Forewords on Bank Holidays
Public holidays are generally considered to be bank holidays. Banks are mostly closed on the Federal holidays in the United States of America. In general sense, the phrase ‘bank holiday’ basically denotes to the emergency bank closures that mandate by the executive orders of Congress to the remedy fiscal crises.
Exploring more on it
• If it is about the history of bank holidays, then Bank of England used to observe around 33 Saints’ days as well as religious celebrations as the holidays. In the year 1834, it was reduced to only four days, i.e. November 1, May 1, Christmas Day and Good Friday etc.
• Banks holidays are basically observed in the USA on the Ney Year’s Day, i.e. January 1 as well as on birthdate of Martin Luther King. This date is subjected to change. That apart, the holidays are also observed on the Federal Reserve banks Day in February. This date is also likely to vary as per the year. On the other hand, some other holidays are birthdays of George Washington, Abraham Lincoln etc. It even celebrates the Memorial Day on last Monday in the month of May.
• America generally celebrates Labour Day on first Monday in the September, along with the parades. For the Americans, it is supposed to mark theend of the summer holidays and the beginning of the classes for the students.
Except all these, Veterans Day is also considered to be a bank holiday. Formerly it was known as the Armistice Day. The date is supposed to vary as per the year. On the other hand Thanksgiving Day is also regarded as a bank holiday in the United States of America. Its date also changes according to the year.
Other than all these, different states of the USA have their own set of scheduled list of the Bank holidays. Every bank, whether a bank near me or a bank nears you, is supposed to have some permanent holiday list.