Most banks are closed on January 1 because it is a federal holiday

January 1 is New Year's Day, a federal holiday in the United States. Nearly all banks — whether national chains like Bank of America and Wells Fargo, regional banks, or credit unions — close their physical branches on this day. ATMs and online banking remain available, but you cannot walk into a branch, speak to a teller, or conduct business that requires a person on the other end.

Some banks may open their branches on January 1 if it falls on a weekend, since they would normally be closed anyway. Check your specific bank's holiday schedule to know for certain, because policies vary slightly by institution.

Key Takeaways

  • All federal banks close on January 1, but ATMs and online banking work normally throughout the day.
  • Wire transfers, check deposits, and loan applications cannot be processed until the next business day.
  • If you need cash or to move money between accounts, use your ATM or mobile app before the holiday.
  • Call your bank's customer service line or check their website to confirm your local branch's exact hours, since some may have different schedules.

What you can and cannot do on January 1

ATMs work 24/7 on January 1, so you can withdraw cash, check your balance, and transfer money between your own accounts at any time. Online banking through your bank's website or app also runs normally — you can pay bills, move money, and deposit checks using mobile deposit if your bank offers it.

What you cannot do is anything that requires a bank employee. You cannot deposit cash or checks at a teller window, open a new account, apply for a loan, dispute a transaction in person, or get a cashier's check. Wire transfers initiated on January 1 will not process until January 2. If your bank is closed on January 1 and you send a wire transfer request through your app or online banking, it sits in a queue and goes through the next business day.

Planning ahead if you need banking services on or around January 1

If you know you will need to deposit a check or withdraw a large amount of cash, do it on December 31 before the holiday. Most branches stay open until 5 or 6 p.m. on the last day of the year. If you cannot get there in time, use your ATM to withdraw what you need, or use mobile check deposit if you have a check to deposit.

For wire transfers, initiate them on December 30 or earlier if the money needs to arrive by a specific date. A wire sent on January 2 takes one business day to clear, so it arrives on January 3. If you need the money on January 2, you have to send it before the holiday.

How to find your bank's exact holiday hours

Call your bank's main customer service number — the one on the back of your debit card — and ask whether your local branch is open on January 1. You can also visit your bank's website and search for "holiday hours" or look up your specific branch location, which usually shows whether it is closed on federal holidays.

Some banks post their holiday schedule in the branch itself or send an email to customers in November or December. If you bank at a credit union, call the main office to confirm, because credit union hours vary more widely than large national banks.

What happens if you need emergency banking on January 1

If you have a genuine emergency — a fraudulent charge, a card that was declined, or a critical account issue — call your bank's 24/7 customer service line. Most large banks staff these lines even on holidays. They cannot process a deposit or open an account, but they can freeze a card, dispute a charge, or unlock an account that has been locked for security reasons.

If you need cash and your ATM is not working or you have hit your daily withdrawal limit, some banks allow you to request a higher limit through their app or by calling customer service. The limit increase may take effect immediately or within a few hours, depending on the bank.

Banks that may have different January 1 schedules

Most national banks (Chase, Bank of America, Wells Fargo, Citibank, US Bank) close all branches on January 1. However, some smaller regional banks or banks in certain states may have different policies. A few banks in states that do not observe New Year's Day as a paid holiday for employees may open some branches, though this is rare.

Online-only banks like Ally, Charles Schwab, and Marcus have no physical branches, so there are no "hours" to check — you bank entirely through your app or website, which runs 24/7. If you need to speak to a person, their customer service lines may have reduced staffing on January 1, but you can still call.

Frequently Asked Questions

Can I use my debit card at stores on January 1 if my bank is closed?

Yes. Your debit card works at any store, restaurant, or gas station on January 1 because the transaction goes through the payment network, not through your bank branch. Your bank's closure does not affect your ability to swipe or tap your card.

Will a check I deposit on January 1 clear the same day?

No. If you use mobile check deposit on January 1, the check enters the queue but does not clear until January 2 at the earliest. Most checks take one to two business days to clear after deposit, regardless of when you submit them.

What if I need to pay a bill and my bank is closed on January 1?

Pay through your bank's online banking portal or mobile app — both work on January 1. If the bill is due on January 1 itself, pay it on December 31 instead. Most bills have a grace period, so paying on January 2 is usually fine.

Do credit unions close on January 1?

Most credit unions close on January 1 because it is a federal holiday, but some have different schedules. Call your credit union directly to confirm, or check their website for holiday hours.