President’s Day — the third Monday of every February — is considered a federal holiday which means most consumers and investors get to unplug for a three-day weekend.
Feb. 15 is considered a market holiday for U.S. equity markets, including the New York Stock Exchange and the Nasdaq. Financial markets will resume normal trading hours on Tuesday.
|ICE||INTERCONTINENTAL EXCHANGE, INC.||119.45||+0.21||+0.18%|
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Most of the nation’s major banks will also be closed in order to observe the holiday, which originally began as a celebration of George Washington’s birthday on Feb. 22.
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This means in-person services at most brick-and-mortar branches, including JPMorgan Chase and Wells Fargo, will be closed.
|JPM||JPMORGAN CHASE & CO.||159.83||-0.59||-0.37%|
|WFC||WELLS FARGO & CO.||46.13||-2.27||-4.68%|
One exception is TD Bank, which remains open on select holidays, according to the company.
|TD||THE TORONTO-DOMINION BANK||65.17||-0.48||-0.74%|
However, ATMs and mobile banking options will still be available as usual.
In fact, most institutions are still encouraging their customers to use online services as much as possible due to the coronavirus.
For instance, Citibank has a disclaimer at the top of its website directing customers to manage their accounts through its mobile app or directly online, which may include checking a balance, paying bills, moving money between accounts or depositing checks.
However, consumers should expect bank transfers, which are routed through the Federal Reserve, to take longer than normal since the Fed will be closed. If you transfer a payment it will likely not process until Tuesday, the next business day.
View more information: https://www.foxbusiness.com/markets/presidents-day-and-the-stock-market-banks-what-to-know