Are banks open on Martin Luther King Jr. Day 2024? What to know this year

Each year on the third Monday in January, the U.S. commemorates the life and work of Martin Luther King Jr. with a federal holiday. Coinciding annually with the civil rights leader's birthday, MLK Day falls on Monday, Jan. 15 this year.

Considered one of the most influential figures in modern history, Martin Luther King Jr. is celebrated and remembered for his contributions in advancing civil rights and tireless advocacy in helping secure equal rights for Black Americans.

An activist, author and Baptist minister, King’s galvanizing speeches and peaceful protests were a cornerstone of the civil rights movement and his inspirational words remain just as powerful today as they were 50 years ago.

However you plan to spend the holiday, you may be considering crossing a few errands off your list. If among them is a trip to the bank to deposit a check or transact other financial business, you might be wondering if banks are open on Martin Luther King Jr. Day.

A majority of schools and government offices are closed in observance of the holiday, but what about banks, credit unions and other financial institutions? We've got everything you need to know on MLK Day bank hours this year, and you'll find all the details below.

Are banks open on Martin Luther King Jr. Day?

As with most federal holidays, a majority of banks and financial institutions are closed on Martin Luther King Jr. Day.

Not only will bank branches be closed, but transactions won’t process until the following business day. The stock market will also be closed on Monday, Jan. 15.

ATMs and online banking services will still be available for transactions, however they, too, won't process until banks reopen on Tuesday, Jan. 16.

While most institutions close in observance of the day, they aren’t required to. “Each state decides whether to legally observe a federal holiday,” the Federal Reserve Bank website states. “Even though many states recognize most, or all federal holidays, the federal government cannot enact laws requiring them to do so.”

That’s why it’s never a bad idea to check with your local bank or branch to confirm their hours, just in case.

Banks closed on the Martin Luther King Jr. Day

The following banks will be closed on Monday, Jan. 15, 2024:

• Bank of America

• Chase

• Citibank

• Capital One

• PNC Bank

• Santander Bank

• TD Bank

• Truist

• Wells Fargo

Are banks closed on other holidays in 2024?

There are 11 federal bank holidays each year, including Martin Luther King Jr. Day.

Here’s a full list of the 2024 federal bank holidays:

• New Year's Day | Monday, Jan. 1

• Martin Luther King Jr. Day | Monday, Jan. 15

• Presidents Day | Monday, Feb. 19

• Memorial Day | Monday, May 27

• Juneteenth National Independence Day | Wednesday, June 19

• Independence Day | Thursday, July 4

• Labor Day | Monday, Sept. 2

• Indigenous Peoples’ Day | Monday, Oct. 14

• Veterans Day | Monday, Nov. 11

• Thanksgiving Day | Thursday, Nov. 28

• Christmas Day | Wednesday, Dec. 25

This article was originally published on TODAY.com