How Do Federal Holidays Impact My Accounts?

Federal holidays come around more often than you think. It may be easy to remember widely recognized dates like New Year's, Veterans Day, Thanksgiving, and Christmas, but some holidays can sneak up on you and you may not realize it until you are wondering why a deposit or payment has not posted to your account.

Federal agencies such as NACHA (National Automated Clearing House Association) are closed on federal holidays. NACHA is responsible for the electronic funds transfer system that facilitates all payments in the U.S. Even though a financial institution may be open on a federal holiday, your transactions will not post to your account until the next business day. (A business day is every day except Saturdays, Sundays, and Federal holidays.)

If you receive your paycheck via direct deposit and your payday falls on a federal holiday, you may want to confirm with your employer when you can expect your deposit. If your government direct deposit, such as a Social Security benefit, falls on a federal holiday, your funds will typically be received the business day before the holiday.

Business customers should also be alert as to when a federal holiday is approaching. You may need to adjust payroll processing dates, scheduling ACH transactions, and requesting wire transfers. Business customers who utilize the bank's Positive Pay will want to be available on the next business day for decision processing. The Treasury Management team or your Business Banking Relationship Manager is available to assist you should you have any questions regarding preparations.

Even though Bank First may be closed for federal holidays, please keep in mind you can check your balances and transfer funds using Online and Mobile Banking. While the transaction will not post until the next business day, you will be one step ahead and ready for what the following day may bring.