Happy Labor Day 2021! If you needed to do any banking today, you’ll have to stick to your online accounts because banks and credit unions are closed. Most private banking institutions generally follow the lead of the U.S. Federal Reserve System, which always closes down for national holidays.
Electronic Bank Transfers Won’t Go Through Until Tuesday
If you need to transfer money between accounts or make payments today, keep in mind that the transactions won’t be completed until tomorrow. As AARP explains, “electronic bank transfers are routed through the Federal Reserve, so they don’t advance on holidays when the Fed is closed.”
The Federal Reserve further clarifies on its website that it helps to manage the transactions that Americans conduct every day, even if shoppers don’t realize it’s happening. The government explains on the website: “The Federal Reserve plays a key role in processing small-value electronic credit or debit transfers, such as direct deposits of payroll or recurring bill payments.” The site adds: “Services like the Federal Reserve’s Fedwire Funds and Fedwire Securities services help to process large-value financial transactions among businesses, banks, and individuals.”
If you need to talk to a bank teller or other employee, you’ll have to wait until Tuesday. All major banks are closed for Labor Day. The only exception might be small branches located inside major retail establishments. My Bank Tracker, for example, notes that while PNC Bank is closed, “select supermarket branches” may be open.
According to Banks.org, the major banks that have their physical locations shut down today include:
- Bank of America
- Bank of the West
- BBVA Bank
- BMO Harris Bank
- Capital One Bank
- Chase Bank
- Citizens Bank
- Comerica Bank
- Fifth Third Bank
- Goldman Sachs
- HSBC Bank
- Huntington Bank
- M&T Bank
- People’s United Bank
- PNC Bank
- Regions Bank
- Santander Bank
- SunTrust Bank
- TD Bank
- Union Bank
- Wells Fargo
- Woodforest Bank
Surveys Show a Majority of Americans Prefer Online Banking
Most Americans handle their regular banking needs online, anyway. Approximately 89% of Americans with existing bank accounts primarily manage their finances online and through apps, according to Business Insider.
Consumer Affairs also cited a study by Provident Bank that pointed to the increasing popularity of mobile banking. Only 20% of those surveyed said they preferred to go to a bank’s physical location. The majority said they preferred digital alternatives.
Online-only banking has also grown significantly since the pandemic started. In July 2020, Forbes cited a Cornerstone Advisors survey that found 14.2 million Americans used digital-only institutions as their primary banks, like Chime, Dave and Ally.
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