It’s almost Columbus Day, or Indigenous People’s Day, and many are wondering whether banks will be open on Monday.
The holiday, which is honoured annually on the second Monday in October, falls on October 10 this year and many are enjoying a three-day weekend.
Post offices, schools, grocery stores and more are often closed or have varying opening hours on Columbus Day, but what about banks?
Read on to find out whether you’ll be able to visit your local bank, including Bank of America, Chase, Citibank and more…
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Are banks open on Columbus Day 2022?
As Columbus Day is a federal holiday, all banks will be closed.
That includes Bank of America, JPMorgan Chase, Citibank, Wells Fargo, Goldman Sachs, U.S. Bancorp and all other US banks.
You won’t be able to visit your local branch and use its services. However, you can still get cash from ATMs and online banking will be available.
The stock market will be open too and equity exchanges will be running as usual. However, bond markets take the day off and will be closed.
Banks are closed on all federal holidays
In the United States, banks are always closed on all federal holidays. In 2022, these are:
- New Year’s Day: Jan 1 (observed on Jan 3)
- Martin Luther King Jr Day: Jan 17
- Presidents’ Day: Feb 21
- Memorial Day: May 30
- Juneteenth: Jun 19 (observed on June 20)
- Independence Day: Jul 4
- Labor Day: Sep 5
- Columbus Day: Oct 10
- Veterans Day: Nov 11
- Thanksgiving: Nov 24
- Christmas Day: Dec 25 (observed on Dec 26)
What is Columbus Day?
Banks are closed on Columbus Day as it commemorates the day that Christopher Columbus landed in the Americas in 1492.
It honors Columbus’ achievements, but many prefer to celebrate Indigenous Peoples’ Day instead as they believe the explorer is not worthy of celebrating.
Columbus set sail in August 1492 on behalf of the Spanish monarchy in search of a new route to the Far East, but he landed in the Bahamas instead.
He was the first European to explore the Americas since the Vikings, and the first Columbus Day celebration took place in 1792.
In 1937, President Franklin D. Roosevelt then proclaimed Columbus Day a national holiday, but it’s been criticized in recent decades.
Many choose to celebrate Indigenous Peoples’ Day instead as Columbus’ arrival in the Americas started the oppression of Native Americans.
The day celebrates and honors Native American people and commemorates their histories and cultures rather than honouring their oppressor.
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Source: hitc.com
