Although it may sound alarming at first glance, there’s no need to worry. Bank of America and Citi aren’t shutting down overnight—at least not permanently. This January, the most prominent banks in the United States will close their doors, but not due to financial issues. Instead, it’s simply because of national holidays.
As an important occasion, New Year’s Day is recognized as one of the 11 federal holidays in the United States.Bank of America and Citibank observe the following federal holidays in 2025, during which their branches will be closed:
- New Year’s Day: Wednesday, January 1
- Martin Luther King Jr. Day: Monday, January 20
- Presidents’ Day: Monday, February 17
- Memorial Day: Monday, May 26
- Juneteenth National Independence Day: Thursday, June 19
- Independence Day: Friday, July 4
- Labor Day: Monday, September 1
- Columbus Day: Monday, October 13
- Veterans Day: Tuesday, November 11
- Thanksgiving Day: Thursday, November 27
- Christmas Day: Thursday, December 25
These closures align with the Federal Reserve System’s holiday schedule. While physical branches are closed on these dates, online banking services and ATMs typically remain available.
Bank Hours on December 31 and January 1
Federal holidays legally require only government agencies to close. However, most banks follow the Federal Reserve’s holiday schedule and typically close as well. As a result, major banks like Bank of America, Wells Fargo, and Citi will not be open on Wednesday, January 1, 2025.
On New Year’s Eve, Tuesday, December 31, banks will be open during their regular hours but are expected to close earlier than usual. PNC Bank reports that most branches will close by 4:00 p.m. local time.
However, both ATMs and mobile banking services were available as usual. Customers can easily take care of essential tasks like money transfers and bill payments using their mobile devices.
Regular banking hours will start again on Thursday, January 2, 2025.
How to Prepare for Bank Closures During the Holidays
Holiday cheer is great, but not when you’re stuck without access to your finances. With banks closing for federal holidays like New Year’s Day, a little preparation can go a long way to avoid any “bah, humbug” moments. Here are some tips to keep your finances flowing smoothly:
Withdraw Cash in Advance
While most transactions can be done digitally, there’s no substitute for cold, hard cash when you need it. Whether it’s tipping the delivery driver or splitting a bill with friends, having some cash on hand ensures you won’t be caught short during the holidays.
Schedule Payments Early
Don’t let those due dates sneak up on you. If you’ve got bills to pay or transfers to make, handle them a day or two before the holiday closure. After all, no one wants to start the new year with late fees hanging over their head.
Embrace Digital Banking
Even if the branches are closed, your bank’s app or website is always open for business. From checking balances to transferring money, these tools let you bank from the comfort of your couch. Think of it as a modern-day elf, working behind the scenes to help with your finances.
Check Your Data is Correct
Before the holidays hit, make sure your account details, such as phone numbers and mailing addresses, are up to date. This ensures you don’t miss any important notifications or statements.
Plan Ahead for Big Purchases
If you’re thinking of buying that dream sofa or splurging on a holiday getaway, plan your payments and withdrawals to avoid delays caused by the holiday closures.
With these steps, you’ll breeze through the holidays without any financial hiccups. After all, being prepared is the best gift you can give yourself!
Did you know? Bank of America traces its roots back to 1904, when it was founded as the Bank of Italy in San Francisco. It was created by Amadeo Giannini to serve immigrants who were often overlooked by other financial institutions. After the 1906 earthquake, Giannini famously set up a makeshift bank on a wooden plank to help locals access their funds, proving that banking can rise to the occasion—even in the toughest times!
Source: It's official – this is the day Bank of America and Citi will close their branches
