A banking holiday is a day when most banks and financial institutions close and do not process transactions
On a banking holiday, your bank will not be open for in-person visits, and most electronic transactions — deposits, transfers, wire payments — will not clear until the next business day. The Federal Reserve and U.S. Treasury do not operate, which means ACH transfers, check processing, and wire transfers all pause. If you deposit a check on a banking holiday, it will not post to your account until the day after the holiday ends.
Banking holidays are different from public holidays. A day can be a public holiday (meaning government offices and many businesses close) without being a banking holiday. Banks follow their own calendar set by the Federal Reserve, and that calendar includes 11 fixed days per year when all federally regulated banks must close.
The timing matters most when you are waiting for a refund, a payment, or a transfer. If a refund is scheduled to arrive on a banking holiday, it will arrive the next business day instead. If you need money by a specific date, you need to know which days are banking holidays so you do not miss your window.
Key Takeaways
- Banks close on 11 federal banking holidays each year, and no transactions process on those days.
- A banking holiday is not the same as a public holiday — some public holidays are not banking holidays, and banks may close on days the government does not.
- Deposits, transfers, and wire payments all wait until the next business day if you initiate them on a banking holiday.
- Tax refunds, stimulus payments, and insurance refunds scheduled for a banking holiday will arrive the next business day instead.
- Knowing the banking holiday calendar helps you time deposits and plan for when money will actually reach your account.
The 11 federal banking holidays each year
The Federal Reserve publishes a calendar of banking holidays. These are the days when all federally regulated banks must close:
| Holiday | Date |
|---|---|
| New Year's Day | January 1 |
| Birthday of Martin Luther King, Jr. | Third Monday in January |
| Washington's Birthday (Presidents Day) | Third Monday in February |
| Memorial Day | Last Monday in May |
| Juneteenth National Independence Day | June 19 |
| Independence Day | July 4 |
| Labor Day | First Monday in September |
| Columbus Day | Second Monday in October |
| Veterans Day | November 11 |
| Thanksgiving Day | Fourth Thursday in November |
| Christmas Day | December 25 |
When a banking holiday falls on a weekend, the Federal Reserve observes it on the nearest weekday. If July 4 falls on a Saturday, banks close on Friday July 3. If it falls on a Sunday, banks close on Monday July 5. This means the actual closure day can shift, so checking the Federal Reserve's official calendar for the current year is more reliable than memorizing dates.
Some banks may also close on additional days beyond these 11. Credit unions and state-chartered banks sometimes observe different holidays or have their own closure days. If you use a smaller or regional bank, check their website or call to confirm their specific holiday schedule.
How banking holidays affect refunds and payments
If the IRS, a state tax agency, or an insurance company schedules a refund to arrive on a banking holiday, the money will not land in your account that day. Instead, it will post the next business day. For example, if a tax refund is scheduled to arrive on Memorial Day (a banking holiday), you will receive it on Tuesday instead of Monday.
This delay applies to all electronic transfers into your bank account, including direct deposits, ACH transfers, and wire payments. The sending institution cannot push money into the banking system on a day when banks are closed. The transfer sits in a queue and processes as soon as the banking system reopens.
If you are tracking a refund status and the expected arrival date is a banking holiday, add one business day to your mental timeline. Many refund tracking tools will show the banking holiday and adjust the expected date automatically, but not all do. Reading the fine print on your refund status page can tell you whether the date shown already accounts for banking holidays.
What you cannot do on a banking holiday
On a banking holiday, you cannot visit a bank branch in person. ATMs will still work — you can withdraw cash and check your balance — but you cannot speak to a teller or a bank representative. If you need to resolve an issue with your account, deposit a check in person, or ask a question about a transaction, you will need to wait until the next business day.
Online banking portals and mobile apps continue to work on banking holidays. You can view your account, set up transfers, and pay bills through your bank's website or app. However, any transaction you initiate on a banking holiday will not process until the next business day. A transfer you set up on Thanksgiving will not move money until Friday.
Check deposits made through mobile apps (mobile check deposit) also wait until the next business day to clear. If you photograph and submit a check on a banking holiday, the bank will not process it until the following day.
Banking holidays versus business days
A business day is any day the banking system is open and processing transactions. Business days are Monday through Friday, excluding banking holidays and weekends. When a refund notice says "your money will arrive in 3 to 5 business days," it is counting only business days, not calendar days.
If a refund is issued on a Thursday and you are told it will arrive in 3 business days, it will arrive on Tuesday of the following week (Friday, Monday, Tuesday — skipping the weekend). If one of those days is a banking holiday, the arrival date shifts forward by one more day.
Understanding the difference between business days and calendar days is important when you are waiting for money. A refund issued on Friday with a 5 business day timeline will not arrive until the following Friday, not the next day. Add any banking holidays that fall in that window, and the arrival date moves even further out.
How to plan around banking holidays
If you need money by a specific date, check the Federal Reserve's banking holiday calendar first. Look at the dates between when the refund is issued and when you need the money. If a banking holiday falls in that window, assume the refund will arrive one day later than the stated timeline.
For tax refunds, the IRS provides an expected arrival date when you check your refund status online. That date usually already accounts for banking holidays, but reading the details on the IRS website can confirm. For insurance refunds and other payments, the sending company should tell you the expected date and whether it is a business day or a calendar day.
If you are depositing a check and need the money quickly, avoid depositing on a Friday before a long weekend or before a banking holiday. A check deposited on Friday before a three-day weekend will not clear until Tuesday at the earliest. Depositing on Thursday gives you one more business day.
State banking holidays and regional differences
Some states observe additional banking holidays beyond the 11 federal holidays. For example, some states in the South observe Confederate Memorial Day, and some states observe Election Day. If your bank is chartered by a state rather than the federal government, it may close on state-specific holidays even if federal banks remain open.
Credit unions also sometimes observe different holidays than banks. If you use a credit union, check their website or call to confirm their closure calendar. The difference is usually small, but it can matter if you are waiting for a time-sensitive payment.
The safest approach is to assume that if a major federal holiday falls on a weekday, your money will not process that day. For less common holidays or state-specific observances, check your specific bank's website or call their customer service line to confirm.
Frequently Asked Questions
If I deposit a check on a banking holiday, when will it clear?
The check will not clear until the next business day after the banking holiday ends. If you deposit on a banking holiday that falls on a Monday, the check will clear on Tuesday at the earliest. Mobile check deposits follow the same rule — they do not process on banking holidays.
Does a banking holiday delay my tax refund?
If your refund is scheduled to arrive on a banking holiday, it will arrive the next business day instead. The IRS refund status tool usually shows the adjusted date, but you can confirm by checking the Federal Reserve's holiday calendar against your expected arrival date.
Can I use my ATM on a banking holiday?
Yes. ATMs work on banking holidays because they are automated machines, not staffed branches. You can withdraw cash and check your balance, but you cannot speak to a bank representative or deposit a check in person.
If I set up a transfer on a banking holiday, when does it process?
The transfer will not process until the next business day. If you initiate a transfer on Thanksgiving, it will move money on Friday. Some banks let you schedule transfers in advance, so you can set up a transfer to process on the first business day after a holiday.
Are credit unions closed on the same banking holidays as banks?
Most credit unions close on the same 11 federal banking holidays, but some observe additional holidays or have different schedules. Check your credit union's website or call to confirm their specific closure calendar.