Most banks close on Martin Luther King Jr. Day
Yes, most U.S. banks close on Martin Luther King Jr. Day, which falls on the third Monday in January. The Federal Reserve observes this as a federal holiday, so banks that are members of the Federal Reserve System shut down for the day. This includes major national banks like Bank of America, Chase, Wells Fargo, and Citibank, as well as most regional and local banks.
When banks close, you cannot visit a branch in person, and you cannot conduct transactions that require a teller or bank staff. However, you can still use ATMs, online banking, and mobile apps to check balances and transfer money between your own accounts. Any transactions you make online or through an ATM will process once the bank reopens the next business day.
Credit unions also typically close on MLK Day, though a small number remain open. Call your specific credit union ahead of time if you need to confirm their holiday schedule, because policies vary by institution.
Key Takeaways
- Most banks close entirely on Martin Luther King Jr. Day, which is the third Monday in January each year.
- ATMs and online banking remain available even when branches are closed, so you can withdraw cash and move money between your own accounts.
- Checks deposited on MLK Day will not be processed until the next business day, and wire transfers will not go through until the bank reopens.
- Some smaller banks and credit unions may stay open, so contact your institution directly if you need to confirm their schedule.
- If you need cash before the holiday, withdraw it the day before, because ATM withdrawals may be limited if the machine runs out of money.
What you can and cannot do when banks are closed
ATM withdrawals and deposits work normally on MLK Day. You can pull cash from any ATM in your bank's network, and you can deposit checks or cash into an ATM envelope slot. The transaction will be recorded in your account immediately, but the check will not actually be processed and cleared until the next business day when staff return.
Online banking and mobile apps work the same way. You can log in, check your balance, transfer money between your own accounts, and pay bills through your bank's website or app. These transactions will sit in a queue and process once the bank reopens. Wire transfers, however, do not go through on holidays—if you initiate a wire on MLK Day, it will not leave your account until the next business day at the earliest.
You cannot visit a branch, speak to a teller, apply for a loan, dispute a transaction with staff, or handle anything that requires a person to review your account. If you have an urgent banking need that requires human help, you will need to wait until the next business day or contact your bank's customer service line if they offer holiday support (most do not).
When checks and transfers process after the holiday
A check you deposit on MLK Day will be timestamped with that date, but the actual clearing and processing happens the next business day. If you deposit a check on Monday (MLK Day), it will not clear until Tuesday at the earliest. If the check is from another bank, it may take an additional day or two to fully clear, depending on the banks involved.
Incoming transfers and direct deposits scheduled for MLK Day will also be delayed. If your paycheck or a bill payment is set to arrive on the holiday, it will land in your account on the next business day instead. Set up direct deposits and automatic payments with this in mind—do not assume money will arrive on a specific date if that date falls on a federal holiday.
Wire transfers initiated on MLK Day will not begin processing until the next business day. If you need money to move quickly, initiate the wire the day before the holiday. The same rule applies to ACH transfers, which are slower than wires but also do not process on federal holidays.
Which banks stay open and how to check your bank's schedule
The vast majority of banks close on MLK Day because the Federal Reserve is closed. However, a small number of banks—usually very small local institutions or online-only banks—may operate on their own schedule. Some online banks like Ally or Charles Schwab do not have physical branches, so they do not close in the traditional sense, though their customer service lines may have reduced hours.
The best way to confirm your bank's schedule is to call the branch directly or check their website. Most banks post holiday hours in January, and you can usually find this information under "Hours" or "Holiday Schedule" on their site. If you bank with a large national chain, you can assume they are closed, but calling takes two minutes and removes doubt.
If you use multiple banks or a credit union, check each one separately. Do not assume they all follow the same schedule. Some credit unions are federally chartered and close on federal holidays; others are state-chartered and may have different rules.
Planning ahead to avoid problems on MLK Day
Withdraw cash the business day before MLK Day if you know you will need it. ATMs can run out of money, especially in busy areas, and you do not want to discover this on a holiday when you cannot get to a branch. Taking out cash on Friday (if Monday is the holiday) gives you a buffer.
If you need to deposit a check, do it before the holiday. Checks deposited on the holiday will not clear until the next day anyway, so there is no advantage to waiting. If you must deposit on the holiday, use an ATM envelope, but understand that processing will be delayed.
Do not schedule time-sensitive transactions for MLK Day. If you need to wire money, transfer funds between banks, or handle anything that requires staff, do it the day before. If you are expecting a paycheck or bill payment on the holiday, assume it will arrive the next business day and plan your budget accordingly.
What happens if you need emergency cash or help
If you absolutely need cash on MLK Day and your ATM is empty or unavailable, you have limited options. Some grocery stores and pharmacies offer cash back with a debit card purchase, even when banks are closed. This is not ideal, but it can get you emergency money if necessary.
If you have a genuine banking emergency—a fraudulent transaction, a compromised account, or a critical error—call your bank's customer service number. Most large banks maintain a customer service line on holidays, though wait times are longer and staff may not be able to resolve complex issues. They can at least document the problem and flag your account for review when the branch reopens.
For non-emergency issues, wait until the next business day. Calling on a holiday will not speed up resolution, and you will spend time on hold for minimal help.
Frequently Asked Questions
Can I use my debit card on MLK Day if the bank is closed?
Yes. Your debit card works normally on holidays because the transaction goes through the card network, not directly through your bank's branch. You can make purchases, withdraw cash from ATMs, and use your card anywhere that accepts it. The transaction will post to your account, though it may take a day or two to fully clear.
Will my direct deposit arrive on time if it is scheduled for MLK Day?
No. Direct deposits scheduled for a federal holiday will arrive the next business day instead. If your paycheck is set to hit on Monday (MLK Day), it will land on Tuesday. Plan your budget with this delay in mind.
What if I need to pay a bill that is due on MLK Day?
Pay it online or through your bank's app the day before. Online bill payments process through your bank's system and will go out on the next business day. If you wait until the holiday to pay, the payment will be delayed, and you risk a late fee if your creditor does not receive it by their deadline.
Can I deposit a check at an ATM on MLK Day?
Yes, you can deposit a check into an ATM envelope slot on MLK Day, and it will be recorded in your account immediately. However, the check will not actually be processed and cleared until the next business day when bank staff return to work.
Do online banks close on MLK Day?
Online banks without physical branches do not close in the traditional sense because there are no branches to close. However, their customer service lines may have reduced hours or be closed entirely. Check your bank's website for their specific holiday schedule.