Banking Holidays
Updated 4 months ago
Introduction
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.
Holiday | Occurs On | 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. | Dec. 31 | Dec. 30 | Jan. 3 | Jan. 2 |
Martin Luther King Jr. Day | The third Monday of January | Jan. 17 | Jan. 14 | Jan. 18 | Jan. 16 |
Presidents' Day | The third Monday of February | Feb. 21 | Feb. 18 | Feb. 22 | Feb. 20 |
Memorial Day | The last Monday of May | May 30 | May 27 | May 31 | May 29 |
Juneteenth | June 19 | June 20 | June 17 | June 21 | June 19 |
Independence Day | July 4th | July 4 | July 1 | July 5 | July 4 |
Labor Day | The first Monday of September | Sep. 5 | Sep. 2 | Sep. 6 | Sep. 4 |
Columbus Day | The second Monday of October | Oct. 10 | Oct. 7 | Oct. 11 | Oct. 9 |
Veteran's Day | November 11th | Nov. 11 | Nov. 10 | Nov. 14 | Nov. 10 |
Thanksgiving Day | The 4th Thursday of November | Nov. 24 | Nov. 23 | Nov. 25 | Nov. 23 |
Christmas Day | December 25th | Dec. 26 | Dec. 23 | Dec. 27 | Dec. 25 |
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.
Related Topics
- 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.