Most banks close on MLK Day, but some branches and ATMs stay open
Martin Luther King Jr. Day is a federal holiday, and most banks treat it the same way they treat Thanksgiving or Christmas — they close their physical branches. That means you cannot walk in, speak to a teller, or use a drive-through window. However, ATMs run 24/7 at most banks, so you can withdraw cash or check your balance even when the branch is shut.
Some banks open select branches in major cities or keep limited hours (often 9 a.m. to 1 p.m.), but this is rare and depends entirely on the bank and location. Your best move is to check your bank's website or call the specific branch you plan to visit — do not assume it will be open.
If you need to deposit a check, transfer money, or handle something that requires a teller, you will have to wait until the next business day. Mobile banking and online transfers work normally on the holiday itself.
Key Takeaways
- Federal banks close on MLK Day, but ATMs remain available around the clock for withdrawals and balance checks.
- A few banks operate limited hours or open select branches in major cities, but this is not standard — call ahead to confirm.
- Online banking, mobile apps, and automatic transfers work normally on the holiday.
- Check deposits and teller services will not be processed until the next business day.
- Stock markets and bond markets close on MLK Day, so investment transactions cannot settle until Tuesday.
Which banks close and which might stay open
All major national banks — Bank of America, Chase, Wells Fargo, Citibank, US Bank, and others — close their branches on MLK Day. Credit unions also close, though some larger ones may operate limited hours. Community banks and regional banks follow the same pattern: closed on the federal holiday.
The exception is rare. Some banks in major metropolitan areas (New York, Los Angeles, Chicago) occasionally open one or two branches for a few hours, but this is not may provide year to year and depends on the bank's policy. Online-only banks like Ally or Charles Schwab do not have physical branches, so the holiday does not affect them.
Your bank's website usually lists holiday hours in the days leading up to MLK Day. If you do not see it posted, call the branch directly or use the bank's branch locator tool and click on the specific location.
What you can and cannot do on MLK Day
| Transaction Type | MLK Day | Next Business Day |
|---|---|---|
| Withdraw cash from ATM | Yes | Yes |
| Check account balance online | Yes | Yes |
| Transfer money between your accounts | Yes (online or app) | Yes |
| Deposit a check via mobile app | Yes (processes next day) | Yes |
| Speak to a teller in person | No | Yes |
| Use drive-through window | No | Yes |
| Wire money | No | Yes |
| Open a new account | No | Yes |
Online and mobile banking work normally on MLK Day. You can transfer money between your own accounts, pay bills, and deposit checks using your phone's camera. The transactions post to your account right away, though the actual settlement (when the money leaves the other bank) may take one to two business days.
Anything that requires a teller or physical access to the branch — deposits at the counter, cashier's checks, account disputes, loan applications — has to wait until Tuesday. If you need cash before the holiday, withdraw it on Friday or over the weekend.
How to find your bank's specific hours
The fastest way is to visit your bank's website and use the branch locator tool. Type in your zip code or city, click on the branch you want, and scroll down to "Holiday Hours" or "Today's Hours." Most banks update this information by the Friday before MLK Day.
If the website does not show holiday hours clearly, call the branch directly. The phone number is listed in the branch locator. Ask specifically: "Are you open on Monday, January 20th?" (or whatever the date is that year). Do not assume based on what another branch does — hours vary by location.
If you bank with a credit union, check their website or call their main line. Larger credit unions sometimes post holiday hours on their homepage; smaller ones may require a phone call.
Stock markets and investment accounts on MLK Day
The New York Stock Exchange and NASDAQ both close on MLK Day. If you have a brokerage account (Fidelity, Vanguard, E-Trade, etc.), you cannot place stock or bond trades on the holiday. Any trades you place on Friday will settle on Tuesday, not Monday.
You can still log into your investment account and view your holdings, but buy and sell orders will not go through until the market reopens on Tuesday. If you are waiting for a deposit to settle so you can invest it, that settlement will also be delayed by one day.
Planning ahead to avoid problems
If you know you will need cash, a deposit processed, or a wire sent around MLK Day, handle it on Friday. Withdraw extra cash from the ATM on Friday afternoon so you have what you need through Monday and Tuesday. Deposit checks using your mobile app on Friday so they post by Tuesday morning.
If you are expecting a direct deposit (paycheck, tax refund, government payment) on Monday, it will not hit your account until Tuesday because the banking system itself is closed. Payroll processors and government agencies do not send payments on federal holidays.
For anything time-sensitive — a bill payment due Monday, a wire that needs to go out immediately — plan to handle it on Friday or wait until Tuesday. Do not count on Monday for banking services.
Frequently Asked Questions
Can I use my debit card at stores on MLK Day if the bank is closed?
Yes. Your debit card works at any store, gas station, or ATM regardless of whether your bank's branch is open. The bank's closure only affects in-person services like tellers and drive-throughs. Debit transactions process normally.
Will my direct deposit come through on MLK Day?
No. Direct deposits from employers, government agencies, and other sources do not process on federal holidays. If your paycheck or benefit payment is scheduled for Monday, it will arrive on Tuesday instead. Check with your employer or the paying agency if you are unsure of the exact date.
What if I need to deposit a check urgently on MLK Day?
Use your bank's mobile app to deposit the check by taking a photo of the front and back. The deposit will be recorded immediately, and the funds will be available by Tuesday morning. This works for most banks and is faster than waiting for a teller.
Do online banks like Ally or Chime close on MLK Day?
No. Online-only banks do not have physical branches, so they do not close. You can transfer money, check balances, and use ATMs normally. However, ACH transfers and external wire processing may be delayed by one day because the broader banking system is closed.
Can I still pay bills online on MLK Day?
Yes. Bill payments through your bank's website or app work normally on the holiday. However, if you are paying a biller that is also closed (a government agency, for example), the payment may not be processed until Tuesday.