Saturday, December 31, 2022, is New Year’s Eve. While it’s not a federal holiday, some businesses do alter their operating schedules to allow their employees to spend more time enjoying the occasion. Since that’s the case, it can lead to some confusion about what is and isn’t open. If you’re wondering, “Are banks closed on New Year’s Eve 2022?” here’s everything you need to know.
Are Banks Closed on New Year’s Eve 2022?
During most years, banks aren’t closed on New Year’s Eve. However, 2022 is potentially a bit different, though it’s not specifically because of the holiday. Since New Year’s Eve falls on a Saturday, whether a particular bank branch is open is solely dependent on whether it typically has Saturday hours.
Many bank branches aren’t open on Saturdays. As a result, they’ll coincidentally be closed on New Year’s Eve. If a branch is typically open on Saturdays, they’ll likely welcome customers on New Year’s Eve.
However, branches that do open may alter their operating hours to give employees more time to celebrate the upcoming new year. As a result, some banks are planning to close early, though others may not if they traditionally don’t stay open particularly late on Saturdays.
Since operating hours may change, it’s wise to check with your bank in advance to see if they’re altering their hours for New Year’s Eve. That way, you can plan your trip accordingly.
Are Credit Unions Open on New Year’s Eve 2022?
As with banks, whether a credit union is open on New Year’s Eve 2022 primarily depends on whether the branch typically offers Saturday hours. For those that don’t usually open on Saturdays, they’ll be closed on New Year’s Eve. If the branch more commonly opens on Saturdays, there’s a good chance it’s open on New Year’s Eve.
Even if Saturday hours are normal, it’s best to check with the branch in advance to see if it’s using a modified holiday schedule on New Year’s Eve. Some may decide to close early, so it’s wise to confirm when your preferred branch is open if you need to head there that particular Saturday.
Is Online Banking Available on New Year’s Eve?
Generally, you can bank online at any time, regardless of whether it’s a holiday or a weekend. Since that’s the case, you can use online banking features on New Year’s Eve.
In most cases, the only part of the online banking experience that’s impacted by holidays and weekends is when specific types of transactions or requests are processed. For example, transfers between two accounts at the bank are potentially still instant, but sending funds to an account at another institution may not occur until the Monday after New Year’s Eve. Similarly, bill payments may not go through until that Monday, as well.
The only exception to online banking being available on New Year’s Eve involves institutions performing maintenance at that time. While that isn’t common, some institutions may need to handle specific updates to prepare for the new year. If that’s the case, you’ll typically see a notice presented when you head to the bank or credit union’s website or when you log into the app.
Holiday Schedule for Banks and Credit Unions
Technically, banks and credit unions can set their own holiday schedules. However, most choose to follow the holiday schedule. As a result, you can use federal holidays as a guide, allowing you to anticipate when your bank or credit union is likely closed.
Here is an overview of a typical holiday schedule for banks and credit unions:
- New Year’s Day
- Martin Luther King, Jr. Day
- President’s Day
- Memorial Day
- Juneteenth
- Independence Day
- Labor Day
- Columbus Day
- Veterans Day
- Thanksgiving Day
- Christmas Day
Banks and credit unions are commonly closed on holidays that fall on Sundays, as well, such as Easter, Mother’s Day, and Father’s Day. Usually, this has little to do with the holiday itself. Instead, it’s simply because banks and credit unions aren’t typically open on Sundays.
It’s also critical to note that early closures can occur on some days. The most common ones happen on the day before specific holidays, such as Thanksgiving, Christmas, or New Year’s Day. Since that’s the case, it’s wise to check with your bank or credit union if you need to head to a branch the day before those holidays.
Is banking not something you worry about on New Year’s Eve? If you might need to head to the bank, are you concerned that not all banks are open since New Year’s Eve is on a Saturday? Share your thoughts in the comments below.
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