Yes, Martin Luther King Jr. Day is a federal holiday, and most banks close on this day
Martin Luther King Jr. Day falls on the third Monday of January each year. Banks, federal offices, and the stock market all close. The U.S. Postal Service does not deliver mail. Most state and local government offices shut down.
However, not every bank closes on MLK Day. Some banks that operate on Sundays or have extended hours may stay open. Credit unions vary — some close, some stay open. The safest approach is to call your bank or check their website before the holiday to confirm their hours.
If you need to deposit a check or withdraw cash on MLK Day, plan ahead. Deposits made after hours or on the holiday itself typically post the next business day. ATMs and online banking remain available 24/7, even when physical branches are closed.
Key Takeaways
- Most banks close on Martin Luther King Jr. Day, which occurs on the third Monday of January.
- The stock market, federal offices, and U.S. Postal Service also close, so mail delivery stops.
- Some banks and credit unions stay open on MLK Day, so contact your financial institution to confirm their schedule.
- ATMs and online banking work around the clock, even when branches are closed.
- Deposits made on the holiday or after hours post on the next business day, not immediately.
Which banks stay open on MLK Day
Large national banks like Bank of America, Chase, Wells Fargo, and Citibank close their branches on Martin Luther King Jr. Day. Regional banks and community banks typically close as well. However, some smaller institutions or banks with Sunday hours may remain open — this varies by location and by individual branch.
Credit unions are less consistent. Many close on MLK Day, but some stay open. Online-only banks like Ally, Charles Schwab, and Chime do not have physical branches, so the holiday does not affect their services. You can still transfer money, pay bills, and check your balance through their apps and websites.
Call your bank directly or log into your account online to see their holiday hours. Most banks post their MLK Day schedule on their website or in their mobile app at least a week in advance.
What happens to deposits and payments on MLK Day
If you deposit a check at an ATM on Martin Luther King Jr. Day, it will not post to your account until the next business day — Tuesday, if MLK Day falls on a Monday. The same applies to checks deposited after hours on the day before the holiday. Banks do not process deposits on federal holidays.
Bill payments and transfers you schedule online or through your bank's app will go through on the next business day if you submit them on MLK Day. If you have a payment due on the holiday itself, submit it the day before to avoid a late fee. Some billers accept payments on holidays, but banks do not process them until the following business day.
Wire transfers initiated on MLK Day may also delay until the next business day, depending on your bank and the receiving institution. If you need money to move quickly, send it before the holiday.
How the stock market and federal offices are affected
The New York Stock Exchange and NASDAQ both close on Martin Luther King Jr. Day. No stocks trade, and market data does not update. If you use a brokerage account, you cannot place trades on the holiday, though you can still view your account and place orders that will execute the next trading day.
Federal offices, including the IRS, Social Security Administration, and Veterans Affairs, close on MLK Day. If you need to reach a federal agency, call the next business day. Online services for federal agencies usually remain available.
State and local government offices typically close as well, though some states or cities may have different rules. Check your local government's website if you need to conduct business with a state or city office.
Mail delivery and shipping on MLK Day
The U.S. Postal Service does not deliver mail on Martin Luther King Jr. Day. If you mail a letter or package on the holiday, it will not be picked up or sorted until the next business day. Delivery dates shift by one day as a result.
Private shipping carriers like UPS and FedEx have varying schedules. Some locations close on MLK Day, while others operate on a modified schedule. Check the carrier's website or call ahead if you need to ship something on or around the holiday.
If you are expecting a delivery on MLK Day, it may arrive a day late. Track your package online to see the updated delivery date.
Planning ahead for MLK Day closures
If you know you will need cash or need to make a deposit around Martin Luther King Jr. Day, withdraw money or deposit checks the day before. Use an ATM if your branch is closed — you can deposit checks and withdraw cash 24 hours a day at most banks.
Pay bills and schedule transfers at least one business day before the holiday. If a payment is due on MLK Day, submit it the day before to ensure it posts on time and you avoid late fees.
If you are waiting for a refund, tax payment, or government check, remember that the holiday may delay processing by one day. Refunds that would normally arrive on a Tuesday may arrive on Wednesday if Monday is MLK Day.
Frequently Asked Questions
Can I use my ATM on Martin Luther King Jr. Day?
Yes. ATMs operate 24/7, including on federal holidays. You can deposit checks, withdraw cash, and check your balance on MLK Day even if your bank branch is closed.
Will my direct deposit post on MLK Day?
No. Direct deposits scheduled for MLK Day will post on the next business day instead. If your paycheck normally arrives on a Monday that falls on MLK Day, it will arrive on Tuesday.
Do I need to do anything special to access my bank account on the holiday?
No. Online banking and mobile apps work normally on MLK Day. You can check your balance, transfer money between your own accounts, and pay bills through your bank's website or app.
What if I need to speak to someone at my bank on MLK Day?
Most bank branches are closed, so you will not reach anyone in person. Call the next business day or use your bank's online chat or phone support if available. Some banks offer customer service on holidays, though response times may be slower.
Does the holiday affect my credit card payments?
If you pay your credit card on MLK Day through your bank's website or app, the payment will post on the next business day. To avoid a late fee, pay the day before if your payment is due on the holiday.