Do Bank Transactions Process Through the Holidays?

By Jacqueline DeMarco · July 12, 2022 · 5 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

Do Bank Transactions Process Through the Holidays?

The next time you’re doing errands on a day off, keep in mind that banks have days off too. Bank holidays often coincide with national holidays, which can foil your efforts to complete financial to-dos.

If your branch is closed, does the bank still process transactions on holidays? Keep reading to find out on which holidays banks are closed and how that affects the processing of your transactions.

Which Holidays Are Commonly Observed by Banks?

Banks are closed on the following holidays, according to the Fed’s holiday schedule. Some banks may also close on other holidays, or on additional days surrounding these dates. It’s a good idea to check your bank or credit union’s specific holiday observance schedule.

It’s worth noting that these dates are based on the 2022 schedule, and holiday-related closures may fall on different days in subsequent years.

•   New Year’s Day: Saturday, Jan. 1

•   Martin Luther King Jr. Day: Monday, Jan. 17

•   Washington’s Birthday: Monday, Feb. 21

•   Memorial Day: Monday, May 30

•   Juneteenth National Independence Day: Monday, June 20 (observed)

•   Independence Day: Monday, July 4

•   Labor Day: Monday, Sept. 5

•   Columbus Day: Monday, Oct. 10

•   Veterans Day: Friday, Nov. 11

•   Thanksgiving: Thursday, Nov. 24

•   Christmas: Monday, Dec. 26 (observed)

Challenges on Bank Holidays

While bank closures aren’t the end of the world, it helps to be aware of them because they can cause some challenges that can affect consumers’ financial lives.

For instance, while basic banking services are often available through workarounds, you’ll have to wait to open a new bank account.

Deposits and Withdrawals May Be Suspended

The Federal Reserve System and the Automated Clearing House (ACH) network can only settle payments when the country’s central bank is open. This can create issues with deposits and withdrawals system-wide, and cause them to be delayed by one business day. ACH payments don’t process on federal holidays or weekends, so if a holiday falls next to a weekend, it can feel like it takes a long time for a payment to process.

Direct Deposits and Payroll Are on Pause

Do banks process payments on holidays? Because direct deposits are often processed by the ACH network, payroll deposits can be delayed by one business day due to holiday closures. Payroll delays can be very challenging for many consumers that rely on a consistent payment schedule to pay their bills.

Banks Do Not Typically Process Checks on Holidays

Most banks don’t process checks on holidays. That means a check you deposit at an ATM won’t clear the same day. On the bright side, any checks you’ve written can’t be cashed yet either.

Recommended: What is the SWIFT payment system?

Bills Likely Won’t Be Delivered

Do transactions go through on bank holidays? Whether someone receives their credit card bills through their bank via snail mail or email, they may experience a delay in receiving their bill due to holidays. Alas, your regular payment due date won’t be affected.

Can You Still Use Your Account During Holidays?

There are workarounds for conducting basic banking on a holiday. What you can do on holidays:

•   Deposit a check or withdraw cash at an ATM in your bank’s network. (ATMs outside the network may charge a fee.)

•   Deposit checks using a bank or credit union’s mobile banking app.

•   Get cash back at a store when making a debit-card purchase.

•   Schedule money transfers and conduct other online banking, though the results may be delayed by one business day.

Note that some ATM networks that don’t allow check deposits on holidays still allow customers to withdraw cash.

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Tips You Can Use to Help During a Bank Holiday

Bank holidays will happen whether we like them or not, but there are some simple actions consumers can take to lower the nuisance factor.

Be Proactive and Plan Ahead

Consumers and business owners who don’t want to be inconvenienced by bank holidays can plan ahead for them. It can be helpful at the beginning of the year to set calendar alerts a few days before a bank holiday as a reminder that they’re coming up. This is especially true for people who have multiple bank accounts.

Consumers may want to visit their local branch a few days before they close to make sure any upcoming banking needs are handled.

Recommended: Traditional vs Online Banking: What’s Your Best Option?

Early Payments

Do banks process payments on bank holidays? If a bank holiday happens to coincide with payday or occurs during the payroll processing window, then businesses can choose to run their payroll early to make sure their employees aren’t waiting longer than they should to get their paycheck.

Businesses may also choose to schedule online payments to their vendors early to ensure they get paid on time.

Pay Bills Online

As noted earlier, consumers can still do all of their online banking, like paying bills, as they normally would. It just may take a bit longer than usual for your payment to be received. This is why it can be a good idea to pay bills online a day or two before the deadline.

Banking With SoFi

Looking for a new way to manage your banking? Check out SoFi Checking and Savings for a seamless online experience. With SoFi Checking and Savings it’s possible to get paid up to two days early – making it easier to avoid holiday delays. Plus, you’ll earn a competitive APY when you sign up for direct deposit.

Better banking is here with up to 4.50% APY on SoFi Checking and Savings.


When were bank holidays declared?

The first ever bank holiday was declared all the way back in 1933. Franklin Delano Roosevelt proclaimed the first bank holiday on March 6, 1933, shutting down the banking system until March 13.

What happens if a payday falls on a bank holiday?

If payday happens to fall on a bank holiday, your paycheck could be delayed by one business day. To avert the delay, employers can choose to process payroll early so that employees have their pay deposited into their bank accounts on time.

Do banks process payments on Good Friday?

Good Friday is not a banking holiday, so banks continue to process payments as usual.

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SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

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Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. There is no minimum balance requirement. Additional information can be found at


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