It’s the holiday season again, and there’s only a couple of days left until 2014 comes to an end. Do you know if your bank will be open or closed over the holidays?
This year’s holidays fall on the weekdays, and it’s important to get all of your banking done in advance. Also, this is the time of year when more money is being spent, which means more fraud is being committed.
According to research by Ally Bank, the months of November and December are expected to account for about 27 percent of the total online sales in the U.S. — that’s a lot of transactions. If you were to experience fraud, you would naturally turn to your bank for help, but what if they are closed? Find out if your bank will stay open this holiday.
Bank holiday hours for the top 10 largest banks in America:
|Bank||Christmas Eve 2014||Christmas Day 2014||New Year's Eve 2014||New Year's Day 2014|
|Bank of America||Close at 3 p.m.||Closed||Close at 5 p.m.||Closed|
|Chase||Close at 3 p.m.||Closed||Normal hours||Closed|
|Wells Fargo||Close at 2 p.m.||Closed||Close at 5 p.m.||Closed|
|Citibank||Normal hours||Closed||Normal hours||Closed|
|U.S. Bank||Close at 2 p.m.||Closed||Normal hours||Closed|
|Capital One||Close at 2 p.m.||Closed||Close at 2 p.m.||Closed|
|PNC Bank||Close at 2 p.m.||Closed (including supermarket branches)||Close at 4 p.m.||Closed (including supermarket branches)|
|TD Bank||Close at 3 p.m.||Closed||Close at 6 p.m.||Closed|
|BB&T||Close at 2 p.m.||Closed||Normal hours||Closed|
|SunTrust||Close at 2 p.m.||Closed (including in-store locations)||Normal hours||Closed (including in-store locations)|
All banks will be closed on Christmas Day and New Year’s Day, as they are major federal holidays in America. This includes the supermarket branches of PNC Bank and the in-store locations of SunTrust Bank. Note that this list even includes TD Bank, known to stay open throughout most U.S. holidays in the past.
As Christmas Eve and New Year’s Eve are non-federal holidays, all banks will remain open — although many of them may choose to close earlier. On Christmas Eve, only Citibank will resume normal business hours, while nine of the 10 largest banks in America will only be open for limited times, closing earlier than usual, at either 2 p.m. or 3 p.m. On New Year’s Eve, half of the biggest banks of America — including Chase, Citibank, US Bank, BB&T and SunTrust Bank — will resume their regular schedule. The other five banks will close anywhere from one to four hours earlier, compared to their regular banking hours.
Note that the closing or the change in hours may or may not impact every location for banks that have a presence in retail outlets. For example, SunTrust bank branches are expected to close at 2 p.m. on Christmas Eve, but some in-store locations may stay open for longer. If you’d like to know the exact holiday hours for your specific local branch or in-store locations, make sure to call ahead.
When your deposits will be available
All these holidays may delay fund availability, including checks you deposit. In the case that the deposit was made on a regular business day, the first $200 will generally be immediately available from the deposit, and the remaining deposit amount should be available after the next business day.
For example, at Citibank, the first $200 (for checks that are less than $5,000) will be available on the day of deposit (as long as it is deposited before the cut off time — this varies from bank to bank), and the rest will be available on the third business day — which does not include holidays and weekends. For checks worth more than $5,000, the first $200 will be available on the day of deposit and the rest of the funds will be available on the fourth business day — not including holidays and weekends.
Fund availability if you deposit checks on Christmas Eve or New Year’s Eve
Even though most banks will be closing earlier than usual on Christmas Eve and New Year’s Eve, the checks that are deposited on these days (before the cut off time) will be processed as usual.
It usually takes one business day to process checks, but since the next day will be Christmas, the deposits will not be processed. At this point, the transactions presented to the account will be taken from the available balance, but items will not be taken from the account balance until the processing begins, which, this year, will fall on Friday, Dec. 26th.
Keep in mind that you must make your deposit before the cut off time at your bank on Dec. 24 in order for the initial $200 to be available on Friday, Dec. 26. (Cut off times vary between banks — and even between branches in many cases — so contact them directly to find out.) Otherwise, you will most likely have to wait until the following business day, which would be Monday, Dec. 29. This is a full five days (including the holiday, business days, weekend) in which your funds will become available to you.
What to do when your bank is closed
Knowing that your bank will be closing earlier or will be completely closed on these major holidays, it would be a good idea to visit your bank beforehand.
Additionally, remember that you can conduct most of your banking needs online and and through your smartphone. You can also have access to your cash from the ATM, which will remain open.
You can also reach your bank by calling customer service. Find your bank’s customer service phone number and a branch nearest you by looking up your bank on MyBankTracker’s Bank Profile page.
Banks aren’t the only place affected by the holidays in December. Schools and government offices will be closed, as well as most retail businesses. The stock market will also be closed. You may be waiting for that package, but the post office will be closed, unless your package is coming from a private shipment company, like UPS or FedEx.
On non-federal holidays, like Christmas Eve and New Year’s Eve, the government will open as usual. Like the major banks in America, the stock market will also enjoy half days — the markets will close at 1 p.m. EST.
The team at MyBankTracker would like to wish you a safe and happy holiday!