Juneteenth was just declared a federal holiday on Thursday, June 17, and many people are wondering what businesses will be open or closed near them. Will banks be open or closed today on Friday, June 18, or on Juneteenth itself on Saturday, June 19?
Bank Hours Will Vary By Location, But Federal Reserve Financial Services Will Operate Normally
Some banks are planning to have more limited hours in honor of Juneteenth, while others are not going to make any changes until next year. That’s why it’s important to call your local bank to determine the branch’s hours for Friday, June 18, and Saturday, June 19.
The Federal Reserve does not currently have Juneteenth on its list of observed federal holidays, according to its website.
The Federal Reserve tweeted that its Washington, D.C., offices would be closed on Friday, June 18, but the Federal Reserve Bank payments systems and financial services will operate normally.
The Federal Reserve noted on its website:
The Federal Reserve Board’s offices in Washington, D.C., will be closed on Friday, June 18, 2021, in observance of Juneteenth National Independence Day. All previously scheduled announcements will be released today or postponed until Monday, June 21, with more information on the Board’s website.
Federal Reserve Financial Services will operate normally on Friday, June 18, and Monday, June 21, providing payment services, including the fulfillment of orders for currency and coin, which is standard practice for any federal holiday that falls on a Saturday.
Some individual banks and branches are choosing to observe the holiday. Here’s a look at what some individual banks are doing. However, it’s still a good idea to call your local branch before visiting.
U.S. Bank, for example, is closing its branches early on Friday, June 18 at 1 p.m. local time, Star Tribune reported. U.S. Bank has branches in 26 states.
Andy Cecere, U.S. Bank CEO, said in a statement: “The events of the past few weeks have changed the conversation and added a sense of urgency that has motivated more people across the globe to act to address social injustice. We are encouraging our employees to use this time to serve in our communities, commit to inclusion and advocacy, or simply educate themselves on this very important topic.”
JPMorgan Chase is also closing its branches at 1 p.m. local time, Reuters reported. (Reuters noted this would happen on June 19. However, June 19 is a Saturday. You should check with your local branch to see if it is closing early on June 18, June 19, or neither day.) JPMorgan Chase told ABC 7 Chicago that employees could take an extra floating holiday in honor of Juneteenth, and it would add Juneteenth to its holiday schedule in 2022.
Capital One, PNC Financial Services, & Fifth Third Bancorp
Capital One Financial Corp, PNC Financial Services Group, and Fifth Third Bancorp are all closing early at 2 p.m. local time, Reuters reported. However, Washingtonian reported that Capital One banks would close all branches on June 19, with some being closed June 18. So it’s best to check with your local branch for their specific hours.
Logix Federal Credit Union in California
Logix Federal Credit Union told ABC 13 that it would be open for regular business hours this year.
As far as other financial services, the SEC regulator’s offices will be closed Friday, Barron’s reported. The EDGAR system will also be closed and not accepting filings.
The Securities Industry and Financial Markets Association said it would incorporate Juneteenth into its holiday schedule in future years, MarketWatch reported.
Many federal employees are also getting Friday, June 18 as a holiday.
You can read OPM’s guidance on Juneteenth in the link in the tweet below.
Banks Are Typically Closed on Federal Holidays
Banks are typically closed on federal holidays (or on the Friday preceding a holiday that falls on a Saturday, or a Monday after a holiday that falls on a Sunday.) So it’s likely that you will see more banks closed in 2022 in honor of Juneteenth.
The Federal Reserve notes the following holidays are currently observed: New Year’s Day, Martin Luther King, Jr. Birthday, Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.
What Is Juneteenth?
On June 17, when President Joe Biden signed the Juneteenth bill, he said, in part:
Juneteenth marks both the long, hard night of slavery and subjugation, and a promise of a brighter morning to come. This is a day of profound — in my view — profound weight and profound power. A day in which we remember the moral stain, the terrible toll that slavery took on the country and continues to take — what I’ve long called America’s original sin.
At the same time, I also remember the extraordinary capacity to heal, and to hope, and to emerge from the most painful moments and a bitter, bitter version of ourselves, but to make a better version of ourselves. …Today, we consecrate Juneteenth for what it ought to be, what it must be: a national holiday…
Juneteenth celebrates and remembers the end of slavery in the United States. On June 19, 1865, enslaved African-Americans in Galveston, Texas, learned that they were free, The New York Times reported. They were informed about two months after Robert E. Lee surrendered. The announcement officially put the Emancipation Proclamation from two years earlier into effect.
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