The Fed closes on MLK Day
Martin Luther King Jr. Day is one of the legal public holidays in 5 U.S.C. §6103, defined as the third Monday in January. Federal Reserve Financial Services publishes holiday schedules and specific MLK Day operating instructions; Reserve Banks and Branches are closed, and FedACH does not process in its normal weekday pattern over the holiday.
That Fed closure is what makes the banking answer mostly "no," even though the statute itself governs federal employees rather than private tellers. When the Reserve Banks are closed, settlement rails that depend on them pause. Chase and other large banks that publish Fed-aligned holiday lists treat MLK Day as an office holiday.
For 2026, Federal Reserve materials and market calendars place the observance on Monday, January 19. Branches reopen Tuesday, January 20 for a normal business day.
What still works when the lobby is closed
| Channel | Typical MLK Day status | Caveat |
|---|---|---|
| Bank lobby / appointments | Closed at most large banks | Credit unions set their own hours |
| ATMs | Usually working | Cash deposits may post next business day |
| Mobile / online banking | Usually available to view and submit | Same-day Fed clearing does not run |
| FedACH / wire schedules | Paused or delayed per Fed holiday rules | Restart times are on FedACH calendars |
| Stock market (NYSE/Nasdaq) | Closed for the holiday | Separate from bank lobbies but same calendar day |
An open credit-union lobby does not restart FedACH. If your transfer needs the Fed network, the holiday still delays final settlement.
Upcoming third Mondays in January
The dateRule table on this page lists the next several occurrences generated from the statutory rule (third Monday in January). 2026 is January 19; 2027 is January 18; 2028 is January 17.
Schools and government offices follow related but not identical calendars. This site's are schools closed on MLK Day guide covers the education side; bank hours track the Fed more tightly than local school boards do.
Compared with other Monday holidays
Labor Day, Washington's Birthday (Presidents Day), and Memorial Day are also Monday holidays on the Fed list. The pattern is the same: Reserve Banks closed, most big-bank lobbies closed, ATMs up, clearing delayed. Related reading: are banks open on Labor Day.
Good Friday is different: it is not a Federal Reserve holiday, yet the NYSE closes. Do not assume every market holiday is a bank holiday, or the reverse.