Today (November 11, 2020) is Veterans Day in the U.S.—a day where Americans pay tribute to those who served their country in times of both war and peace.
Originally called Armistice Day, it was named Veterans Day in 1954 to incorporate all veterans, rather than just those who served and died in the First World War. In other countries, this day is still known as Armistice Day or Remembrance Day.
Are Banks Open on Veterans Day?
Veterans Day is observed as a federal holiday in the U.S., so banks will be closed on November 11 and will reopen on November 12, according to the Federal Reserve. While banks will be closed, ATMs will still be functional, allowing for 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 ahead.
Chase Bank: Branches will be closed over the federal holiday, with the majority of branches opening on November 12 at 9:00 a.m.
Wells Fargo: The bank will remain shut for Veterans Day, with lobbies opening at 9:00 a.m. the next working day.
JPMorgan Chase: Branches will be closed over the public holiday, with the majority of branches opening on November 12 at 9:00 a.m.
Citigroup: Branches will be closed for Veterans Day and will reopen at 10:00 a.m. at the majority of branches on November 12, 2019.
Bank of the West: Banks will be closed for the public holiday and will reopen at 9:00 a.m. the next working day.
BMO Harris Bank: Following the Federal Reserve, BMO Harris will remain closed for Veterans Day. Opening times differ the following day, with the earliest branch openings at 8:00 a.m. Check ahead with local branches for more details.
SunTrust: Branches will reopen on November 12, 2019, at 9:00 a.m.
HSBC USA: Most branches will reopen at 9:00 a.m. following Veterans Day.
Comerica Bank: All branches will be closed to observe Veterans Day. Banks will reopen at 9:00 a.m. the following working day.
If you’re planning to make a cash or check deposit over the Veterans Day weekend, take into consideration that an extra business day will be added to the processing time as banks are not open on Veterans Day. The cut-off times for depositing cash and checks are as follows:
| Banks | Standard Deposit | ATM Deposit |
|---|---|---|
| Bank of America | 2:00 p.m. local time | 5:00 p.m. local time |
| Wells Fargo | 2:00 p.m. local time | 9:00 p.m. local time (8:00 p.m. in Alaska) |
| Chase | End of the business day | 11:00 p.m. ET |
| Citibank | End of the business day | 10:30 p.m. ET |
| U.S. Bank | 2:00 p.m. local time | 6:00 p.m. local time |
| PNC Bank | By the end of the business day and no earlier than 2:00 p.m. | No earlier than 12:00 p.m. Deposit by 3:00 p.m. at non-PNC ATMs and 10:00 p.m. for mobile deposits |
| Capital One | End of the business day and no earlier than 2:00 p.m. ET | 9:00 p.m. ET |
| TD Bank | 8:00 p.m. local time | 8:00 p.m. local time |
| BB&T | End of the business day | 6:00 p.m. local time |
| SunTrust | End of the business day | 12:00 p.m. local time |
NYSE will remain open on Veterans Day, as will NASDAQ. As broker trade organization SIFMA recommends that Veterans Day is observed as a holiday, it is worth checking ahead of time whether you will be able to trade government securities, mortgage- 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 every year on November 11 regardless. However, this wasn’t always the case.
According to the Department of Veteran Affairs, the Uniform Holiday Bill, which was signed in June 1968, designated Veterans Day as a national holiday on a Monday, allowing for a three-day weekend for Federal employees. The aim of this move was to encourage travel, recreational and cultural activities, and stimulate greater industrial and commercial production.
However, many states didn’t agree with this decision and continued to celebrate Veterans Day on its original date. When the new law came into effect on October 25, 1971, many citizens were confused.
To relieve Americans of this confusion, President Gerald R. Ford signed a new law to return the annual observance of Veterans Day to November 11, starting in 1978.
Did you know…?
Veterans Day and Memorial Day are not the same: Veterans Day honors all who have served the country in war or peace, dead or alive, whereas Memorial Day is a time to remember those who have given their lives.
Other countries celebrate Veterans Day too, but in their own ways: November 11 marks a day of remembrance for countries who fought in WWI, and while it is called different things in different countries, the history is the same. The U.K. calls it Remembrance Day and also observes it on the Sunday closest to November 11, which falls on November 8 in 2020. Many wear poppies to remember those who gave their lives in war and observe two minutes of silence.
