Most banks close on Martin Luther King Jr. Day
Yes, most banks in the United States close on Martin Luther King Jr. Day, which falls on the third Monday of January each year. This is a federal holiday, and the Federal Reserve does not process payments or clear checks on this day. Major banks including Bank of America, Chase, Wells Fargo, and Citibank all observe the holiday and close their branches.
However, you can still access your money through ATMs and online banking. Deposits made at ATMs on the holiday will typically post the next business day. If you need cash before the holiday, withdraw it the day before. Online transfers and bill payments can be scheduled in advance, though they won't process until the following business day.
Some credit unions and smaller regional banks may have different policies, so check with your specific institution if you're unsure. A few online-only banks operate on weekends and holidays, but they are the exception rather than the rule.
Key Takeaways
- Federal banks close on Martin Luther King Jr. Day, which is the third Monday in January each year.
- ATMs remain available 24/7, and you can withdraw cash or check your balance even when branches are closed.
- Deposits made at ATMs on the holiday will post to your account the next business day, not immediately.
- Online banking and bill pay work on the holiday, but transactions won't process until the following business day.
- Check with your bank directly if you use a credit union or smaller regional bank, as policies vary.
What you can and cannot do on Martin Luther King Jr. Day
You cannot visit a branch, speak to a teller, or get a cashier's check on Martin Luther King Jr. Day. You also cannot wire money through a bank branch, open a new account in person, or get a loan approved that day. Any service requiring a bank employee will have to wait until the next business day.
What you can do: withdraw cash from any ATM, check your account balance online, transfer money between your own accounts through online banking, set up bill payments to process later, and deposit checks using mobile deposit (your bank's app). These functions don't require the Federal Reserve or bank staff to process immediately.
If you need to pay a bill on Martin Luther King Jr. Day itself, schedule the payment through your bank's website or app to go out the next business day. If you're paying a person or business directly, use a payment app like Venmo, PayPal, or Zelle, which operate independently of bank holidays.
When deposits and transfers actually post
A check deposited at an ATM on Martin Luther King Jr. Day will not be processed until Tuesday (the next business day). The same applies to mobile check deposits made through your bank's app. The Federal Reserve does not clear checks on federal holidays, so the timeline extends by one day.
ACH transfers (the standard electronic transfer between bank accounts) initiated on the holiday will also process the next business day. Wire transfers cannot be sent on federal holidays at all — if you initiate one on Martin Luther King Jr. Day, it will not leave your account until the following business day.
If you're waiting for a deposit from your employer or a government payment, and that deposit was scheduled for Martin Luther King Jr. Day, it will arrive on Tuesday instead. This is especially important to know if you're counting on that money for bills or expenses due on Monday.
Planning ahead to avoid delays
If you need cash on or around Martin Luther King Jr. Day, withdraw it on Friday or the business day before the holiday. ATMs are always available, so you won't be stuck without access to your money — but you do need to plan ahead.
If you have bills due on Monday (Martin Luther King Jr. Day), pay them on Friday through your bank's online bill pay system or through the biller's website directly. Most billers accept payments a few days early without penalty. Alternatively, use a payment app that doesn't rely on the banking system.
If you're expecting a paycheck or government payment on the holiday, assume it will arrive Tuesday instead. Contact your employer or the government agency if the payment doesn't show up by Wednesday. Delays of one business day around federal holidays are normal and not a sign of a problem.
What happens at credit unions and online banks
Credit unions typically close on Martin Luther King Jr. Day as well, since they follow the same federal holiday schedule as traditional banks. However, some credit unions offer extended hours or Saturday service, so check with yours. Their ATMs will still work on the holiday.
Online-only banks like Ally, Charles Schwab, and Discover do not have physical branches, so there is no "closing" in the traditional sense. You can log in and use online banking 24/7. However, the Federal Reserve still does not process transfers or clear checks on federal holidays, so your transactions will post the next business day just like at any other bank.
If you bank with an online bank and need to deposit a check on Martin Luther King Jr. Day, use mobile deposit through the app. The check will be processed on Tuesday, the same as at a traditional bank.
Martin Luther King Jr. Day dates for the next five years
| Year | Date |
|---|---|
| 2024 | Monday, January 15 |
| 2025 | Monday, January 20 |
| 2026 | Monday, January 19 |
| 2027 | Monday, January 18 |
| 2028 | Monday, January 17 |
Mark these dates on your calendar if you handle time-sensitive banking. The holiday always falls on the third Monday of January, so you can predict it a year in advance.
Frequently Asked Questions
Can I use my debit card on Martin Luther King Jr. Day?
Yes. Your debit card works at any merchant or ATM on the holiday. Purchases at stores will process normally. ATM withdrawals are instant. The only thing that doesn't work is visiting a bank branch in person.
Will my direct deposit arrive on Martin Luther King Jr. Day?
No. Direct deposits scheduled for Martin Luther King Jr. Day will arrive on Tuesday instead. The Federal Reserve does not process ACH transfers (which is how direct deposit works) on federal holidays. Contact your employer if you need the money earlier.
What if I need to deposit a check urgently?
Use mobile deposit through your bank's app on the holiday itself. The check will be processed on Tuesday. If you need the money before then, ask the check writer for an alternative payment method like a transfer or payment app.
Do stock markets close on Martin Luther King Jr. Day?
Yes. The New York Stock Exchange and Nasdaq both close on Martin Luther King Jr. Day. You cannot buy or sell stocks on this holiday. Any trades you place online will execute on Tuesday when the market reopens.
Can I get a loan or open an account on Martin Luther King Jr. Day?
Not through a bank branch. You cannot meet with a loan officer or account representative on the holiday. Some banks allow online account opening 24/7, but loan approvals require staff review and will not be processed until Tuesday.