Electronic bank transfers are routed through the Federal Reserve, so they will not be moved on holidays when the Federal Reserve is closed. (The same thing happens on weekends). This means that banking transactions you make online on a public holiday will not be processed until the next business day.
For example, if it typically takes two or three days for a check to be deposited or a payment to be processed, holidays do not count for these purposes either.
The day of the week is important
By law, five of the Federal Reserve’s 11 holidays – Martin Luther King Jr. Day, Presidents’ Day, Memorial Day, Labor Day and Columbus Day – always fall on a Monday. The rest has a fixed date and regularly falls on a Sunday. In this case, the Federal Reserve celebrates the holiday the following Monday (like New Year’s Day in 2023), and banks often do too.
If a holiday falls on a Saturday, such as Veterans Day in 2023, the Federal Reserve will not celebrate it on the preceding Friday.
Calendars may vary by state
Some states have their own holidays or celebrate holidays that are not included in the federal calendar, such as Good Friday (which falls on April 7, 2023), the day after Thanksgiving, or the day before Christmas. Bank branches in your state may be closed or open with reduced hours on these days.
