Banks generally remain open on Patriot's Day because it is observed as a state holiday primarily in Massachusetts and Maine, not as a federal holiday. The operational status of banking institutions in the United States is largely governed by federal reserve guidelines for federal holidays. Consequently, financial institutions that adhere to the federal holiday schedule, which includes most major national banks and the Federal Reserve System itself, do not close for Patriot's Day.
The distinction between federal and state holidays is critical for banking operations. Federal holidays, such as Thanksgiving or Christmas, mandate the closure of all federally regulated banks, impacting clearing and settlement systems nationwide. Conversely, state holidays, like Patriot's Day, do not compel federal bank closures unless a specific state law or internal policy of a state-chartered bank or credit union dictates otherwise within the observing state. Therefore, while state government offices and some local businesses in Massachusetts and Maine might close, the vast majority of banks, especially those operating across multiple states, continue their normal business hours.
For individuals residing in or conducting business with local banks or credit unions within Massachusetts and Maine, it is advisable to verify their specific holiday schedules directly. However, for most customers nationwide, banking services, including branch operations, electronic transfers, and ATM access, function as usual. Online and mobile banking platforms are unaffected by state-specific holidays, ensuring continuous access to financial services.
