Most U.S. banks are closed on January 1st because it is a federal holiday

January 1st is New Year's Day, a federal holiday. Nearly all banks — including major chains like Bank of America, Chase, Wells Fargo, and Citibank — close their physical branches on this day. ATMs and online banking remain available, but you cannot visit a teller, deposit checks in person, or conduct business at a branch.

Some credit unions and smaller regional banks may have different schedules, so if you bank somewhere other than a major national chain, contact your bank directly to confirm. A few banks in states that observe different holidays may have different closure dates, but January 1st closures are standard across the country.

Key Takeaways

  • All major U.S. banks close their branches on January 1st because it is a federal holiday.
  • ATMs work on January 1st, and you can access your account online or through mobile apps.
  • Checks deposited on January 1st will not be processed until the next business day, January 2nd.
  • Wire transfers and bill payments made online on January 1st may not process until January 2nd or later, depending on your bank.
  • If you need cash or have an urgent banking need, plan ahead by withdrawing money on December 31st.

What you can and cannot do on January 1st

You can withdraw cash from an ATM, check your balance, transfer money between your own accounts online, and pay bills through your bank's website or app. You cannot speak to a teller, deposit a physical check at a branch, open a new account, or resolve account problems that require a person to help you.

If you need to deposit a check, you can use mobile deposit through your bank's app if it offers that feature — photograph the front and back of the check and submit it through the app. The check will be processed when the bank reopens on January 2nd. Wire transfers and external transfers (moving money to another bank) submitted on January 1st will typically not process until January 2nd or later, depending on the receiving bank's schedule.

Planning ahead for January 1st banking needs

If you know you will need cash on January 1st, withdraw it on December 31st. If you need to deposit a check, use mobile deposit through your app or wait until January 2nd. If you are expecting a direct deposit on January 1st (such as a paycheck or government payment), it will not hit your account until January 2nd at the earliest, even if your employer or the government sent it before the holiday.

For bill payments due on January 1st, pay online through your bank's bill pay system on December 31st. Most banks process bill payments submitted before their cutoff time on the last business day before a holiday. If a bill is due on January 1st and you have not paid it, contact the creditor to explain the delay — most understand that banks are closed on federal holidays.

What happens to checks and transfers on January 1st

Checks you deposit on January 1st will not clear until January 2nd or later. The exact timing depends on whether the check is from another bank in your system, another bank outside your system, or a government agency. Checks from your own bank typically clear the next business day; checks from other banks may take two to three business days.

If someone writes you a check dated January 1st, you cannot deposit it until January 2nd. Checks are not processed on federal holidays, so the date on the check does not matter — the bank will not touch it until it reopens. Wire transfers sent on January 1st will sit in a queue and process on January 2nd or later, depending on the receiving bank's schedule and whether January 2nd is also a holiday for them.

ATMs and online banking on January 1st

ATMs run 24 hours a day and do not close for holidays. You can withdraw cash, deposit checks (if your ATM has a deposit slot), check your balance, and transfer money between your own accounts at an ATM on January 1st. However, any deposits you make at an ATM on January 1st will not be processed until January 2nd.

Online banking and mobile apps also work on January 1st. You can log in, view your balance, pay bills, and transfer money to other accounts you own. Transactions you submit on January 1st may not process until January 2nd or later, depending on what type of transaction it is. Bill payments usually process on the date you schedule them for; if you schedule a payment for January 1st and the bank is closed, it will process on January 2nd instead.

Credit unions and smaller banks

Most credit unions close on January 1st, but some remain open or have limited hours. Call your credit union or check its website to confirm. Smaller regional banks almost always close on January 1st, but a few may have different policies. If you are unsure, contact your bank directly — the phone line will usually have a message stating holiday hours.

Online and mobile banking work the same way at credit unions and smaller banks as they do at major banks. ATMs are available 24 hours. The main difference is that some smaller institutions may process transactions more slowly, so a transfer or bill payment submitted on January 1st might not process until January 3rd or later.

Frequently Asked Questions

Can I use my debit card on January 1st?

Yes. Your debit card works at stores, restaurants, and ATMs on January 1st. The transaction will process normally, and the money will leave your account. If you use your debit card at a store, the charge posts immediately or within a few hours.

Will my paycheck deposit on January 1st?

No. Direct deposits scheduled for January 1st will not hit your account until January 2nd at the earliest. Some employers send payroll before the holiday, but banks do not process deposits on federal holidays. If your pay date falls on January 1st, expect the money on January 2nd.

What if I need to dispute a charge on January 1st?

You cannot call your bank to dispute a charge on January 1st because branches are closed. However, you can often file a dispute through your online banking portal or mobile app. If your bank does not offer that option, call on January 2nd. Most banks allow 60 days to report fraud or errors, so one day of delay will not hurt your case.

Can I open a new bank account on January 1st?

No. You cannot open an account at a branch on January 1st. Some banks allow you to open an account online through their website or app, even on holidays. Check your bank's website to see if online account opening is available. If not, you will need to wait until January 2nd.

Do banks process wire transfers on January 1st?

No. Wire transfers submitted on January 1st will not process until January 2nd or later. If you need to send money urgently, submit the wire on December 31st before your bank's cutoff time. Wire transfer cutoff times vary by bank, usually between 2 p.m. and 5 p.m. Eastern time.