Presidents Day is a federal holiday, but most banks stay open
Presidents Day — observed on the third Monday in February — is a federal holiday, which means the federal government offices close and federal employees get the day off. However, most banks remain open on Presidents Day. Some banks may have reduced hours or close individual branches, but the major national banks typically operate normally.
The confusion comes from the difference between a federal holiday and a banking holiday. A federal holiday does not automatically close the banking system. Banks decide their own holiday schedules, and they treat Presidents Day differently than they treat holidays like Thanksgiving or Christmas, when nearly all banks close.
If you need to visit your bank on Presidents Day, call ahead or check your bank's website to confirm hours at your specific branch. Some credit unions and smaller regional banks may close, so do not assume your branch will be open.
Key Takeaways
- Presidents Day is a federal holiday, but most major banks stay open with normal or slightly reduced hours.
- The Federal Reserve and federal government offices close on Presidents Day, but this does not force banks to close.
- Individual banks set their own holiday schedules, so calling your branch is the only way to know for certain.
- Stock markets and bond markets close on Presidents Day, so financial transactions that depend on those markets may be delayed.
- If you need to deposit checks or access cash, plan ahead because some ATMs may run out of cash or experience delays.
Why banks stay open when the federal government closes
The federal government closing on Presidents Day does not require banks to close because banks are not federal agencies. Banks are regulated by federal agencies, but they operate as private or publicly traded businesses. They make their own decisions about which days to close.
Banks typically close only on holidays that affect their core operations — mainly Christmas, Thanksgiving, and New Year's Day. Presidents Day does not significantly disrupt banking operations the way those holidays do, so most banks choose to stay open to serve customers who need access to their money.
The Federal Reserve, which is the central banking system, does close on Presidents Day. This means wire transfers and other transactions that move through the Federal Reserve may be delayed. However, routine banking — deposits, withdrawals, account inquiries — continues at regular banks.
What actually closes on Presidents Day
Federal government offices close on Presidents Day. This includes Social Security offices, the IRS, the Department of Veterans Affairs, and all other federal agencies. If you need to visit a federal office, you will need to go on a different day.
The stock market closes on Presidents Day. If you trade stocks or need to execute market orders, you cannot do so on this day. Bond markets also close. Any financial transaction that depends on the stock or bond markets will be delayed until the markets reopen on Tuesday.
Most schools close on Presidents Day, and many state and local government offices close as well. However, this varies by state and locality. Some states do not observe Presidents Day as a paid holiday for state employees, though federal employees still get the day off.
How to confirm whether your bank is open
The safest approach is to contact your bank directly. Call the customer service number on the back of your debit card or visit your bank's website. Most banks post their holiday hours online, and you can usually find information specific to your branch.
If you bank with a major national bank — Chase, Bank of America, Wells Fargo, Citibank, or similar — you can almost certainly assume your branch will be open on Presidents Day. These banks typically stay open on all federal holidays except Christmas, Thanksgiving, and New Year's Day.
If you bank with a credit union or a smaller regional bank, call ahead. These institutions are more likely to close on Presidents Day or to have limited hours. Do not wait until Presidents Day morning to find out.
Planning ahead for Presidents Day banking needs
If you need to deposit a check, deposit it before Presidents Day. Checks deposited on Presidents Day will not be processed until Tuesday, and if you are counting on that money to clear by a certain date, you could run into problems. Mobile deposit or ATM deposit can help, but processing times still apply.
If you need cash, withdraw it before Presidents Day or use an ATM. ATMs at your bank's branches are usually stocked, but high-traffic ATMs in retail locations may run low on cash during holiday weekends. Plan for this possibility.
Wire transfers and ACH transfers initiated on Presidents Day will not process until Tuesday. If you are sending money to pay a bill or transfer funds, do it on Friday or earlier in the week. The same applies to any transaction that requires Federal Reserve processing.
Presidents Day and payroll processing
If you are paid by direct deposit, your paycheck will still arrive on schedule even if Presidents Day falls on a Friday or if your normal payday is Presidents Day. Employers typically process payroll the day before a federal holiday to ensure employees receive their money on time.
However, if your paycheck is delayed for any reason, the delay may extend past Presidents Day because banks and the Federal Reserve are not processing transactions. Contact your employer's payroll department if your direct deposit does not arrive when expected.
If you receive government payments — Social Security, disability, veterans benefits, or unemployment — and your payment date falls on Presidents Day, the payment will typically be deposited the Friday before. The Social Security Administration and other agencies adjust payment schedules around federal holidays.
What happens to online banking on Presidents Day
Online banking and mobile banking work normally on Presidents Day. You can check your balance, transfer money between your own accounts, and view transactions at any time. The bank's website and app do not close.
However, some transactions may not process immediately. Transfers between accounts at different banks, bill payments, and other transactions that require the Federal Reserve or other banking infrastructure may be delayed until Tuesday. The transaction will show as pending, and it will process when the banking system reopens.
If you initiate a transaction on Presidents Day, assume it will not complete until Tuesday. Plan accordingly if you are paying a bill or sending money to someone else.
Frequently Asked Questions
Can I use my ATM on Presidents Day?
Yes, ATMs at your bank operate 24/7 on Presidents Day. You can withdraw cash and check your balance anytime. However, some ATMs in retail locations may run out of cash during holiday weekends, so use your bank's ATM if possible.
Will my direct deposit arrive on Presidents Day?
If your normal payday is Presidents Day, your employer will usually deposit your paycheck the Friday before to ensure you receive it on time. If your payday is a different day, your deposit will arrive as scheduled. Contact your employer if your deposit is late.
Can I pay bills online on Presidents Day?
You can schedule bill payments online on Presidents Day, but they will not process until Tuesday. If your bill is due on Presidents Day, pay it before the holiday to avoid a late fee.
Do credit unions close on Presidents Day?
Most credit unions close on Presidents Day, though some stay open with reduced hours. Call your credit union to confirm. Do not assume it will be open.
What if I need to visit the Social Security office on Presidents Day?
Social Security offices close on Presidents Day. You will need to visit on a different day. You can handle many Social Security tasks online at ssa.gov or by calling 1-800-772-1213.