Most banks are closed on Martin Luther King Jr. Day

The Federal Reserve observes Martin Luther King Jr. Day as a federal holiday, which means most traditional banks close their physical branches on that day. This includes the major national banks — Bank of America, Wells Fargo, Chase, Citibank, and others — as well as most regional and community banks.

The holiday falls on the third Monday of January each year. In 2024, that was January 15. In 2025, it will be January 20. Your bank's branch will be closed, and you won't be able to visit a teller, use the safe deposit box, or access in-person services.

However, "closed" does not mean your money is locked away. ATMs stay operational, online banking continues to work, and mobile apps function normally. What changes is human access and the processing of certain transactions.

Key Takeaways

  • Physical bank branches close on MLK Day, but ATMs, online banking, and mobile apps remain available 24/7.
  • Deposits made at ATMs or through mobile deposit on MLK Day will not be processed until the next business day.
  • Wire transfers, bill payments, and other transactions initiated on the holiday may not clear until Tuesday or later.
  • Some credit unions and online-only banks may have different holiday schedules, so check your institution's calendar.

What you can and cannot do on MLK Day

You can: Withdraw cash from ATMs, check your balance online, transfer money between your own accounts through your bank's app or website, set up bill payments (though they won't process until the next business day), and deposit checks through mobile deposit (though they won't clear until the next business day).

You cannot: Visit a branch to speak with a teller, access a safe deposit box, get a cashier's check or money order in person, deposit cash directly into a teller window, or resolve account issues that require a human decision on that day.

If you need cash before the holiday, withdraw it the day before. If you need a cashier's check or have a problem that requires a phone call, handle it before MLK Day or wait until Tuesday.

When deposits and transfers actually clear

Timing depends on how you move the money. A mobile check deposit submitted on MLK Day will not be processed until Tuesday, so the funds won't be available until Wednesday at the earliest — sometimes later depending on the check amount and your bank's policy.

Wire transfers initiated on MLK Day will not leave your account until the next business day. The receiving bank may not see the money for another day after that. If you need money to arrive by a specific date, do not wait until the day before a holiday to send it.

ACH transfers (the system used for most bill payments and direct deposits) also pause during federal holidays. A payment you schedule on MLK Day may not process until Wednesday or Thursday, depending on when you submit it and your bank's processing window.

Online banks and credit unions may have different schedules

Some online-only banks and credit unions do not observe all federal holidays the way traditional banks do. Ally Bank, for example, processes some transactions on federal holidays even though branches are closed. Charles Schwab and other investment-focused institutions may have their own calendars.

The safest approach is to check your specific bank's holiday schedule on their website or call their customer service line before MLK Day. Search for "[Your Bank Name] holiday hours" or look for a holiday calendar in your online banking portal.

Planning ahead to avoid delays

If you know you will need cash, a transfer, or a check before or around MLK Day, handle it the Friday before the holiday. Deposits made on Friday will clear by Monday or Tuesday. Transfers initiated on Friday will have a full business day to process before the holiday pause.

If you are expecting a direct deposit or a check from someone else, remember that payroll and bill payments may be delayed if they were scheduled to process on MLK Day. Ask your employer or the paying party when they plan to send the money, and assume it may arrive a day later than usual.

For recurring bill payments, check that your scheduled payment date does not fall on MLK Day. If it does, move it to the day before or the day after to avoid confusion about whether the payment went through.

What to do if you have an urgent banking need

If you absolutely need to handle something on MLK Day itself, use your bank's customer service line if they offer phone support on holidays — some do, even if branches are closed. You can also use ATMs for cash withdrawals and your mobile app for transfers between your own accounts.

For problems that require a teller or a manager decision, you will have to wait until Tuesday. If the issue is truly urgent (a fraudulent charge, a locked account, a missing deposit), call your bank's fraud or customer service line on MLK Day to report it. They may be able to flag your account so it is addressed first thing Tuesday morning.

Frequently Asked Questions

Can I withdraw money from an ATM on MLK Day?

Yes. ATMs operate 24/7 regardless of bank holidays. You can withdraw cash, check your balance, and transfer money between your own accounts at an ATM on MLK Day just as you would any other day.

Will my paycheck arrive on time if it is supposed to deposit on MLK Day?

Probably not. Direct deposits scheduled for MLK Day will typically process the next business day instead. Ask your employer when they submit payroll; if they submit on Friday for Monday deposit, your check may arrive Tuesday instead. If they submit on Monday, it could be Wednesday.

What if I deposit a check through my phone on MLK Day?

The deposit will be received and recorded, but the check will not be processed until Tuesday. Funds will not be available until Wednesday at the earliest, sometimes longer depending on the check amount and your bank's hold policy.

Do all banks close on MLK Day?

Most traditional banks and credit unions do, because the Federal Reserve observes it. However, some online-only banks and investment firms may process transactions normally. Check your specific bank's holiday calendar to be sure.

Can I pay my bills on MLK Day?

You can schedule bill payments through your bank's website or app on MLK Day, but they will not process until Tuesday or later. If a bill is due on MLK Day itself, pay it the day before to avoid a late fee.