Are all banks closed on Labor Day? There is always some confusion over what’s open and what’s closed on federal holidays, especially for those who have the day off and need to get errands done.
If you run a business and need to make a deposit or you just need to withdraw cash from your bank account, your best bet is to use an ATM on Monday. According to Go Banking Rates, Monday, September 7, is a bank holiday and the following banks will be closed for the day: Bank of America, BBVA Compass Bank, BMO Harris Bank, Capital One, Chase Bank, Citizens Bank, People’s United Bank, PNC Bank, Santander Bank, Union Bank, and Wells Fargo Bank.
Credit unions and small local banks will be closed as well, with online banking, mobile apps and automated teller machines the only way to do banking transactions on Labor Day.
On some holidays, there are certain banks that stay open regular business hours or open their supermarket branches for limited holiday hours. TD Bank is known for being on four federal holiday — Martin Luther King Day, Presidents’ Day, Columbus Day, and Veterans Day — but will be closed on Labor Day.
Most banks have mobile apps that allow you to check your balance, make a transfer, make a loan payment, or pay a bill using online bill pay while the bank is closed. If you need cash, ATM machines are the way to go, but use one that is part of your bank’s network to avoid paying a withdrawal fee.
If you aren’t near an ATM associated with your bank, most grocery stores and some retail stores (Walmart, CVS, Walgreens) offer cash back without a fee when you use your debit card for a purchase. Go Banking Rates suggests that consumers use Paypal or a mobile app like Square Cash if you owe someone money and can’t wait until banks open on Tuesday to pay them back.
Although banks won’t be open on Labor Day, not everything will be closed. While state and federal offices including the U.S. Post Office, Social Security, the Department of Motor Vehicles, and the IRS will be closed, Saving Advice reports that most malls and big box stores like Walmart, Target, Kohl’s, Best Buy and Sears will be open. Restaurants, liquor stores, grocery stores and movie theaters will more than likely be open for business as well, but call ahead to make sure.
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