Federal Bank Holidays and You

Sign announcing that the credit union is closed for Veterans Day

Why We Make a Lot of Noise About Federal Bank Holidays

You might have noticed that we go all out to let you know when a federal bank holiday is coming up. We post it on our website, our app, social media, digital signs, and even have our tellers put up notices a week in advance.  Why all the fuss about taking a day off?

Well, it’s because federal bank holidays can be a bit tricky. They often line up with national holidays, but not always, and they can catch people off guard.

What Exactly is a Federal Bank Holiday?

Simply put, it is a day when credit unions and banks are closed, even though many other businesses might be open. The key thing to remember is that when we’re closed, so is the Federal Reserve. This means the systems that move money between financial institutions are also offline.

What This Means for You

The biggest impact is on deposits. Any deposit made on a federal banking holiday won’t actually show up in your account until the next business day. This includes:

  • Checks deposited with your smart phone.
  • Checks deposited at ATMs.
  • Payroll deposits (if your employer did not make prior arrangements).
  • Regularly received deposits that arrive on the holiday.
  • Other deposits that you might be expecting, which coincide with a bank holiday.
  • A variety of similar deposit situations.

Monday holidays can be especially tricky. For example, if you make a remote check deposit after we close (2 pm) on the Saturday before a Monday holiday, your check(s) won’t be processed until Tuesday morning when we reopen.

Another problematic area is bill payments that you have scheduled. If you accidentally specified a banking holiday date as your payment date, the payment would not process until the business day after the holiday. This could mean late fees and other negative consequences.

Why We Want You to Know

We understand that waiting for a deposit can be frustrating, especially if you’re relying on those funds. By giving you plenty of notice, we hope to help you plan ahead and avoid any surprises.

Take a look at banking holiday dates for the next 3 years on our Holiday page. Please keep them in mind when scheduling deposits and payments.

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