Yes, most banks close on Martin Luther King Jr. Day
Martin Luther King Jr. Day, observed on the third Monday in January, is a federal holiday. This means most banks close for the day, and you cannot do in-person banking. However, the rule is not absolute — some banks stay open, and online banking continues to work.
The day honors Dr. Martin Luther King Jr., the civil rights leader assassinated in 1968. Congress made it a federal holiday in 1983, and it took effect nationwide in 1986. Because it is a federal holiday, the Federal Reserve does not process payments that day, which is why most banks treat it as a banking holiday.
If you need to deposit a check or withdraw cash on MLK Day, you will need to plan ahead. ATMs work around the clock, so you can use those. Mobile check deposit through your bank's app also works on the holiday. But if you need to speak to someone at a branch or handle a transaction that requires a teller, you will have to wait until the next business day.
Key Takeaways
- Most banks close on Martin Luther King Jr. Day, which falls on the third Monday in January each year.
- ATMs and online banking services continue to work on MLK Day, even when branches are closed.
- Some banks and credit unions may stay open, so check with your institution before the holiday.
- Payments and transfers you submit on MLK Day will not process until the next business day because the Federal Reserve is closed.
Which banks close and which stay open
Most national banks close on MLK Day. This includes Bank of America, Chase, Wells Fargo, Citibank, and similar large institutions. However, some smaller banks and credit unions remain open, and a few banks in certain regions may have different policies.
The safest approach is to check your bank's website or call the branch directly before the holiday. Many banks post their holiday hours online, and you can usually find this information under "Hours" or "Locations" on their site. If you use a credit union, call ahead — credit union policies vary more widely than those of national banks.
Some banks that serve specific communities or operate in certain states may stay open. For example, a bank that primarily serves a region where MLK Day is not widely observed might keep branches open. This is rare, but it happens.
What you can still do on MLK Day
Even though branches are closed, you have several options for banking on Martin Luther King Jr. Day. ATMs work 24/7, so you can withdraw cash or check your balance at any time. You can also deposit checks using your bank's mobile app if it offers mobile check deposit — most major banks do.
Online banking portals remain open, so you can transfer money between your own accounts, pay bills online, or check your balance. You can also set up automatic payments or transfers that will process on the next business day. Credit card payments made online on MLK Day will typically post the next day.
If you need to wire money or send an ACH transfer, keep in mind that these will not actually move until the next business day because the Federal Reserve is closed. The same applies to checks you deposit — they will not clear until the next business day at the earliest.
When payments process after MLK Day
Any payment or transfer you submit on Martin Luther King Jr. Day will sit in a queue until the next business day. This includes wire transfers, ACH transfers (the electronic system banks use to move money between accounts), check deposits, and bill payments made through your bank's website.
If MLK Day falls on a Monday and you submit a payment that day, it will process on Tuesday. If you need money to move by a specific date, submit it the business day before the holiday instead. This is especially important if you are paying a bill with a important date or sending money that someone else is counting on.
Checks you deposit on MLK Day will not clear until at least the next business day, sometimes longer depending on the bank and the check amount. If you need funds urgently, deposit before the holiday or use a different method.
Planning ahead for MLK Day banking
The third Monday in January is always MLK Day, so you can mark it on your calendar now. If you know you will need cash or need to handle banking tasks that week, do them on Friday or earlier in the week.
If you pay bills by check, mail them a few days early so they arrive before the holiday. If you pay bills online, submit them before MLK Day so they process on time. If you are expecting a deposit or transfer, confirm it will arrive before the holiday or plan accordingly.
For recurring payments and transfers, set them up to process on business days only. Most banks allow you to choose which days automatic payments go out, so you can avoid the holiday.
Frequently Asked Questions
Can I use my debit card on MLK Day if the bank is closed?
Yes. Your debit card works at any merchant or ATM regardless of whether your bank branch is open. You can also use it to make online purchases. The only thing you cannot do is visit a physical branch to speak with a banker.
Will my direct deposit arrive on MLK Day?
No. If your employer normally deposits your paycheck on MLK Day, it will arrive on the next business day instead. Check with your employer's payroll department if you are unsure when your next deposit will post.
What if I need to dispute a charge on MLK Day?
Call your bank's customer service line. Most banks have phone support open on holidays, even if branches are closed. You can also start a dispute through your online banking portal, and a representative will follow up the next business day.
Do credit unions close on MLK Day?
Most credit unions close on MLK Day, but policies vary. Some stay open. Contact your credit union directly to confirm their holiday hours, or check their website.
If I deposit a check on the Friday before MLK Day, when will it clear?
It depends on the check amount and your bank's policy. Most checks clear within one to two business days, so a check deposited on Friday will likely clear by Wednesday or Thursday of the following week. Large checks may take longer.