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Monday, January 16, 2023, is Martin Luther King, Jr. Day. As a federal holiday, many professionals get the day off. As a result, it can seem like the perfect time to run errands, including heading to the bank. However, since it’s a holiday, it’s normal to wonder, “Is the bank open on MLK Day 2023?” If you’re asking that question, here’s what you need to know.
Is the Bank Open on MLK Day 2023?
No, banks aren’t typically open on MLK Day. The vast majority of banks close on federal holidays, giving their employees a day off. Here is a list of banks that usually close on the holiday:
- Bank of America
- Capital One
- Chase Bank
- Citibank
- HSBC Bank
- TD Bank
- US Bank
However, you may find some exceptions. For example, bank branches in retail stores that are open may see customers on federal holidays. This could mean using their regular operating schedule or modified holiday hours. This is more common with specific PNC Bank or SunTrust Bank locations, but it isn’t universal.
Are Credit Unions Open on MLK Day 2023?
No, credit unions aren’t usually open on Martin Luther King, Jr. Day. Like banks, they classically follow the federal holiday schedule. Aside from a limited number of branches inside retail stores, it’s best to assume that your credit union is closed.
How to Bank on MLK Day 2023
If you need to handle a banking transaction on MLK Day, you do have some options. In most cases, any service that doesn’t require a teller is available. For example, you can withdraw cash, make deposits, or check balances at many ATMs. Some ATMs even allow you to pay bills on holidays.
Online and mobile banking services are also traditionally available. You can check your balance, transfer funds between accounts at the institution, and schedule bill payments. Remote check deposit is also available.
However, certain transactions won’t start processing until the day after the holiday, so it’s important to plan for that delay. This can apply to bank-to-bank transfers, online bill pay that requires mailing checks, check deposits over specific amounts, and other transactions that typically won’t wrap up instantaneously when the bank isn’t formally open.
If you need to ensure a bank transaction completes by Martin Luther King, Jr. Day, make sure to get it started at least a few days prior to the holiday. Otherwise, it may not finish processing until after the holiday.
Bank and Credit Union 2023 Holiday Schedule
While banks and credit unions can technically set their own holiday schedules, most align theirs with the federal holiday schedule. As a result, you can use federal holidays as a guide, making it easier to anticipate when financial institutions typically close.
Here is an overview of the 2023 holiday schedule for banks and credit unions:
- New Year’s Day (observed) – Monday, January 2, 2023
- Martin Luther King, Jr. Day – Monday, January 16, 2023
- President’s Day – Monday, February 20, 2023
- Memorial Day – Monday, May 29, 2023
- Juneteenth – Monday, June 19, 2023
- Independence Day – Tuesday, July 4, 2023
- Labor Day – Monday, September 4, 2023
- Columbus Day – Monday, October 9, 2023
- Veterans Day (observed) – Friday, November 10, 2023
- Thanksgiving Day – Thursday, November 23, 2023
- Christmas Day – Monday, December 25, 2023
In many cases, banks and credit unions are also closed on Easter, Mother’s Day, and Father’s Day. However, this is mainly due to the fact that those holidays fall on Sundays, and banks and credit unions are classically closed on Sundays.
There are also some days when banks and credit unions may close early. That’s most common on the day before Thanksgiving, Christmas Eve, and New Year’s Eve. As a result, it’s wise to check with your preferred branch to see if they’re closing early if you need to see a teller that day.
Do you wish that banks were open on federal holidays, or is it typically not a concern? Have you ever needed to go to a bank during a holiday for an emergency and ran into trouble since they weren’t open? Share your thoughts in the comments below.
Read More:
- Is Target Closed on MLK Day 2023?
- Holiday Schedule for Costco 2023
- Is the Post Office Open on MLK Day 2023?
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Image and article originally from www.savingadvice.com. Read the original article here.