Monday, February 17 is Presidents Day 2020 and you may be wondering if your local bank is open. The answer is probably not, but be sure to check with your specific branch to find out for sure. But here’s why most banks are closed on Presidents Day.
Most Banks are Closed on Federal Holidays
Presidents Day is one of 10 federal holidays observed by the federal government, which means that “non-essential federal government offices” are closed on those days. This includes the United States Postal Service, the Department of Motor Vehicles, and the court system. Employees like air traffic control operators, TSA agents, border patrol agents and so forth are all working because those are considered essential government programs.
Though most banks belong to the private sector and are not required to close on federal holidays, most banks choose to close anyway because their activities rely on the Federal Reserve to process transactions. The Federal Reserve is a federal government office and therefore it is closed on federal holidays, so banks often choose to close as well.
In addition to banks, many other financial institutions also choose to close on federal holidays, including the New York Stock Exchange, the bond markets, and the National Association of Securities Dealers Automated Quotations (NASDAQ).
Besides Presidents Day, the nine other federal holidays include New Year’s Day, Martin Luther King Jr. Day, Memorial Day, the Fourth of July, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.
The dates of those for 2020 are as follows:
Wednesday, January 1 – New Year’s Day
Monday, January 20 – Martin Luther King Jr. Dan
Monday, February 17 – Presidents Birthday
Monday, May 25 – Memorial Day
Friday, July 3 – Independence Day
Monday, September 7 – Labor Day
Monday, October 12 – Columbus Day
Wednesday, November 11 – Veterans Day
Thursday, November 26 – Thanksgiving Day
Friday, December 25 – Christmas Day
When one of these holidays happens to fall on a weekend, the holiday is observed on Friday if it falls on the following Saturday or on Monday if the holiday falls on Sunday.
Some Banks Are Open on Presidents Day
TD Banks says on their website, “We make banking convenient. That’s why we’re open when most banks are closed.”
For 2020, that means TD Banks are open on Presidents Day, Columbus Day, and Veterans Day.
Banks that are closed on Presidents Day include (but are not limited to): Ally Bank, Bank of America, Bank of the West, Branch Banking & Trust Company, Capital One Bank, Chase, Chemical Bank, Citibank, Comerica Bank, Commerce Bank, Community Bank, Compass Bank, Credit One Bank, Fifth Third Bank, First Bank, First Citizens Bank, First National Bank, Frost Bank, HSBC, Huntington National Bank, KeyBank
Merrick Bank, M&T Bank, Peoples United Bank, PNC Bank, Regions, RBS Citizens, Santander Bank, South State Bank, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, Umpqua Bank, Union Bank, US Bank, Webster Bank, Wells Fargo, and Woodforest Bank.
And as always, ATMs and online banking is available during federal holidays, though your transactions will not process until Tuesday, February 18.
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