New Year’s Eve isn’t merely a celebration of the year’s end – it is also the final business day of the year.
Since December 31st marks the end of the financial year, many business owners and personal banking customers want to ensure their affairs are in order.
The end-of-year rush at local brick-and-mortar bank branches, paired with reduced holiday hours, might cause inconveniences to customers. Therefore, plan ahead if you’re thinking of heading over to close off your financial year.
Is New Year’s Eve a Bank Holiday?
Federal bank holidays and the entire standardized banking system across the United States are regulated by the Federal Reserve.
Many banks and credit unions operate with reduced opening hours or remain closed on observance days such as Christmas Eve, New Year’s Eve, and New Year’s Day. However, New Year’s Eve is not a federal reserve bank holiday.
Are Banks Open on New Year’s Day?
Bank and credit union branches will be closed on New Year’s Day as with any other standard federal reserve bank holiday.
Even though physical bank branches may be closed on certain days of their holiday schedule, you are still likely to have options. The digitization of the financial sector has allowed more banking services to be migrated online. Since online banking services often don’t depend on bank staff for processing, they can be available round the clock.
With the rise of digital-only banks, most traditional U.S. banks and credit unions now offer online and mobile banking services. Customers have access to 24/7 online banking facilities such as direct deposits and checking and savings account opening services, to name a few.
Furthermore, ATMs allow account holders to access funds through their debit or credit cards day or night, year-round, irrespective of holidays and observances.
12 Banks That Are Open on New Year’s Eve
Those who prefer going into a bank branch in person will be pleased to know that many financial institutions remain open on New Year’s Eve.
Keep in mind that opening hours may vary from the regular schedule and differ from branch to branch. Customers are advised to always confirm local branch opening hours before making the trip on New Year’s Eve.
Here’s a list of some of the banks that open on December 31st.
- Wells Fargo
- Bank of America
- TD Bank
- PNC Bank
- Capital One
- US Bank
- Citizens Bank
- Fifth Third Bank
- Huntington Bank
- Santander Bank
- Union Bank
Wells Fargo, headquartered in San Francisco, is one of the top 4 largest banks in the country and offers its services to customers across the United States.
Customers can access loans, checking, savings accounts, and debit and credit card services.
Account-holders also have access to 8,050 bank branches and 13,000 ATMs nationwide. Branches keep their regular opening hours on New Year’s Eve.
Some smaller local branches may operate with different opening hours, so it’s worth contacting your local branch before visiting.
Bank of America
Bank of America is headquartered in Charlotte, North Carolina. It’s the second-largest financial institution in the United States.
Bank of America currently offers its customers access to 4,600 bank branches and 15,900 ATMs across the states.
Bank of America maintains normal working hours on New Year’s Eve. Account-holders should always check their local branch opening hours beforehand in case of variations.
JP Morgan Chase Bank is commonly known as Chase and is a member FDIC. The bank is headquartered in New York City but offers financial services across the United States.
Chase is a household name for lending and even offers 0% APY credit cards. It has 4,700 bank branches and 17,000 ATMs across the country, with most branches remaining open on New Year’s Eve.
While most branches keep regular hours, some smaller branches might close early on New Year’s Eve, so calling ahead is advised.
TD Bank is a federally chartered bank headquartered in Cherry Hill, New Jersey.
It is a subsidiary of TD Bank Group which offers its services across the east coast and in Washington D.C. Customers have access to 1,220 bank branches and 700 ATMs in 15 states.
TD Bank branches generally open between 8 am and 6 pm on New Year’s Eve.
PNC Bank is a PNC Financial Services Group Inc. subsidiary based in Pittsburgh, Pennsylvania. PNC has been taking over smaller financial services providers over the years and acquired BBVA bank in 2021.
The bank is one of the largest issuers of credit cards and small business loans in the United States. Customers have access to 2,629 branches and 9,523 ATMs across 27 states.
PNC Bank branches usually close at noon on New Year’s Eve. That said, branches located within grocery stores might have different opening hours.
Capital One Financial Corporation is colloquially referred to as Capital One Bank. Banking operations are mainly based in the U.S. though it also offers services in the United Kingdom and Canada. Capital One’s headquarters are located in McLean, Virginia.
Customers have access to 2,000 ATMs and a total of 755 branches, 30 of which are what they refer to as cafe-style branches. Capital One bank branches are in New York, Maryland, New Jersey, Louisiana, Texas, and the District of Columbia.
Most branches maintain their regular opening hours on New Year’s Eve. However, it’s best to call ahead to confirm.
U.S. Bank is headquartered in Minneapolis, Minnesota, and operates 3,106 branches and 4,842 ATMs in the Western and Midwestern regions of the country.
Individual customers and organizations can access various financial services, including savings and checking accounts, debit and credit cards, trusts, and mortgages.
