Will Your Bank Be Open for the Holidays?

The holiday season is almost here, and for most people, that means food, family, and lots of spending. Between travel, feast, and gift costs, you could easily spend hundreds or thousands of dollars more than normal. And of course, you've still got your routine bills you need to pay.

That's already a lot to focus on. You don't want to worry about not being able to access your money on top of all of that. Here's what you need to know about when banks will be open this holiday season so you aren't caught off guard.

Upcoming bank holidays to watch for

The Federal Reserve has declared the following days as federal bank holidays:

• Thanksgiving (Nov. 23, 2023)
• Christmas Day (Dec. 25, 2023)
• New Year's Day (Jan. 1, 2024)

Most banks are closed on bank holidays, but this is an individual choice. Some may decide to remain open. If you're unsure about your bank, you can always contact it by phone or check its website. Most list upcoming holiday closures in a banner on the site so customers are aware.

Even if your bank is open on a federal bank holiday, deposits and transfers, including bill pay, may not work as they would on a normal day. Most banks treat transactions done on a bank holiday the same as transactions that occur on a weekend.

That means if you try to transfer funds, deposit a check, or pay a bill, those transactions aren't actually processed until the following business day. So your bank account balance online won't reflect the change until the day after the bank holiday. You can still use your online or mobile banking tools to initiate a deposit, transfer, or bill pay though.

Planning ahead

If you need quick cash on a bank holiday, you can still visit an ATM and withdraw the funds you need. The only time this wouldn't be possible would be if you needed a large sum that exceeded your bank's daily ATM withdrawal limit. In that case, you will likely have to wait until the day after the bank holiday if you don't do it before.

If you have bills due around a bank holiday, it's best to send those payments a few days early so you know they'll be processed on time. This is especially important for credit card payments. If you're late, your balance will begin accruing interest right away, and then you'll have even more to pay back.

Once you understand how your bank handles bank holidays, it's not too difficult to work around them. If you have any questions about when your transactions will be processed or what services, if any, the bank offers on holidays, reach out to the institution and ask.