Most banks are closed on New Year's Day, but you can still access your money
Banks observe New Year's Day as a federal holiday, so branch locations will be closed on January 1st. This means you cannot walk in, speak to a teller, or use services that require a person on the other end. However, you can still move money through ATMs, online banking, mobile apps, and automatic transfers — those run 24/7 regardless of the holiday.
If you need to deposit a check or withdraw cash from a teller, you will have to wait until the next business day. Checks deposited through an ATM or mobile app on New Year's Day will process, but the funds may not clear until January 2nd or later, depending on your bank and the check's origin.
Wire transfers, ACH payments, and bill payments you schedule online will go through on the holiday itself if you set them up before the bank closes on December 31st. The transaction will sit in the queue and process automatically when the Federal Reserve's systems resume normal operation on January 2nd.
Key Takeaways
- Bank branches close on New Year's Day, but ATMs and online banking stay open around the clock.
- Checks deposited through an ATM or mobile app on the holiday will process, but clearing may take an extra day.
- Automatic payments and transfers you schedule before December 31st will execute on their normal schedule, even if that falls on January 1st.
- If you need cash or a teller service, plan ahead or use an ATM at a different bank that may have extended holiday hours.
- Wire transfers initiated on New Year's Day may not leave your account until January 2nd, when the Federal Reserve resumes operations.
What you can and cannot do on New Year's Day
ATM withdrawals and deposits work normally on January 1st. You can pull cash, check your balance, transfer money between your own accounts, and deposit checks through the mobile app or ATM envelope slot. The transaction posts to your account immediately, though a deposited check may take one to three business days to clear depending on the check's bank and your bank's policies.
Online and mobile banking also run without interruption. You can log in, pay bills, set up transfers, and move money between accounts at any time. If you schedule a payment for a future date, the system will process it on that date even if it falls on a holiday.
Teller services, loan applications, safe deposit box access, and account changes all require a person and cannot happen on January 1st. If you need to speak to someone about a problem with your account, you will have to call or visit on January 2nd or later.
How scheduled payments work across the holiday
If you set up an automatic bill payment, ACH transfer, or recurring transaction before December 31st, it will process on its scheduled date even if that date is January 1st. The transaction leaves your account on the holiday, but the receiving bank may not see the funds until January 2nd because the Federal Reserve does not process interbank transfers on federal holidays.
This matters most for time-sensitive payments. If your mortgage or rent is due on January 1st and you schedule the payment for that date, your bank will send it, but the landlord or lender may not receive it until January 2nd. Most lenders and landlords know this and do not penalize payments that arrive one day late due to the holiday, but check your lease or loan agreement to be sure.
Wire transfers initiated on New Year's Day will not leave your account until January 2nd, when the Federal Reserve's wire system resumes. If you need money to move urgently, initiate the wire on December 31st instead.
ATM access and cash withdrawal on the holiday
Your bank's ATMs will work on January 1st, and you can withdraw cash, deposit checks, and transfer money between your accounts. If your bank's ATM is inside a branch that closes on the holiday, you can still use it from outside the building — most banks keep the exterior ATM accessible even when the branch is locked.
If you need cash and your bank's ATM is not accessible, you can use an ATM from another bank. You will pay an out-of-network fee (usually $2 to $3), but the transaction will go through. Some banks waive out-of-network fees on holidays, so check your account terms.
If you run out of cash before the holiday and your bank closes early on December 31st, plan ahead. Many grocery stores, pharmacies, and convenience stores offer cash back with a debit card purchase, and that option stays open on January 1st.
When the Federal Reserve is closed and what that means for you
The Federal Reserve, which clears checks and processes interbank transfers, closes on New Year's Day. This does not stop your bank from accepting your payment or transfer — it just delays when the other bank receives it. A check you deposit on January 1st will clear on January 2nd or 3rd instead of the next business day. An ACH transfer you initiate on the holiday will reach the other bank on January 2nd.
Wire transfers are affected most directly. The Federal Reserve's wire system (Fedwire) does not operate on federal holidays, so a wire you send on January 1st will not leave your bank until January 2nd. If you need the money to arrive the same day, send it on December 31st instead.
International transfers and SWIFT payments also slow down because they route through the Federal Reserve. If you are sending money abroad, initiate it before the holiday to avoid an extra day of delay.
Planning ahead to avoid problems on the holiday
If you have a payment due on or around January 1st, schedule it for December 30th or 31st. This gives the receiving bank time to process it before the holiday and ensures it clears on time. Most banks let you schedule payments up to 30 days in advance, so you can set this up weeks ahead.
If you need cash, withdraw it on December 31st or earlier. ATMs work on the holiday, but if your bank's ATM is down or out of service, you will not have a teller to help you. Having cash in hand before the holiday removes that risk.
If you are expecting a deposit (paycheck, tax refund, transfer from another person), know that it may arrive a day later than usual if it processes on January 1st. Direct deposits scheduled for January 1st will post to your account on that date, but ACH transfers from other banks may take an extra day.
Check your bank's website or call before December 31st if you have questions about holiday hours or specific services. Some banks offer extended hours on December 31st or January 2nd to help customers catch up, and knowing this in advance saves time.
What to do if something goes wrong on New Year's Day
If you notice a fraudulent transaction or an error on January 1st, you can report it through your mobile app or online banking, or call your bank's fraud line. Most banks staff their fraud department 24/7, even on holidays. Document what happened and the exact time you noticed it, then file a report as soon as you can.
If a payment did not go through when you expected, check your scheduled payments in online banking to confirm it was set up correctly. If it was scheduled for January 1st and your bank processes it on January 2nd, you will see it move on the 2nd. If it did not post at all, call your bank on January 2nd to find out why.
If you locked yourself out of your account or forgot your password, you can usually reset it through the login page on your bank's website or app. If that does not work, you will have to call customer service on January 2nd. Keep your account number and a form of ID handy so you can verify yourself quickly.
Frequently Asked Questions
Can I deposit a check on New Year's Day?
Yes, through an ATM or mobile app. The check will post to your account immediately, but it may take one to three business days to clear depending on the check's bank. A check deposited on January 1st typically clears by January 3rd or 4th.
Will my paycheck deposit on January 1st if it is scheduled for that date?
Yes, direct deposits process on their scheduled date even if it falls on a holiday. Your paycheck will post to your account on January 1st. However, if your employer processes payroll on December 31st and schedules the deposit for January 1st, it may arrive a day late if the employer's bank is closed.
What if I need to wire money on New Year's Day?
You can initiate a wire through your bank's online banking or by calling, but it will not leave your account until January 2nd because the Federal Reserve does not process wires on federal holidays. If the money is urgent, send it on December 31st instead.
Are credit unions open on New Year's Day?
Most credit unions close on New Year's Day, just like banks. However, some credit unions that are part of shared branching networks may have limited access through partner locations. Check your credit union's website for holiday hours and shared branch locations near you.
Can I use my debit card on New Year's Day?
Yes, debit cards work normally on the holiday. You can make purchases, withdraw cash from ATMs, and use contactless or online payments. The only limitation is that you cannot visit a branch to speak to a teller or resolve account issues in person.