Are banks open today, Martin Luther King Jr. Day?
Martin Luther King Day, or “MLK Day” for short, has been nationally recognized as a federal holiday since 1986 as a day for our nation to honor Dr. Martin Luther King.
Born January 15, 1929, King was a prominent civil rights activist who President Ronald Reagan once called “a prophetic voice that reached out over the chasms of hostility, prejudice, ignorance and fear to touch the conscience of America.”
Dr. King was assassinated on April 4, 1968 in Memphis, TN, and since 1986, every year, on the third Monday in the month of January, the United States pays tribute to King and all of his accomplishments. All federal offices (like the Post Office or the DMV, for instance) are closed as they observe the federal holiday, and that includes most banks.
While most banks will be closed today, a few choose to stay open, so it might be a good idea to check with your local branches for more information. Of course online banking and ATMs will be open (as they are 24/7/365), though some transactions, such as large transfers or ATM deposits, may not complete until the following day.
Additionally, U.S. stock and bond markets will NOT be open for MLK Day, but according to this article from Market Watch (from 2016), overseas markets will run as usual, as they do not observe U.S. federal holidays. The site also reports the Securities Industry and Financial Markets Association recommends there be no trading in U.S.-dollar-denominated bonds in the U.S., U.K. and Japan.
Regarding bank hours, as far as we know, all of the well-known banks will be closed for MLK Day, including Wells Fargo, TD Bank, Chase and Bank of America, but you should be aware that there is a possibility that other banks will be open. Don’t assume if another bank is closed that every bank is closed.