With Inauguration Day and Martin Luther King Jr. Day 2025 just around the corner, you may be wondering how such events will affect bank operations. Since both events fall on a Monday, January 20, this year, it’s crucial to know what to expect, especially if you have errands to run regarding finances.
Will banks be open on Martin Luther King Day 2025?
The short answer is no. Martin Luther King Jr. Day is a federal holiday, which means banks across the country will be closed. Since January 20 is both a federal holiday and Inauguration Day, federal employees will also have the day off.
If you are planning to visit your local branch for in-person banking, you will need to wait until the next business day, Tuesday, January 21. This applies to major banks like:
It is always a good idea to double-check with your specific branch if you are unsure, but most banks follow the federal holiday schedule.
Will ATMs and online banking work on Inauguration Day?
Even though banks will be closed for Martin Luther King Jr. Day and Inauguration Day, you can still rely on ATMs and online banking services. These systems operate 24/7, so you can:
- Withdraw cash from ATMs.
- Transfer money between accounts using online or mobile banking.
- Pay bills and check your account balance through banking apps.
However, keep in mind that any transactions involving processing times, such as check deposits, may not be fully completed until the next business day.
What about direct deposits and scheduled transactions?
If you are expecting a direct deposit, especially for payroll or benefits, it is worth noting that federal holidays can sometimes cause delays. For January 20, 2025:
- Direct deposits scheduled for that day will likely be processed on the next business day.
- Automatic bill payments set for January 20 might also be delayed, so double-check your scheduled payments.
If you are worried about late payments, you might want to adjust your payment date to avoid potential issues.
Will stock markets be open on Martin Luther King Day?
Both the New York Stock Exchange and the NASDAQ will be shut down on Monday, January 20, in observance of Martin Luther King Jr. Day. It means that any decision to buy or sell stocks in the market would have to wait until Tuesday, January 21, when the markets open again.
Are credit unions affected too?
Like banks, most credit unions will also be closed on Martin Luther King Jr. Day. If you are a credit union member, you will want to plan ahead for any in-person banking you may need. Many credit unions have a decent online setup where you could work with your account even though the branches might be closed.
Quick tips for managing your finances during a federal holiday
Following are a few tips to keep your finances in order on all federal holidays, including Martin Luther King Jr. Day:
- Plan ahead: If you need cash or in-person banking services, take care of it today, Friday, January 17.
- Go online: Most banking apps and websites allow you to handle most transactions when the bank is closed.
- Monitor your payments: Make sure that none of your scheduled payments or deposits is affected by this holiday.
Inauguration Day and Martin Luther King Jr. Day are important holidays, but with some planning, you can ensure that your banking needs do not get disrupted in any manner.
