Are Banks Closed on New Year’s Eve 2021?

Are Banks Closed on New Year's Eve 2021?

It’s the end of the year. Suddenly you realize that you forgot to do something at the bank. Perhaps you wanted to get a deposit in before the weekend. Or maybe you wanted to make a transaction so that it has a 2021 date instead of 2022. If something like this comes up for you, then you need to know “are banks closed on New Year’s Eve 2021?”

New Year’s Eve is Not a Holiday

Did you know that New Year’s Eve is not an official holiday? It’s certainly a day when many of us celebrate. Whether you stay until midnight with the kids and watch the ball drop on tv or you go out on the town for champagne toasts, you almost certainly celebrate New Year’s Eve rather than New Year’s Day. However, when it comes to holidays, New Year’s Eve isn’t official. New Year’s Day is the official holiday. So, when trying to figure out are banks closed on New Year’s Eve, that’s something to keep in mind.

New Year’s Day is a Saturday in 2021

Since New Year’s Day is the holiday, rather than New Year’s Eve, there’s no obvious reason for banks to close on New Year’s Eve.

We do need to make a quick note that this year New Year’s Day (the holiday) falls on a Saturday. This impacts some calendars. For example, the stock market is always closed on weekends. Therefore, if a holiday falls on a weekend, they typically celebrate it on either Friday or Monday. Since New Year’s Day 2022 falls on a Saturday, they’ll actually close on Friday, New Year’s Eve, in observance of the holiday.

This is unusual, but it happens some years. 

Are Banks Closed on New Year’s Eve 2021?

So, does this type of unusual closure affect banks? No. Banks are not closed on New Year’s Eve 2021. According to MyBankTracker, none of the major banking institutions are closed on New Year’s Eve. All of them, including at supermarket branches, are closed on New Year’s Day 2022.

What Are Bank Hours on New Year’s Eve 2021?

Although your bank will be open on New Year’s Eve, you do want to pay close attention to the hours. Most major banks are going to have regular hours. MyBankTracker reports regular hours for the following banks:

  • Bank of America
  • BB&T
  • BBVA Compass Bank
  • Capital One
  • Chase
  • Citibank
  • Fifth Third Bank
  • SunTrust Bank
  • U.S. Bank
  • Union Bank
  • Wells Fargo

They further report shortened hours at some banks as follows:

  • BMO Harris Bank        Closes at 3 p.m.
  • Citizens Bank   Closes at 2 p.m.
  • KeyBank          Closes at 3 p.m.
  • M&T Bank       Closes at 3 p.m.
  • PNC Bank        Closes at 12 p.m. (supermarket branches may vary)
  • Regions Bank  Closes at 4 p.m.
  • TD Bank           Closes at 6 p.m.

If you do your banking with a local bank or credit union, then you should check directly with them. Chances are they’ll be open on New Year’s Eve and not on New Year’s Day just like the major banks. However, you do want to ask if you have banking that you need to be sure to get done in 2021.

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