Most U.S. banks close on New Year's Day, January 1st
New Year's Day is a federal holiday, which means most traditional banks — Bank of America, Chase, Wells Fargo, Citibank, and regional banks — shut down for the day. You cannot visit a branch, use a teller, or speak to customer service by phone. ATMs and online banking stay open, but you cannot deposit checks or withdraw cash from a person.
Credit unions follow the same pattern. If your bank is closed on January 1st, you will not be able to conduct in-person business that day. The day after New Year's Day, banks reopen at their normal hours.
Some banks close on January 2nd as well if January 1st falls on a Sunday and they observe the holiday on Monday instead. Check your specific bank's website or call ahead if you are unsure about your branch's schedule.
Key Takeaways
- Federal banks close on January 1st, but ATMs and online banking remain available.
- You cannot make deposits, withdrawals with a teller, or reach customer service on New Year's Day itself.
- Banks reopen the next business day at their regular hours.
- If you need cash before the holiday, withdraw it on December 31st or earlier.
- Credit unions observe the same holiday closure as traditional banks.
What you can and cannot do on New Year's Day
ATMs work around the clock on January 1st, so you can withdraw cash or check your balance at any time. Online banking portals and mobile apps also stay open — you can transfer money between your own accounts, pay bills, and check transactions from home or your phone.
What stops working: depositing checks, making withdrawals at a teller window, opening a new account, disputing a charge in person, or speaking to a representative by phone. Wire transfers initiated on January 1st may not process until January 2nd or later, depending on your bank.
If you need to deposit a check, you can use a mobile deposit feature through your bank's app on January 1st. The check will be held and processed when the bank reopens. Some banks also have deposit envelopes at ATMs, though these are less common now.
Planning ahead if you need banking services
The best approach is to handle banking needs on December 31st. Withdraw cash you will need over the holiday weekend, deposit checks before the bank closes, and pay any bills that are due around January 1st. Most bill payments scheduled online will process on time even if you submit them on December 31st.
If you are traveling over New Year's and need cash, withdraw it before you leave. ATMs in other cities and states work the same way — they are available 24/7 — but you may face out-of-network fees if you use a machine that is not part of your bank's network.
For time-sensitive transactions like wire transfers, initiate them on December 30th or earlier. Banks process wires that arrive on January 1st, but the receiving bank may not credit the money until January 2nd.
What happens if you need emergency banking on January 1st
If you have a genuine emergency — a fraudulent charge, a frozen account, or a critical issue — call your bank's customer service line. Most banks maintain a 24/7 fraud line even on holidays, though general customer service is closed. The number is usually on the back of your debit card or on your bank's website.
For non-emergency issues that can wait, handle them on January 2nd when branches reopen. If your issue involves a payment deadline that falls on January 1st, contact the creditor or organization directly — many know the bank is closed and will accept payment on January 2nd without penalty.
Online banks and holiday hours
Online-only banks like Ally, Charles Schwab, and Discover have no physical branches, so there is no "closed" in the traditional sense. You can transfer money, deposit checks by phone, and manage your account on January 1st. However, customer service phone lines are typically closed, and any transaction you initiate may not process until January 2nd.
Check your specific online bank's website for their New Year's Day policy. Most post holiday hours in advance, usually in November or December.
State and local bank holidays
A few states observe additional holidays that some banks honor. For example, some banks in the South close on Confederate Memorial Day, and banks in Hawaii may close on different dates than the rest of the country. If your bank is regional or state-based, check their website for a full holiday calendar.
Federal holidays apply to all national banks. State-chartered banks may have slightly different rules, but New Year's Day is observed everywhere in the United States.
Frequently Asked Questions
Can I use my debit card on New Year's Day?
Yes. Debit cards work at ATMs and online retailers on January 1st. You can also use them at stores that accept card payments. Only in-person banking at a branch is unavailable.
Will my direct deposit process on New Year's Day?
Direct deposits scheduled for January 1st may arrive on that day or on January 2nd, depending on your employer and your bank. Most employers process payroll on the business day before a holiday, so your deposit may hit on December 31st instead. Check with your employer's payroll department if you are unsure.
What if I need to deposit a check before the bank reopens?
Use mobile deposit through your bank's app if it is available. Take a photo of the front and back of the check, and the bank will process it when they reopen. Some ATMs also accept check deposits, though this is becoming less common.
Do credit unions have different holiday hours than banks?
Most credit unions close on New Year's Day just like banks do. Some smaller credit unions may have different schedules, so contact yours directly if you are unsure. Their website or phone line will list holiday hours.
Can I pay my bills on New Year's Day?
Yes, if you pay online or by phone through your bank's website or app. If you need to pay in person at a branch, you will have to wait until January 2nd. For bills due on January 1st, most creditors accept payment on January 2nd without penalty.