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Christmas is here, and in honor of the holiday, many businesses are closed for not only Christmas Day on December 25, but also Christmas Eve on 24. If you need to make a last-minute trip to the bank, you may be wondering if your local branch is open or if you’ll have to wait until the holiday has passed. Here’s what you need to know:
Banks are closed on Friday, December 25, 2020, in observance of Christmas. On Christmas Eve, many bank branches will be open with limited hours.
Newsweek reports that the banks expected to be open on Christmas Eve are Bank of America, Chase Bank, Capital One, Wells Fargo, Santander, Bank of the West, Citizens Bank, BMO Harris Bank, SunTrust, and Union Bank.
Per Newsweek, those branches will be opening at 9 am or 10 am and closing between 2 pm and 3 pm. Before going to your local bank, we recommend calling to make sure they’re open on Christmas Eve and to find out what time they close for the holiday.
Trump Made Christmas Eve a Federal Holiday This Year by Executive Order
Ahead of the Christmas holiday, President Trump signed an executive order to give those working federal jobs a paid day off on Christmas Eve (in addition to Christmas Day). According to the New York Post, Trump’s order declares that “All executive departments and agencies of the Federal Government shall be closed and their employees excused from duty on Thursday, December 24, 2020, the day before Christmas Day.”
The order in its entirety can be read here. It goes on to say, “The heads of executive departments and agencies may determine that certain offices and installations of their organizations, or parts thereof, must remain open and that certain employees must report for duty on December 24, 2020, for reasons of national security, defense, or other public need… December 24, 2020, shall be considered as falling within the scope of Executive Order 11582 of February 11, 1971, and of 5 U.S.C. 5546 and 6103(b) and other similar statutes insofar as they relate to the pay and leave of employees of the United States.”
That order does not impact private bank employees, and it appears that most bank branches will stay open for part of Christmas Eve, giving their workers a half-day holiday and time to get those who observe Christmas home to their families for evening celebrations and preparations.
The Federal Reserve system does not have Christmas Eve listed on their website as one of their bank holidays for 2020.
Christmas Is 1 of 10 Federal Holidays Observed in the US
According to FederalPay.org, The United States government currently recognizes 10 federal holidays. On those days, all non-essential government employees are given paid time off and most government offices are closed in observance of the holiday. Federal holidays are often observed by a number of other businesses, including the banks.
In addition to Christmas Day, the other 9 holidays observed as federal holidays are New Year’s Day (January 1), Martin Luther King Jr.’s birthday, Washington’s Birthday, Memorial Day, Independence Day (July 4), Labor Day, Columbus Day, Veteran’s Day, and Thanksgiving Day.
It is important to note that, if your local bank branch has weekend hours and you can’t get to the bank before Christmas Day (which falls on a Friday), the bank might be operating on a revised Saturday schedule when it reopens after the holiday.
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