As Christmas week approaches, many states are preparing for an extended period of bank closures. Starting tomorrow, banks across numerous states will remain closed for up to five days, encompassing Christmas Day and other holidays. This extended closure is due to the confluence of Christmas Day on Thursday, December 25th, and other regional holidays or weekend days.
The specific days of closure may vary depending on the state and local observances. However, the core closure stems from Christmas Day, a nationally recognized bank holiday. Many banks also observe the day after Christmas, December 26th, as a holiday, either officially or unofficially, contributing to the extended downtime.
While brick-and-mortar bank locations will be closed, customers will still have access to many banking services. Online banking platforms and mobile banking apps will remain operational, allowing customers to conduct transactions, check balances, and make payments. Additionally, ATMs will be available for cash withdrawals and deposits, although availability may vary by location.
The Federal Reserve System also observes Christmas Day as a holiday. For holidays falling on a Saturday, Federal Reserve banks and branches are open the preceding Friday. For holidays falling on a Sunday, all Federal Reserve offices are closed the following Monday.
It is advisable for individuals and businesses to plan accordingly for these closures. Transactions requiring in-person assistance should be completed before the start of the holiday period or scheduled for the days when banks reopen. Consider withdrawing necessary cash in advance and utilizing online and mobile banking services for routine transactions.
The extended bank closures during Christmas week are a yearly occurrence, allowing bank employees to spend time with family and friends during the holiday season. While the closures may cause some inconvenience, the continued availability of online and mobile banking services ensures that customers can still manage their finances during this period.
