Hey let’s imagine this—it’s Presidents Day, and you’re ready to run some errands. You need to deposit a check, transfer funds, or perhaps withdraw cash for an upcoming purchase.
But wait! are banks even open today?
We’ve all been there—caught off guard by a holiday schedule, standing in front of locked bank doors, wondering why we didn’t check ahead. Don’t let that happen to you this year!
Presidents Day 2024 falls on Monday, February 19, and while it’s a day to honor America’s greatest leaders, it’s also a day when many businesses, including banks, close their doors.
But before you start worrying, let’s dive into everything you need to know about bank schedules, financial transaction delays, and tips to stay ahead—so you can spend less time stressing and more time enjoying the holiday.
Presidents Day: A Quick Look at the History Behind the Holiday
Did you know Presidents Day wasn’t always called that? Originally, it was a celebration of George Washington’s birthday on February 22. Over time, as Abraham Lincoln’s birthday (February 12) also became widely celebrated, the day evolved into a broader recognition of all U.S. presidents.
The Uniform Monday Holiday Act of 1971 moved the holiday to the third Monday of February each year, giving Americans a three-day weekend. And while it’s a day of reflection, remembrance, and even great shopping deals, it also means adjusted schedules for banks, government offices, and businesses.
So, Are Banks Open on Presidents Day 2024? Let’s Find Out!
Here’s the straight answer—most banks are closed on Presidents Day because it’s a federal holiday. That means government offices, including the Federal Reserve, shut down, and banks follow suit since they rely on the Federal Reserve for transaction processing.
But—there’s always a silver lining. Not all banks close!
Banks That Will Be Closed on Presidents Day 2024
If you bank with any of the following institutions, mark your calendars—they will not be open:
- Bank of America
- Chase Bank
- Citibank
- Capital One
- PNC Bank
- Santander Bank
- Truist Bank
- Wells Fargo
Important Tip: If you need to deposit checks or make payments, make sure to complete these tasks by Friday, February 16, to avoid processing delays!
The Exception: Banks That Remain Open on Presidents Day
Here’s some good news for last-minute planners! TD Bank typically remains open on Presidents Day.
So, if you need in-person banking services, you’re not completely out of luck. However, it’s always smart to double-check your local branch’s hours before heading out.
What Happens to Your Banking Transactions on Presidents Day? Prepare for Delays!
If you’re planning to move money or clear checks, Presidents Day isn’t the best day for it. Why? Because it’s not considered a business day.
Example Situation: Let’s say you deposit a check into your account on Saturday, February 17. Since banks don’t process transactions on weekends or holidays, your deposit might not be available until Tuesday, February 20.
Pro Tip: Avoid surprises by using mobile banking apps to check balances and transaction statuses while you wait for processing to resume.
But Wait! What About ATMs and Online Banking?
You might be asking—can’t I just use an ATM or online banking? Absolutely!
Most banks ensure their ATMs are well-stocked before a holiday, so you can:
- Withdraw cash
- Transfer funds
- Check balances
But keep in mind—transactions that depend on Federal Reserve processing (like wire transfers or check clearances) may still be delayed until the next business day.
Do Credit Unions Follow the Same Rules as Banks?
Yes, most credit unions close on Presidents Day as well. However, online services and ATMs for credit unions also remain available, similar to traditional banks.
Financial Alternatives—Who Else Is Open on Presidents Day?
If you’re in a pinch, you’re not completely out of options. Many payday loan providers and check-cashing services remain open on federal holidays.
However, keep this in mind—these services often come with higher fees and interest rates. Use them only if it’s an absolute emergency and no other option is available.
What About the Stock Market? Is Trading Open?
The New York Stock Exchange (NYSE) and NASDAQ are closed on Presidents Day. So, if you’re an investor, this means no trading activity until markets reopen on Tuesday, February 20.
How to Plan Ahead for Presidents Day Bank Closures
To avoid financial hiccups, follow these tips:
- Schedule Payments Early: If you need bills paid, set up auto-payments before the holiday.
- Deposit Checks in Advance: Don’t wait until the last minute—funds won’t clear until Tuesday.
- Stock Up on Cash: ATMs can get busy before holidays, so grab cash early.
- Use Mobile Apps: Monitor transactions and move money digitally if needed.
- Double-Check Hours: If you need in-person services, verify your bank’s holiday schedule.
Fun Presidents Day Facts You Didn’t Know!
- Retail Sales Galore: Presidents Day has become one of the biggest shopping holidays of the year, with discounts on appliances, mattresses, and electronics.
- Historical Celebrations: Many towns host parades and ceremonies to honor presidents like Washington and Lincoln.
- National Parks Discounts: Several national parks waive entry fees, making it a great time to explore history-rich sites like Mount Vernon or Gettysburg.
Final Thoughts: Should You Worry About Banks Being Closed on Presidents Day?
Not at all! While most major banks like Bank of America and Chase will be closed, you can always rely on TD Bank if you need in-person services. And let’s not forget—online and ATM banking will still be at your fingertips.
So here’s your action plan:
- Double-check bank schedules and complete your transactions early.
- Use online banking tools to stay on top of your finances.
- Enjoy the holiday stress-free, knowing you’re prepared!
Presidents Day isn’t just a day off—it’s a time to reflect on leadership, enjoy the long weekend, and maybe even grab a good deal or two during the sales. And now that you’re armed with all this information, you can celebrate without worrying about locked bank doors!
What’s your Presidents Day plan? Share with us below—and let’s make it a memorable one!
