Major U.S. Banks to Close for Columbus Day: What You Need to Know
As the second Monday in October approaches, two of the largest banking institutions in the United States, Bank of America and Wells Fargo, are set to close all their branches for a full day on October 13. This closure is in observance of Columbus Day, a federal holiday that has sparked both celebration and controversy since its establishment in 1968. Customers are encouraged to plan ahead, as this closure will coincide with the shutdown of various federal services, including courts and post offices.
Understanding Columbus Day
Columbus Day commemorates Christopher Columbus’s arrival in the Americas in 1492. While it has been celebrated for over five decades, the holiday has increasingly faced scrutiny. Many states and cities have opted to recognize Indigenous Peoples’ Day instead, honoring the history and culture of Native American communities that were profoundly affected by European colonization. This dual recognition reflects a growing awareness of historical injustices and a shift in societal values.
Impact of the Closure
On October 13, all 7,700 branches of Bank of America and Wells Fargo will be closed. This decision aligns with the practices of several other financial institutions, including Capital One Bank, Citibank, PNC Bank, and Santander Bank, which will also suspend operations for the day. Federal employees will enjoy a paid day off, and mail delivery will be halted, further emphasizing the holiday’s significance.
While bank branches will be closed, customers can still access their accounts through ATMs. Wells Fargo, for instance, allows clients to check balances, make deposits, withdraw cash, and transfer payments via its ATMs. Additionally, customers can utilize digital wallet services like Apple Pay and Google Pay at Wells Fargo ATMs, provided they have linked their debit cards.
Alternatives for Banking Needs
Despite the closures, some banks will remain operational. Chase Bank has confirmed that it will continue to serve customers on Columbus Day, as reported by The Sun. Canadian-based TD Bank is also among the few major banks that will keep its doors open. This divergence in operational status highlights the varying approaches financial institutions take regarding federal holidays.
A Broader Context: Federal Holidays in the U.S.
Columbus Day is one of 11 official federal holidays observed in the United States. The Federal Reserve Bank System’s holiday schedule indicates that the next federal holiday will be Veterans Day, observed on November 11. These holidays often serve as reminders of the nation’s history and the diverse perspectives that shape its narrative.
Conclusion
As Bank of America and Wells Fargo prepare to close their doors on October 13 for Columbus Day, customers are urged to plan accordingly. The holiday not only marks a historical event but also serves as a platform for ongoing discussions about cultural recognition and historical accountability. With some banks remaining open, consumers have options to meet their banking needs, but awareness of the holiday’s implications remains crucial.
