Most banks close on Martin Luther King Jr. Day

Most banks in the United States close on Martin Luther King Jr. Day, which falls on the third Monday of January each year. This is a federal holiday, and banks treat it the same way they treat other federal holidays like Thanksgiving or Christmas — they shut their doors and do not process transactions that day.

However, "closed" does not mean you lose access to your money entirely. You can still use ATMs, online banking, and mobile apps to check balances, transfer funds between your own accounts, and pay bills. What you cannot do is walk into a branch to speak with a teller, deposit checks in person, or conduct business that requires a banker's help.

If you need to deposit a check or handle something that requires a person, you will have to wait until the next business day — usually Tuesday, since the holiday falls on Monday.

Key Takeaways

  • Banks close on Martin Luther King Jr. Day, which is the third Monday in January each year.
  • ATMs and online banking work normally on the holiday, so you can withdraw cash and move money between your own accounts.
  • Checks you deposit on the holiday will not be processed until the next business day, even if you use a mobile app or ATM.
  • If your bank is part of a larger network, some branches in other states may have different holiday schedules — call ahead if you are unsure.

What you can and cannot do on the holiday

On Martin Luther King Jr. Day, your bank's physical branch will be closed, but your money does not disappear. ATMs stay running 24/7, so you can withdraw cash, check your balance, and transfer money between accounts you own at that bank. Online banking and mobile apps work the same way they do any other day.

What stops working is anything that requires a bank employee. You cannot deposit a check in person, open a new account, explore for a loan, dispute a transaction with a teller's help, or get a cashier's check. If you try to deposit a check through a mobile app or ATM on the holiday, the bank will process it the next business day, which means the funds may not show up in your account until Wednesday.

Wire transfers and bill payments you set up online usually go through on schedule, because the bank queues them before the holiday. But if you are sending money to another bank, that receiving bank may not process it until after the holiday, depending on when the transfer arrives.

When the holiday falls and how it affects your schedule

Martin Luther King Jr. Day is always the third Monday in January. In 2024, it falls on January 15. In 2025, it falls on January 20. You can mark these dates on your calendar now if you know you will need to do banking that week.

The main thing to plan for is check deposits. If you get paid by check and your payday falls on or near the holiday, deposit it the day before if you can, or expect it to clear a day later than usual. The same goes for any checks you receive — mobile deposit works on the holiday, but the bank will not process it until the next business day.

If you have bills due right after the holiday, pay them a day or two early through online banking. That way, even if a transfer takes an extra day, it will still arrive on time.

How to learn about your specific bank is open

Most national banks — Bank of America, Wells Fargo, Chase, Citibank, and others — close on Martin Luther King Jr. Day. Most credit unions do too. But some smaller regional banks or credit unions may have different policies, and a few banks stay open on some federal holidays.

The easiest way to know for sure is to call your bank's customer service line or check their website. Search for "[Your Bank Name] Martin Luther King Day hours" or look for a holiday hours page on their website. Many banks post their holiday schedule in December, so you can see the whole year at once.

If you bank at a credit union, call them directly. Credit unions are not all the same, and some stay open while others close.

What happens to automatic payments and direct deposits

Direct deposits and automatic bill payments scheduled for Martin Luther King Jr. Day usually go through on schedule, because they are processed by the bank's computer system before the holiday. Your employer's payroll system sends your direct deposit the day before, and the bank receives and credits it even though the branch is closed.

However, if a payment is supposed to arrive from another bank on the holiday, that sending bank may delay it by a day because their systems are closed. This is rare with payroll, because employers plan around federal holidays. But if you are expecting a payment from a person or small business, it might arrive a day late.

If you have a bill due on the holiday and you pay it through your bank's bill pay system, the bank will send the payment on the date you request, even if that date is the holiday. The receiving company will process it the next business day. To be safe, send bill payments at least two business days before they are due.

Planning ahead for the holiday

If you know you will need to do banking around Martin Luther King Jr. Day, do it the Friday before or the Tuesday after. Deposit checks, withdraw cash, and handle anything that requires a teller before the holiday arrives.

If you need cash over the weekend before the holiday, use an ATM on Friday. If you need cash on the holiday itself, ATMs work fine. If you need cash the day after the holiday and your bank is closed, you can still use an ATM or visit a different bank's ATM if your bank is part of a network that allows it.

For anything time-sensitive — a large deposit you need to clear, a dispute you need to report, a loan you need to discuss — call your bank on Thursday or Friday to let them know you are coming in Monday or to ask if you should handle it differently.

Frequently Asked Questions

Can I use my debit card on Martin Luther King Jr. Day?

Yes. Your debit card works normally on the holiday. You can use it to buy things, withdraw cash from ATMs, and pay bills online. The only thing that stops is in-person banking at your branch.

Will my paycheck arrive late if payday is on the holiday?

Usually no. Most employers send payroll the day before the holiday, so the direct deposit hits your account on time. But if your employer processes payroll on the holiday itself, the deposit might arrive a day late. Check with your employer if you are unsure when they send payroll.

What if I need to deposit a check on the holiday?

Use mobile deposit through your bank's app if you have it — you can take a photo of the check and submit it anytime. The bank will not process it until the next business day, but at least it is submitted. If you do not have mobile deposit, wait until Tuesday to deposit it in person or at an ATM.

Do online banks close on Martin Luther King Jr. Day?

Online banks like Ally, Charles Schwab, and others do not have physical branches, so there is nothing to "close." You can log in and do anything you normally do. However, if you need to deposit a check, mobile deposit will process it the next business day, just like at a traditional bank.

Will my bill payment go through if I schedule it for the holiday?

Yes, if you schedule it through your bank's bill pay system. The bank will send the payment on the date you request. The company receiving it will process it the next business day. To be safe, schedule bill payments at least two business days before they are due.