Bank employees don't want to work on Christmas, which is understandable. With banks closed on holidays, though, any payments you send won't actually get processed until the bankers are back to work. There could be a delay of a few days before you know if a payment was successful or failed.
For that reason, many lenders avoid processing payments on banking holidays. LMS even has settings that can help you automatically schedule all payments on banking days.
Which Holidays are Banking Holidays?
For starters, banks are all closed on Saturdays and Sundays. In addition to weekends, they'll also close on these holidays. This table shows each holiday, when it falls, and when a payment would process if you set it to fall before or after the banking holiday.
Observed in 2022
2022 Process Date if Moved Back
2022 Process Date if Moved Forward
Observed in 2023
New Years Day
The first day of the year, January 1.
Martin Luther King Jr. Day
The third Monday of January
The third Monday of February
The last Monday of May
The first Monday of September
The second Monday of October
The 4th Thursday of November
Common Uses & Questions
Why are the dates different from year to year? Some holidays are always on a certain day of the week, meaning their calendar date will be different from one year to the next. Others, like Christmas or New Year's, might fall on a weekend. Bankers will of course celebrate Christmas on Sunday the 25th, but they'll still want a day off, so they take it Friday or Monday.
- Using Dates in Computation Rules – If you're using dates in Rules Applied, you can use the u/banking-days-between utility function in addition to u/date-compare.
- AutoPay Defaults – You can set up your AutoPays so that they'll only process on banking days.
- Add a Nacha Processor – When you create a NACHA processor, you can choose whether or not it will batch transactions on banking holidays. You can use LoanPro's default list, or set your own dates.