Why are banks closed today, Monday Nov. 11?
If you need to do any banking today, November 11, you may find that your local branch is closed or that your transaction won’t go through until tomorrow.
Veterans Day is celebrated on November 11 each year to recognize the service of those who served in our nation’s armed forces. That date coincides with the anniversary of the Armistice that brough World War I to and end in 1918.
As it is a federal holiday, government offices like to Postal Service, Social Security and Federal Reserve will not be providing any services until the next business day.
Commercial banks rely on the Federal Reserve, so when it closes it disrupts services and transactions between different banks. When a federal holiday falls on a Saturday or Sunday, the US central bank will close, and typically commerical banks too, the business day, Friday or Monday, which is closest to the holiday.
Chase
JP Morgan Chase has also announced that “Chase will not process transactions on days that the Federal Reserve Banks and Branches are closed.” Services that will be impacted on the bank holidays such as Veterans Day include Scheduling transactions, repeating transactions, Chase QuickDeposit and fraud protection services.
If you need more information Chase advises to call you bank representative.
Wells Fargo
Wells Fargo will close down all of its branches on Monday.
Bank of America
Bank of America says that its offices and financial centers will be closed in observance of Veterans Day along with 10 other holidays.
Your best bet will be to use the bank’s locator tool to check when your local branch will be open again before making the trip to avoid any confusion or delays due to the holiday.
Citi Bank
Citi Bank has not announced whether their branches will be open on Monday. Best to call before heading out.