Bank Holidays

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Bank Holidays

A bank holiday is generally a public holiday. Banks are normally closed on all Federal holidays in United States. Nevertheless, the term ‘bank holiday’ specifically denotes emergency bank closures mandated by executive order of Congress to remedy fiscal crises. The holiday mandated by Emergency Banking Act of 1933 is probably the most prominent of these.As far as history of bank holidays is concerned, Bank of England used to observe about 33 Saints’ days and religious celebrations as holidays but in 1834, this was drastically reduced to just four- May 1, November 1, Good Friday, and Christmas Day.

Bank holiday is observed in US on New Year’s Day that is January 1 and on Martin Luther King’s Day. Date of this day may change from year to year. A bank holiday is observed on Federal Reserve Banks Day in the month of February. Its date also varies according to year. USA commemorates births of George Washington (22.2.1732), and Abraham Lincoln (12.2.1809) as President’s Day. It also celebrates Memorial Day on the last Monday of May in tribute to the nation’s armed services personnel killed in wartime and the deceased in general.
Moreover, banks observe a holiday on Independence Day in the USA on the 4th of July. This day is a remembrance of the formal adoption of Declaration of Independence on July 4, 1776.USA celebrates Labor Day on the first Monday in September, with parades. For most Americans it marks the end of summer holidays and beginning of classes for students. Christopher Columbus landed in the West Indies on October 12, 1492. Columbus Day is celebrated on the 2nd Monday of October to commemorate that day.

Furthermore, there is a bank holiday on Veterans Day, formerly Armistice Day to commemorate the end of First World War. Its date varies according to year. Thanksgiving Day is celebrated and observed as a bank holiday on this day. Its date also changes according to year. Apart from this, various states in USA have their own scheduled list of holidays in a year.

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