal holiday, New Year’s Eve is not, so banks will be open. However, they may have special ours. The Federal Reserve Bank will be open and operating normally on New Year’s Eve, while stock markets will also be open on New Year’s Eve. This means that the New York Stock Exchange and Nasdaq are open on December 31, 2016 but are closing for the New Year. Just remember that many banks will have shortened hours today, often closing in the early afternoon for their holiday schedule.
This means that banks are, indeed, 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 federal holiday.
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 normally resume business hours on January 2, 2016, but this year, many banks are observing the New Year on Monday as well. This means that regular bank hours will not resume until January 3, 2016.