This may sound scary at first glance, but there's no need to worry. Bank of America and Citi won't close overnight — at least not permanently. This January, America's most prominent bank will close, but it won't be because of financial problems. Rather, it's just for the holidays.
As an important event, New Year's Day is recognized as one of the 11 federal holidays in the United States. Bank of America and Citibank will observe the following federal holidays in 2025, during which their branches will be closed:
- new year's day: January 1st (Wednesday)
- martin luther king jr day: January 20th (Monday)
- president's day: February 17th (Monday)
- Memorial Day:May 26th (Monday)
- National Independence Day on June 10th: June 19th (Thursday)
- independence day: July 4th (Friday)
- labor day:September 1st (Monday)
- columbus day: October 13th (Monday)
- veterans day: November 11th (Tuesday)
- thanksgiving: Thursday, November 27th
- christmas day: December 25th (Thursday)
These closures align with the Federal Reserve's holiday schedule. Physical stores are closed on this day, but online banking services and ATMs are generally available.
Banking hours on December 31st and January 1st
On federal holidays, only government offices are legally required to close. However, most banks follow the Federal Reserve's holiday schedule and are typically closed as well. As a result, major banks such as Bank of America, Wells Fargo, and Citi will cease operations on Wednesday, January 1, 2025.
Banks will be open as usual on New Year's Eve, Tuesday, December 31st, but will close earlier than usual. PNC Bank reports that most branches will close by 4pm local time.
However, ATMs and mobile banking services remained available as usual. Customers can easily use their mobile devices to perform important tasks like sending money and paying bills.
Regular banking hours will resume on Thursday, January 2, 2025.
How to prepare for bank closures during the holidays
Holiday cheer is great, but not when you're struggling to access money. Banks are closed on federal holidays like New Year's Day, so a little preparation can help you avoid that “oh no” situation. Here are some tips to keep your finances on track.
withdraw cash in advance
While most transactions can be done digitally, there is no substitute for cold hard cash when you need it. Whether you're tipping your delivery driver or splitting the bill with a friend, having cash on hand will ensure you never run out of money on vacation.
Schedule payments early
Don't let the deadline get too close. If you have any bills or transfers to pay, process them at least 1-2 days before your vacation ends. After all, no one wants to start the new year with late fees hanging over their heads.
Adopt digital banking
Bank apps and websites are always open, even if branches are closed. From checking your balance to transferring money, these tools let you bank from the comfort of your couch. Think of it like a modern-day elf working behind the scenes to help you with your money.
Please make sure the data is correct
Before you go on vacation, make sure your account details, such as your phone number and address, are up to date. This way you won't miss any important notifications or statements.
Plan ahead for big purchases
If you're thinking about buying your dream sofa or splurging on vacation, plan your payments and withdrawals to avoid delays due to holiday closures.
If you follow these steps, you'll be able to vacation financially without any problems. After all, being prepared is the best gift you can give yourself.
Did you know? Bank of America's roots date back to 1904. bank of italy In San Francisco. It was founded by Amadeo Giannini to serve immigrants who are often overlooked by other financial institutions. After the 1906 earthquake, Giannini famously set up a makeshift bank on wooden planks to help local residents access finance, ensuring that even in the most difficult times, the banking industry would survive the crisis. We have proven that it can be done.
