With New Year’s Eve and New Year’s Day falling on the weekend this year, many are wondering how the end-of-year holidays will impact bank schedules. Will any banks be open on New Year’s Eve or will they follow modified schedules?
If you’re planning on making a bank run this weekend or want to know if banks will be processing deposits on New Year’s Eve, keep reading for a look at the top national banks’ 2022 and 2023 holiday schedules.
What banks are open on New Year’s Eve?
This year, New Year’s Eve falls on Saturday, Dec. 31, 2022. Fortunately, most banks will remain open on NYE this year, though some may limit hours of operation. Banks typically remain open on Saturday between 9:00 a.m. and 2:00 p.m., though hours vary by location. While some will stay open until 2:00 p.m., others might close around 12:00 p.m.
The national banks that typically follow this schedule include:
- Chase Bank
- TD Bank
- Bank of America
- Wells Fargo
- PNC Bank
Depending on where you live, you might not find a Truist bank open on NYE 2022 as some will close for the day.
If you plan on going to the bank on Saturday (NYE), be sure to contact your local branch to confirm its New Year’s Eve hours before heading over.
Are any banks open on New Year’s Day?
New Year’s Day is a federal holiday that is observed by banks, post offices, and even the stock market. This year, however, because New Year’s Day falls on a Sunday, banks will be observing the holiday on Jan. 2 and will remain closed. National banks should resume their normal banking hours on Jan. 3, 2023.
Will direct deposit go through on New Year's Eve?
If New Year’s Eve falls on a weekday, the deposit should go through as long as it is scheduled for that day. But, because banks adhere to their own processing times, you might have to wait until after the New Year for your deposit to clear.
This year, because NYE 2022 falls on a Saturday, ACH deposits won’t process until the next business day. ACH deposits process between Monday and Friday, and are delayed by a day if a bank holiday happens to fall on one of these days.
Has New Year's day always been a bank holiday?
The Federal Reserve recognizes New Year’s Day as a bank holiday and has for decades. In the past, when New Year’s Eve fell on a weekday, banks would close for that day and resume normal business hours the day following (if it isn’t a Sunday). In the event New Year’s Eve falls on a Sunday, then banks close the Monday after to observe the holiday.