Thanksgiving is a federal holiday, but banks stay open in most places
Thanksgiving Day itself — the fourth Thursday in November — is a federal holiday, which means the federal government offices close and federal employees get the day off with pay. However, most banks remain open on Thanksgiving, though hours vary by location and some branches may close early or stay closed.
The confusion happens because federal holidays and bank holidays are not the same thing. A federal holiday closes government offices. A bank holiday is a separate designation that tells you whether banks will be open. Thanksgiving is one but not the other.
If you need to do banking on Thanksgiving, call your bank ahead of time or check their website for that specific day's hours. Many banks operate on reduced schedules during the holiday week, and some branches in smaller towns may close entirely, even if the national chain stays open elsewhere.
Key Takeaways
- Thanksgiving is a federal holiday, so federal offices and courts close, but most banks stay open with modified hours.
- Bank hours on Thanksgiving vary by location and institution — some branches close, others open for limited hours, and some operate normally.
- The day after Thanksgiving (Friday) is not a federal holiday, though many employers give it off; banks typically operate on a normal schedule.
- ATMs and online banking work on Thanksgiving regardless of branch hours, so you can transfer money or check balances anytime.
- If you need to deposit a check or withdraw cash on Thanksgiving, contact your specific branch to confirm it will be open.
Why banks don't close on Thanksgiving even though it's a federal holiday
Federal holidays and bank holidays are managed by different rules. The federal government designates Thanksgiving as a holiday for its own offices and employees. Banks, however, follow guidelines set by the Federal Reserve and individual state banking regulations, which do not automatically close banks on every federal holiday.
Banks have the discretion to stay open on federal holidays if they choose. Many do stay open on Thanksgiving because people still need access to their money, and the banking industry wants to serve customers during a busy travel and spending week. Some banks see it as a competitive advantage to be available when others close.
That said, individual branches can set their own hours. A Chase branch in a busy urban area might stay open regular hours on Thanksgiving, while a Chase branch in a small town might close. Always check with your specific branch rather than assuming based on the bank's national policy.
What actually closes on Thanksgiving Day
Federal offices close on Thanksgiving, including the IRS, Social Security Administration, and all federal courts. If you need to reach a government agency that day, you will not be able to reach them by phone or in person. The stock market also closes on Thanksgiving.
Most schools close, and many private businesses close or operate on reduced hours. Post offices close on Thanksgiving, so mail does not move that day. However, UPS and FedEx often operate on modified schedules, so check with them directly if you need to ship something.
The day after Thanksgiving (the Friday) is not a federal holiday, though many private employers give it off as a courtesy. Banks, post offices, and government agencies operate on a normal schedule that Friday. The stock market opens normally.
How to handle banking needs during the Thanksgiving week
If you need to deposit checks, withdraw cash, or handle other banking tasks during Thanksgiving week, plan ahead. Deposit checks before Thanksgiving if possible, since checks deposited on Thanksgiving or the day after may not clear until the following Monday or Tuesday.
Use ATMs and online banking for anything you can do remotely. You can transfer money between your own accounts, pay bills online, check balances, and deposit checks using mobile banking on Thanksgiving itself. These services run 24/7 regardless of branch hours.
If you absolutely need to speak to a banker or handle something that requires a teller, call your branch by mid-morning on the Wednesday before Thanksgiving to confirm they will be open Thursday. Ask specifically about their Thanksgiving hours, as some branches open late or close early that day.
Bank holiday schedules for the rest of the year
Thanksgiving is not the only time banks operate on holiday schedules. Banks close on New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas. Some banks also close on Good Friday, though this varies by region and institution.
Banks may also close on Presidents' Day (the third Monday in February), though this is less consistent than the major holidays. State-chartered banks sometimes follow state holidays that federal banks do not observe, so a bank in a particular state might close on a day when banks in other states stay open.
The best approach is to bookmark your bank's holiday schedule on their website or call and ask them to email it to you. That way you know exactly which days your specific branch will be closed, rather than guessing based on what you think is a holiday.
What to do if you need banking services and your branch is closed
If your branch closes on Thanksgiving and you need cash or to deposit a check, find another branch of your bank that is open. Use your bank's branch locator tool on their website or app to see which locations near you are operating that day.
If no branches are open and you need cash, use an ATM. You can withdraw money from your account anytime, and most ATMs are not affected by holiday closures. If you need to deposit a check and no branch is open, use mobile check deposit through your bank's app if they offer it — you can photograph the check and submit it from home.
If your bank does not offer mobile deposit and you cannot reach a branch, wait until Friday after Thanksgiving. Since Friday is not a federal holiday, all banks operate normally. A check deposited Friday will typically clear by Monday or Tuesday, which is only a day or two later than if you had deposited it Thursday.
Frequently Asked Questions
Can I use my debit card or ATM on Thanksgiving if banks are closed?
Yes. ATMs work 24/7 regardless of whether the branch is open, and debit cards work at any merchant that accepts them. You can withdraw cash, check your balance, and make purchases on Thanksgiving without visiting a branch.
Will checks I deposit on Thanksgiving clear the same day?
No. Checks deposited on Thanksgiving will not clear until at least the next business day, which is usually Friday. If you deposit on Friday after Thanksgiving, the check typically clears by Monday or Tuesday. Timing depends on your bank's processing schedule and the check's origin.
Do credit unions close on Thanksgiving?
Most credit unions close on Thanksgiving because it is a federal holiday and many credit unions follow federal holiday schedules more closely than banks do. Call your credit union to confirm. Online banking and ATMs still work on Thanksgiving even if the branch is closed.
Is the day after Thanksgiving a bank holiday?
No. The Friday after Thanksgiving is not a federal or bank holiday, so banks, post offices, and government agencies operate on normal schedules. Many private employers give employees the day off, but financial institutions do not close.
What if I need to wire money on Thanksgiving?
Wire transfers initiated through online banking or an app may process, but they typically will not clear until the next business day. If you need a wire to clear on Thanksgiving itself, you would need to visit a branch in person, and most branches are closed. Plan wire transfers for before Thanksgiving or after.