U.S. Bank branches maintain their regular opening hours on New Year’s Eve.
Citizens Bank is headquartered in Providence, Rhode Island, and operates across 11 states. The bank provides a range of financial services, with its most popular products being student loans, checking accounts, and credit cards.
Customers have access to 1,003 branch locations and over 3,100 ATMs. Their New Year’s Eve opening hours are from 08.30 am to 2 pm. Planning ahead is advised due to the reduced opening hours.
Fifth Third Bank
Fifth Third Bank is also known as 53 Bank and is headquartered in Cincinnati, Ohio. It is one of the largest banks in the midwest, and customers have access to 1,136 local branches and 2,469 ATMs.
Fifth Third Bank has branches in North and South Carolina, Georgia, West Virginia, Tennessee, Florida, Illinois, Michigan, Indiana, Kentucky, and Ohio. Fifth Third’s branches regularly open between 9 am and 5 pm on New Year’s Eve.
The Huntington National Bank is a subsidiary of Huntington Bancshares Incorporated and is headquartered in Columbus, Ohio. Huntington Bank operates 1,047 branches which are mainly located in the Midwest.
Bank branches are generally open from 9 am to 5 pm on New Year’s Eve. Customers are advised to confirm opening hours with their local branch before heading over.
Santander Bank U.S. comprises several US-based financial institutions that form part of the internationally operating Spanish organization Grupo Santander. It is locally headquartered in Boston, Massachusetts, and mainly services the northeastern United States. Customers have access to 488 branches and over 2,000 ATMs.
Branches usually open from 9 am to 3 pm on New Year’s Eve. Making sure you plan ahead to avoid disappointment is advised due to the reduced hours of operation.
MUFG Union Bank was established under Union Bank of California until it was taken over by the Japanese organization Mitsubishi UFH Financial Group.
Its headquarters are located in San Francisco, California, but it also offers services to customers in other regions of the West coast.
Customers have access to 398 branches in California, Washington, and Oregon. Local bank branches are open between 9 am and 5 pm on New Year’s Eve.
What to do if your bank is not open over the New Year holidays?
The holiday season can sometimes get the better of us. Last-minute gift shopping, office parties, and family gatherings can make essential things slip our minds.
Should you have missed your financial institution’s New Year’s Eve and New Year’s day opening hours and need access to funds from your checking or savings account, most ATMs operate 24/7. Some banks even offer drive-thru ATMs.
Furthermore, stores like Walmart stay open over the holidays and offer certain financial services to their customers. Walmart allows customers to purchase money orders, reload prepaid debit cards, and cash checks.
Other Federal Bank Holidays to be aware of
The Federal Reserve observes 11 standard federal bank holidays per year.
Financial institutions generally keep their local brick-and-mortar branches closed on those days. Checks deposited online and bill payments through auto-pay may also be delayed.
Transactions effected on bank holidays are usually processed on the following business day. Always check your bank’s federal bank holiday policy to avoid paying out late payment fees.
U.S. Federal Bank Holidays
|New Year’s Day||January 1st|
|Martin Luther King Jr Day||3rd Monday in January|
|Presidents Day||3rd Monday in February|
|Memorial Day||Last Monday in May|
|Independence Day||July 4th|
|Labor Day||1st Monday in September|
|Columbus Day||2nd Monday in October|
|Veterans Day||November 11th|
|Thanksgiving Day||4th Thursday in November|
|Christmas Day||December 25th|
Frequently Asked Questions
Do banks process on New Year’s Eve?
Banks and credit unions open on New Year’s Eve and process transactions as they normally would. Transactions affected before the bank’s cut-off time will be processed on the same day.
Checks are slightly different as they are regularly processed on the following business day. Since New Year’s Day is a federal bank holiday, check deposit transactions will be processed on the first business day following the holiday.
Funds will be made available in your savings or checking account after that.
Still, many banks or credit union branches operate with reduced opening hours on December 31st. Therefore, if you plan to head over to your local branch on New Year’s Eve, confirm your local bank branch opening hours beforehand.
Does HSBC open on New Year’s Eve and day?
HSBC Bank USA, commonly known as HSBC, forms part of the international organization HSBC Holdings PLC., which is renowned globally.
HSBC doesn’t open on New Year’s Day as it is a federal bank holiday. Their holiday opening hours are not available online. Customers looking to visit their local branch on New Year’s Eve should call their local branch before making the trip.
Will direct deposit go through on New Year’s Eve?
Since New Year’s Eve is not a federal bank holiday, direct deposits should go through on the same day as they normally do. Make sure to complete your direct deposits before your bank’s closing time for them to be processed on the same day.
Direct deposits made through banks that choose to remain closed on New Year’s Eve, however, will be processed once they have reopened. Since New Year’s Day is a bank holiday, this is likely to mean processing will resume on January 2nd.