Most banks are closed on January 1st because it is a federal holiday
January 1st is a federal holiday in the United States, which means most banks observe it as a day off. This applies to the major national banks — Bank of America, Chase, Wells Fargo, Citibank, and others — as well as most regional and local banks. If you need to do banking on New Year's Day itself, you will not be able to visit a branch or speak to a teller.
However, you can still access your money through ATMs and online banking. ATMs work 24/7 regardless of whether branches are open, so you can withdraw cash, check your balance, or transfer funds between your own accounts. Online banking portals and mobile apps also run around the clock, so you can pay bills, move money, or check transactions from home.
Key Takeaways
- Bank branches close on January 1st because it is a federal holiday, but ATMs and online banking remain available.
- You can withdraw cash, transfer money between your own accounts, and check balances at ATMs on New Year's Day.
- Deposits made at ATMs or through mobile check deposit on January 1st may not post to your account until January 2nd or later, depending on your bank's processing schedule.
- If you need to speak to a banker or handle a complex transaction, you will need to wait until January 2nd when branches reopen.
- Credit unions sometimes have different holiday schedules than banks, so check your specific institution's hours if you bank with a credit union.
What you can and cannot do on January 1st
ATMs let you withdraw cash, deposit checks or cash (though processing may be delayed), transfer money between your accounts, and check your balance. You cannot speak to a teller, open a new account, apply for a loan, dispute a transaction in real time, or handle issues that require a banker's judgment. If you need a cashier's check, wire transfer, or help with a frozen account, those services are not available until the branch reopens.
Online banking and mobile apps work the same way on January 1st as any other day. You can pay bills, set up transfers, deposit checks by photograph, and review your transaction history. However, outgoing transfers and bill payments initiated on January 1st may not process until January 2nd or 3rd, depending on whether the receiving bank is also closed.
When deposits post after January 1st
Timing depends on how and when you deposit the money. A check deposited at an ATM on January 1st will not be processed until January 2nd at the earliest, since the bank is closed. Most banks then take one to two business days to clear the check, so you might not see the funds until January 3rd or 4th. The exact timeline varies by bank and by whether the check is from another bank in the same system or a different bank.
Cash deposited at an ATM on January 1st usually posts to your account by the next business day, which would be January 2nd. Mobile check deposits (photographing a check through your app) follow the same timeline as ATM deposits — they are not processed until the branch reopens on January 2nd.
Credit unions and smaller banks may have different hours
Not all financial institutions follow the same holiday schedule as major banks. Some credit unions stay open on January 1st or have limited hours. If you bank with a credit union, a community bank, or an online-only bank, check their website or call their customer service line before January 1st to confirm whether they will be open.
Online banks that have no physical branches (like Ally, Charles Schwab, or Discover) do not close for holidays in the traditional sense, but their customer service phone lines may have reduced hours or be closed. Their online platforms and ATM networks remain available.
Planning ahead for January 1st banking needs
If you know you will need cash or need to make a deposit on or around New Year's Day, withdraw money or deposit checks before December 31st. This avoids delays and ensures your funds are available when you need them. If you are expecting a check to arrive around January 1st, keep in mind that it will not be processed until after the holiday.
For bill payments due on or shortly after January 1st, submit them online or by mail a few days early. If you pay by check, account for the fact that the recipient's bank will also be closed on January 1st, which can delay processing by an extra day.
What happens if you need emergency banking on January 1st
If you have a genuine emergency — a fraudulent charge, a frozen account, or a critical issue — call your bank's customer service line. Most banks maintain a 24/7 phone line for emergencies, even on holidays. You will not be able to visit a branch, but a representative can often help you over the phone or flag your account for action when the branch reopens on January 2nd.
If your debit card is lost or stolen, call your bank immediately. They can freeze the card and issue a replacement, even on a holiday. If your account has been compromised, the bank can place a fraud hold and begin an investigation.
Frequently Asked Questions
Can I use my debit card on January 1st if the bank is closed?
Yes. Your debit card works at any merchant or ATM regardless of whether your bank's branch is open. The transaction will process normally, though it may not show in your account balance immediately if the receiving bank is also closed.
Will a check I deposit on January 1st clear by January 2nd?
No. A check deposited on January 1st will not be processed until January 2nd at the earliest, and then it typically takes one to two more business days to clear. Expect the funds to appear in your account by January 3rd or 4th.
What if I need to wire money on January 1st?
You cannot initiate a wire transfer on January 1st through a bank branch. Some banks allow wire transfers through online banking, but the transfer will not actually process until January 2nd. Check your bank's website or call their customer service line to see if this option is available.
Are ATMs open on January 1st?
Yes. ATMs are open 24/7, including on January 1st. You can withdraw cash, check your balance, and deposit checks or cash, though deposits may not post until January 2nd.
Do I need to do anything special to access online banking on January 1st?
No. Online banking and mobile apps work normally on January 1st. Log in as you usually would. Keep in mind that transfers and bill payments initiated on the holiday may not process until January 2nd or later.