New Year’s Day may have been yesterday, but, because it falls on a Sunday, many companies are observing the holiday today, on Monday. This means that some banks may be closed today. For example, Bank of America is not open.
When it comes to observing the holiday, New Year’s Day, the banks are closed. It is an official public holiday. Go Banking Rates states:
Because New Year’s Day falls on a Sunday in 2017, the Federal Reserve observes Monday, Jan. 2, as a bank holiday. Since most banks follow the Federal Reserve’s holiday schedule, the vast majority of financial institutions are closed on New Year’s Day. Many also close on Jan. 2, as well.
Because the Federal Reserve Bank closes on the holiday, banks don’t have the support they need to facilitate transactions and that is why they close. ATMs and personal online banking will still be available. Note that any bank transfers or transactions made will not go through until the next business day. Banks will resume business hours on January 3, 2017.
So, if you were hoping to go to an open bank today, be sure to check with your local branches ahead of time so that you are not wasting a trip.
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