The U.S. commemorates the life and work of Martin Luther King Jr. on the third Monday in January each year.
The Baptist minister, author and speaker is considered one of the most influential figures in modern history because of his contributions to advancing civil rights and lifelong advocacy in securing equal rights for Black Americans.
This year, MLK Day will be observed on Monday, Jan. 16, 2023. Since it's a federal holiday, nonessential government offices, schools and postal services will be closed — and many employers give their employees a day off.
Whatever your plans are, you might be tempted to run to your local bank to make a deposit, withdrawal or simply square away your finances. In that case, you may have one question on your mind: Are banks even open on Martin Luther King Jr. day?
Sit tight because we've got the answer down 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. ATMs and online banking services will still be available.
That means that not only will branches be closed, but bank transactions won't process until the following business day. The stock market will also be closed.
According to the Federal Reserve Bank, "all nonessential federal offices and many financial institutions are closed for business."
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.
Banks closed on the Martin Luther King Jr. Day
The following banks will be closed on Monday, Jan. 16:
- Bank of America
- Capital One
- PNC Bank
- Santander Bank
- TD Bank
- Wells Fargo
What other holidays are banks closed in 2023?
There are 11 federal bank holidays each year, including Martin Luther King Jr. Day.
Here’s a list of the remaining 2023 holidays:
- Presidents Day | Monday, Feb. 20
- Memorial Day | Monday, May 29
- Juneteenth National Independence Day | Monday, June 19
- Independence Day | Tuesday, July 4
- Labor Day | Monday, Sept. 4
- Indigenous Peoples’ Day | Monday, Oct. 9
- Veterans Day | Saturday, Nov. 11
- Thanksgiving Day | Thursday, Nov. 23
- Christmas Day | Monday, Dec. 25