Are Banks Open or Closed on the 4th of July 2020 Holiday?

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Independence Day falls on a Saturday this year, so most banks will be closed on July 4, 2020. However, the Federal Reserve does not recognize July 3 as a federal holiday, so most banks will remain open on Friday, although hours may vary depending on your location so we recommend calling ahead before making a trip.

When it comes to the holiday schedule for the Federal Reserve, the website reads, “For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday; however, the Board of Governors will be closed. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday.”

The next banking holiday falls on Monday, September 7, 2020 in honor of Labor Day. Keep reading for a rundown of the Federal Reserve holiday schedule 2020:

Most Banks Close on All Federal Holidays, Including MLK Day, Presidents’ Day, Veterans Day & Columbus Day

he Federal Reserve Bank observes below:

  • New Year’s Day (Wednesday, January 1)
  • Martin Luther King Jr. Day  (Monday, January 20)
  • Presidents’ Day/Washington’s Birthday (Monday, February 17)
  • Memorial Day (Monday, May 25)
  • Independence Day (Friday, July 3)
  • Labor Day (Monday, September 7)
  • Columbus Day (Monday, October 12)
  • Veterans Day (Wednesday, November 11)
  • Thanksgiving Day (Thursday, November 26)
  • Christmas Day (Friday, December 25)

Most banks belong to the private sector and are not required to close on any federal holidays, although many choose to close because their daily activities heavily rely on the Federal Reserve to process transactions.

Other services affected by the federal holiday include garbage pickup, government services and local, state and federal courts. The DMV and most county libraries will be closed, as will the stock market; however, national parks usually remain open during the 4th of July.

Most Banks Will Remain Open on Friday, July 3 & Mobile Banking Options & ATMs Will Still be Available on July 4

Although most banks will be open on July 3, we always recommend calling your local branch to be sure of the hours of operation, as some may vary depending on your location.

Many bank branches located inside grocery and department stores that were temporarily shut down due to the coronavirus pandemic are starting to reopen, as are the lobbies of most banking institutions. However, there may be longer lines on Friday due to the holiday closures, so expect longer wait times than usual, as well as extended lines to the ATM.

It’s worth nothing that many financial institutions have online and mobile banking options, as well as ATM machines that you’ll still be able to use — so even if your local bank branch is closed, you’ll still be able to access your funds if need be. However, some transactions may not process until the following Monday, so we also encourage readers to keep that in mind when heading to the nearest ATM and planning their holiday finances.