It’s so confusing trying to figure out what is open and what is closed on New Year’s Eve. After all, we traditionally celebrate the New Year on this day. We ring it in at midnight, perhaps, but the parties start much earlier. So, it feels like a holiday. However, New Year’s Day is the actual holiday. So are things like banks open or closed on New Year’s Eve?
When Is New Year’s Eve 2020?
New Year’s Eve is Thursday, December 31, 2020. When the clock strikes midnight, we can put 2020 behind us and start 2021! Since both New Year’s Eve and New Year’s Day fall on weekdays this year, it’s important to know the bank holiday schedule. Will banks be open both days, one day, or neither day?
Banks Are Typically Open on New Year’s Eve
Most banks are going to be open on New Year’s Eve. New Year’s Eve is not an official holiday despite the fact that most of us do our celebrating that night. Banks only close on official federal holidays. Therefore, they don’t close down on New Year’s Eve.
That said, some banks do have shorter hours on New Year’s Eve. Banks may close early as a way of recognizing the informal holiday. This isn’t particularly common, so you shouldn’t have to worry about it too much. Nevertheless, it’s something to keep in mind if you’re doing your end-of-the-year banking.
Banks With Normal Hours on New Year’s Eve
If you do have to get some last-minute banking done on Thursday, December 31, 2020, then you might want to double-check with your local branch. Ask not just if they are open but what hours they are keeping for the day.
With that in mind, GoBankingRates reports that the following five banks should have normal hours on New Year’s Eve 2020:
- Bank of America
- Bank of the West
- Capital One
- Sun Trust
Banks With Limited Hours on New Year’s Eve
According to GoBankingRates, here are the limited hours / schedule for 16 other banks on New Year’s Eve 2020:
- BB&T: 9 a.m. to 2 p.m.
- BMO Harris Bank: 8 a.m. to 5 p.m.
- Chase: 9 a.m. to 6 p.m.
- Citizens Bank: 8:30 a.m. to 5 p.m.
- Fifth Third Bank: 9 a.m. to 5 p.m.
- Huntington: 9 a.m. to 5 p.m.
- KeyBank: Branches open 9 a.m. to 1 p.m.
- People’s United Bank: 9 a.m. to 4 p.m.
- PNC Bank: 11 a.m. to 2 p.m.
- Regions: 9 a.m. to 2 p.m.
- Santander Bank: 9 a.m. to 3 p.m.
- TD Bank: 8 a.m. to 6 p.m.
- UBank: 9 a.m. to 1 p.m.
- Union Bank: 9 a.m. to 5 p.m.
- U.S. Bank: 9 a.m. to 3 p.m.
- Wells Fargo: 9 a.m. to 3 p.m.
As you can seem, some banks close an hour or two earlier than usual on New Year’s Eve. On the other hand, many banks close around midday.
Note also that each location may vary. A bank branch inside of a grocery store may have different hours than a stand-along bank even on the holiday.
Banks Are Closed on New Year’s Day
Banks do recognize New Year’s Day as a federal holiday. Also called bank holidays, most government and professional services are closed for the day. In addition to banks, you can expect post offices, courthouses, and libraries to stay closed on Friday, January 1, 2021 in recognition of the New Year holiday.
New Year’s Day is The First Federal Holiday of 2021
There are ten federal holidays each year. Those are the days when banks and other services close in recognition of the holiday. However, if the holiday falls on a weekend, the date is sometimes observed either the Friday before or the Monday after. For example, Independence Day is July 4th. However, in 2021, July 4th is on a Sunday. Therefore, observance will be on July 5, 2021.
Here are the dates of observation for the ten bank holidays for 2021, starting with New Year’s Day:
- New Year’s Day: January 1, 2021
- MLK Jr. Day: January 18, 2021
- Washington’s Birthday: February 15, 2021
- Memorial Day: May 31, 2021
- Independence Day: July 5, 2021
- Labor Day: September 6, 2021
- Columbus Day / Indigenous People’s Day: October 11, 2021
- Veterans Day: November 11, 2021
- Thanksgiving: November 25, 2021
- Christmas: December 24, 2021
Notice that Christmas falls on a Saturday in 2021. Therefore, banks will close in observance on Friday, which is Christmas Eve. Like with New Year’s Eve, banks don’t usually close on Christmas Eve, only on Christmas Day. It’s only because the date is on the weekend that things are likely to be different in 2021.
Will Banks Open on Saturday After New Year’s?
For many people, New Year’s offers a long weekend. You may get off of work early on New Year’s Eve then have the entire day off on New Year’s Day. If you don’t typically work weekends, then you won’t have to go back to work until Monday, January 4, 2021. Therefore, you’ll get a three-day or four-day weekend.
But what about banks? If they’re open on Thursday but closed on Friday, what happens on Saturday? Many banks are already closed on weekends. If your bank is one of those, then of course they will stay closed as normal. However, there are also plenty of banks that keep weekend hours. They may be open part or all of the day on Saturdays, for example. So what about on New Year’s weekend 2021?
If your bank is usually open one Saturdays then there’s a good chance they’ll re-open Saturday morning. Therefore, if you don’t get your banking done before they close on the evening of New Year’s Eve, then you might be able to do so on Saturday, January 2, 2021. For example, First Bank closes early on Thursday, stays closed Friday, and re-opens with normal Saturday hours.
Are Credit Unions Open on New Year’s?
Credit unions are similar to banks. They often keep the same holiday hours. However, each credit union makes that decision for themselves. Therefore, hours can vary widely. Generally speaking, credit unions will stay open on New Year’s Eve, although many of them will have limited hours. They will close on New Year’s Day.
Online Banking and ATMs on Holidays
If you need to take care of mobile banking or get some money out of the ATM machine, then of course you can do that even when the bank locations are closed. Therefore, you can use online services and ATM machines on New Year’s Eve as well as New Year’s Day. That said, certain transactions might not go through until the Saturday or even Monday following the holiday. If you need to make sure that deposits or withdrawals take place before the end of the year, get that done Thursday morning.
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