Today (November 11, 2020) is Veterans Day in the USA – a day on which Americans honor those who have served their country in times of war and peace.
Originally called Armistice Day, it was renamed Veterans Day in 1954 to include all veterans, not just those who served and died in World War I. In other countries this day is still called Armistice Day or Memorial Day.
Are the banks open on Veterans Day?
Veterans Day is celebrated in the U.S. as a federal holiday, so the banks are closed on November 11 and reopen on November 12, according to the Federal Reserve. While the banks remain closed, the ATMs are still operational and allow cash withdrawals.
Bank of America: This bank will be closed on Veterans Day. Most branches will reopen at 9:00 a.m. on November 12, but check before that.
Chase Bank: This bank will be closed over the federal holiday, but most branches will open at 9:00 a.m. on November 12.
Wells Fargo: The bank will be closed for Veterans Day, with lobbies opening at 9:00 a.m. the next business day.
JPMorgan Chase: The branches will remain closed over the holiday, with most branches opening at 9:00 a.m. on November 12.
Citigroup: Branches will be closed for Veterans Day and will reopen at 10:00 a.m. on November 12, 2019, with most branches opening at 10:00 a.m. on November 12, 2019.
West Bank: Banks will be closed for the holiday and will reopen at 9:00 a.m. on the next business day.
BMO Harris Bank: After the Federal Reserve, BMO Harris Bank will remain closed for Veterans Day. Opening hours vary the following day, with the earliest branches opening at 8:00 a.m. For more details, please contact your local branch.
SunTrust: Branches will reopen at 9:00 a.m. on November 12, 2019.
HSBC USA: Most branches will reopen at 9:00am after Veterans Day.
Comerica Bank: All branches will be closed for Veterans Day. Banks will reopen at 9:00 am the following business day.
If you plan to make a cash or check deposit on the weekend of Veterans Day, please note that the processing time will be extended by an additional business day because banks will not be open on Veterans Day. The cut-off times for cash and check deposits are as follows:
Banks Standard Deposit ATM Deposit
Bank of America 14:00 local time 17:00 local time
Wells Fargo 14:00 local time 21:00 local time (20:00 in Alaska)
Chase end of business day 23:00 ET
Citibank end of business day 22:30 ET
U.S. Bank 14:00 local time 18:00 local time
PNC Bank Until the end of the business day and no earlier than 14.00, no earlier than 12.00, deposit until 15.00 at ATMs outside PNC and until 22.00 for mobile deposits
Capital One end of the business day and no earlier than 14:00 ET 9:00 ET
TD Bank 20:00 local time 20:00 local time
BB&T end of business day 18:00 local time
SunTrust end of business day 12:00 local time
The NYSE will remain open on Veterans Day, as will the NASDAQ. Since the broker trading organization SIFMA recommends that Veterans Day be considered a holiday, it is worth checking in advance to see if you can trade in government securities, mortgage-backed and asset-backed securities, over-the-counter investment grade and high-yield corporate bonds and others.
While Veterans Day falls on a Wednesday this year, it is celebrated independently on November 11 each year. However, this has not always been the case.
According to the Ministry of Veterans Affairs, the law on uniform holidays signed in June 1968 provided for the Veterans Day to be a national holiday on a Monday and a three-day weekend for federal employees. The aim of this step was to promote travel, recreational and cultural activities and to stimulate greater industrial and commercial production.
However, many states disagreed with this decision and continued to celebrate Veterans Day on its original date. When the new law came into force on October 25, 1971, many citizens were confused.
To rid Americans of this confusion, President Gerald R. Ford signed a new law to change the annual Veterans Day celebration back to November 11, starting in 1978.
Did you know…?
Veterans Day and Memorial Day are not the same thing: Veterans Day honors those who have served the country in war or peace, dead or alive, while Memorial Day honors those who have served the country in war or peace, dead or alive.