When Does the Bank Typically Close

Jun 05, 2023 By Susan Kelly

Banks and other financial institutions are not open for business on a bank holiday. Because many online banking services continue to operate, bank holidays primarily affect brick-and-mortar banking institutions.

All major stock exchanges, brokerages, and traders will be closed on these dates because they fall on major federal holidays. Bank holidays are proclaimed to prevent bank runs. However, they are extremely unusual.

Weekday Banking Hours

During the week, most banks open between 8 and 9 in the morning and close around 5 or 6 in the evening, while some may close as early as four or as late as 6. Banks are open on varying schedules, although most are open late at least once a week. People who work standard 9-to-5 jobs can still make it to the bank before they go home. These days typically see a later-than-usual bank closing time of 6:00 or 7:00 p.m. Check your bank's website or call them to find out when the local branch is open.

Origins Of Bank Holidays

The Bank of England had previously observed over 33 saints' days and religious festivals, but in 1834 only Good Friday, November 1, May 1, and Christmas Day were observed as holidays.

The notion of paid vacations was introduced by Sir John Lubbock in 1871 with the passage of the Bank vacations Act, which established four holidays in Wales, England, and Northern Ireland and five holidays in Scotland. These included Good Friday, New Year's Day, the first Monday in August, the first Monday in May, Christmas Day in Scotland, Easter Monday, the first Monday in August, the 26th of December, and Whit Monday in England, Wales, and Northern Ireland. Good Friday and Christmas Day were already recognized as days of rest in England, Wales, and Ireland (together with Sundays). Thus, their inclusion in the Act was deemed redundant. The change was so well received that some even proposed renaming August Bank Holiday to honor St. Lubbock.

Saint Patrick's Day (March 17) was made a bank holiday in Ireland by the Bank Holiday (Ireland) Act of 1903, and the Governor of Northern Ireland made July 12 (the anniversary of the Battle of the Boyne in 1690) a bank holiday in 1926. The yearly proclamation of this holiday rests with Northern Ireland's Secretary of State.

The Scottish Parliament declared November 30 a national holiday in honor of St. Andrew in 2006. St. George's Day is a national holiday in England and Wales, but St. David's Day is not.

The last Monday of August became a bank holiday in England, Wales, and Northern Ireland beginning in 1965. Instead of celebrating Whitsun on the first Monday in June, as customary, we now celebrate the late spring bank holiday on the last Monday of May.

Banking Hours on Saturdays and Sundays

Saturday hours are typically short at banks. They'll be staying open later and going home earlier. The typical business day begins at 10:00 a.m. and ends at 2:00 p.m. Not all financial institutions are open on weekends. If you find Saturdays the most convenient time to visit the bank, you should call beforehand to confirm the opening and closing times.

On Sundays, most financial institutions are closed. There are a few notable outliers; TD Bank, for example, is open on Sundays, albeit for condensed hours. Again, you should verify with your local branch to confirm its hours, but you should not expect it to be open on Sundays.

Banking on Holidays

Banks pay extra attention to holidays. All financial institutions are closed on federal holidays. All federal, state, and local offices will be closed on these officially recognized days off. Martin Luther King Jr. Day, New Year's Day, Presidents' Day, Independence Day, Memorial Day, Columbus Day, Labour Day, Thanksgiving Day, Veterans Day, and Christmas Day are national holidays in the United States. Banks are closed on these holidays regardless of their regular business hours. Hours may be reduced on various holidays, such as Christmas and New Year's. Plan for your banking needs throughout the holidays.

Alternate Bank Availability Methods

You still have choices if you need to deal with financial matters, but the bank is closed. You can always withdraw money from an ATM should the need arise. You can withdraw money from your bank account anytime because most ATMs are open around the clock.

You can use your bank's website to check your balance, make transfers, and pay bills. You can do routine banking transactions at most banks' internet portals. You can accomplish this with the mobile app of many different banks. In this manner, you can handle business as usual, even if the bank is closed.

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