Veterans Day is a significant national holiday in the United States that honors the brave men and women who have served in the U.S. military. It is a day to express gratitude for their sacrifices and dedication in defending our nation’s freedoms. As Veterans Day approaches, many people have questions about what businesses and institutions are closed on this day, including banks. In this article, we will explore everything you need to know about Veterans Day and bank closures.
Is Veterans Day a Federal Holiday?
Yes, Veterans Day is a federal holiday in the United States. It is observed annually on November 11th to honor military veterans who have served in the U.S. Armed Forces. As a federal holiday, many government offices, schools, and businesses are closed on this day.
The history of Veterans Day dates back to 1919 when President Woodrow Wilson proclaimed November 11th as Armistice Day to mark the end of World War I. In 1954, the holiday was renamed Veterans Day to honor all American veterans, not just those who served in World War I.
When is Veterans Day Observed in 2024?
In 2024, Veterans Day falls on Monday, November 11th. As a federal holiday, it is observed on the same date each year, regardless of which day of the week it falls on.
If Veterans Day falls on a Saturday, it is typically observed on the preceding Friday. If it falls on a Sunday, it is usually observed on the following Monday. However, in 2024, November 11th is a Monday, so there will be no change in the observance date.
History and Significance of Veterans Day
Veterans Day has a rich history and deep significance in the United States. Originally known as Armistice Day, it was established to commemorate the end of World War I on November 11, 1918. In 1954, the holiday was renamed Veterans Day to honor all American veterans who have served in the military, not just those who fought in World War I.
The purpose of Veterans Day is to recognize and express gratitude for the service and sacrifices made by our nation’s veterans. It is a day to reflect on the bravery and dedication of those who have served in the military and to honor their contributions to our country’s freedom and security.
Are Banks Closed on Veterans Day?
Yes, most banks are closed on Veterans Day. As a federal holiday, Veterans Day is observed by the Federal Reserve System, which means that most banks and credit unions are closed on this day.
While banks are closed, you can still access your accounts through online banking, mobile apps, and ATMs. However, transactions such as deposits, transfers, and payments may not be processed until the next business day.
List of Major Banks Closed on Veterans Day
Here is a list of some of the major banks that are closed on Veterans Day:
- Bank of America
- Chase
- Wells Fargo
- Citibank
- U.S. Bank
- PNC Bank
- TD Bank
- Capital One
- Santander Bank
- HSBC Bank
It’s important to note that while most banks are closed on Veterans Day, there may be some exceptions. Some banks may have select branches open or offer limited services on the holiday. It’s always a good idea to check with your specific bank for their holiday hours and availability.
Banking Options Available on Veterans Day
Although banks are closed on Veterans Day, you still have several banking options available to you:
- ATMs: You can withdraw cash, check your account balance, and make deposits at ATMs 24/7, even on holidays.
- Online Banking: With online banking, you can access your accounts, view transactions, pay bills, and transfer funds from anywhere with an internet connection.
- Mobile Banking Apps: Most banks offer mobile apps that allow you to manage your accounts, deposit checks, and perform various banking tasks from your smartphone or tablet.
- Telephone Banking: Some banks provide telephone banking services where you can check account balances, transfer funds, and conduct other transactions over the phone.
While these options are available, it’s important to keep in mind that transactions may not be processed until the next business day due to the bank holiday.
Federal Reserve Bank Holidays
The Federal Reserve System, which serves as the central bank of the United States, follows a holiday schedule that includes Veterans Day. When the Federal Reserve is closed, most banks and credit unions also close.
In addition to Veterans Day, the Federal Reserve observes several other holidays throughout the year, such as New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Thanksgiving Day, and Christmas Day.
How Federal Reserve Handles Weekend Holidays
When a Federal Reserve holiday falls on a weekend, the observance may shift to either the preceding Friday or the following Monday:
- Saturday Holidays: If a holiday falls on a Saturday, the Federal Reserve Banks and Branches will be open the preceding Friday.
- Sunday Holidays: If a holiday falls on a Sunday, the Federal Reserve Banks and Branches will be closed the following Monday.
This policy ensures that banks have adequate time to process transactions and that customers have access to their funds during regular business days.
Federal Holiday Naming Policy
The Federal Reserve System follows the holiday naming conventions established by federal law. While some state and local governments or private businesses may use different names for certain holidays, the Federal Reserve adheres to the names designated in the law.
For example, some states or businesses may refer to Columbus Day as Indigenous Peoples’ Day, but the Federal Reserve will continue to use the name Columbus Day in accordance with federal law.
Other Businesses Closed on Veterans Day
In addition to banks, many other businesses and institutions are closed on Veterans Day:
| Category | Closed on Veterans Day |
|---|---|
| Government Offices | Federal offices, state and local government offices (may vary) |
| Schools | Public schools, some private schools and universities |
| Post Offices | United States Postal Service (USPS) |
| Stock Markets | New York Stock Exchange (NYSE), NASDAQ |
| Retail Businesses | Some retail stores, check with individual businesses for their hours |
It’s important to note that while many businesses are closed on Veterans Day, some may remain open or have reduced hours. It’s always best to check with individual businesses for their specific holiday schedules.
Veteran Discounts and Freebies on Veterans Day
On Veterans Day, many businesses show their appreciation for veterans by offering special discounts, freebies, and promotions. These offers may include:
- Free or discounted meals at restaurants
- Discounts on merchandise or services
- Free admission to museums, parks, or events
- Special veterans-only deals and promotions
To take advantage of these offers, veterans may need to provide proof of military service, such as a military ID card, veteran ID card, or discharge papers (DD Form 214).
It’s a wonderful way for businesses to express gratitude and support for the brave men and women who have served our country.
In conclusion, Veterans Day is a significant federal holiday that honors the service and sacrifices of our nation’s veterans. As a federal holiday, most banks are closed on this day, along with many government offices, schools, and businesses. While banks are closed, customers can still access their accounts through ATMs, online banking, and mobile apps. It’s important to check with your specific bank for their holiday hours and availability.
Veterans Day is also an opportunity for businesses to show their appreciation for veterans through discounts, freebies, and special promotions. It’s a day to express our gratitude and support for the brave men and women who have served in the U.S. military and defended our nation’s freedoms.
See also:
- Is Memorial Day a Bank Holiday: What You Need to Know
- Is Columbus Day a Bank Holiday? | Federal Bank Holidays
- Is Presidents Day a Bank Holiday? Find Out Here!
- Is Election Day a Bank Holiday? Everything You Need to Know
- Is Good Friday a Bank Holiday? – Everything You Need to Know