What Day is Veterans Day Observed in 2023 for Banks?
Veterans Day is a federal holiday in the United States that is observed annually on November 11th. However, for banks, the story is slightly different. In this article, we will explore when Veterans Day is observed by banks in 2023.
What is Veterans Day?
Before we dive into the details of bank holidays, let’s briefly discuss what Veterans Day is. Veterans Day is a federal holiday that is celebrated on November 11th every year to honor the military veterans who have served in the United States Armed Forces. The holiday was initially created to commemorate the end of World War I, which ended on November 11, 1918.
Bank Holidays: What You Need to Know
Banks in the United States are subject to Federal Reserve regulations, which govern their operating hours and holiday schedules. The Federal Reserve designates certain days as bank holidays, which means that banks are closed on those days. Here’s the key point: banks are not always closed on the same day as Veterans Day.
When is Veterans Day Observed by Banks in 2023?
For 2023, Veterans Day is observed on Monday, November 13th. This means that banks will be closed on Monday, November 13th, in observance of the holiday. However, Friday, November 10th is not a bank holiday, so banks will be open on that day.
Table: 2023 Bank Holiday Schedule
| Date | Bank Holiday? |
|---|---|
| Friday, November 10th | No |
| Saturday, November 11th | No |
| Sunday, November 12th | No |
| Monday, November 13th | Yes |
Why the Difference?
So, why do banks observe Veterans Day on a different day than the federal holiday? The answer lies in the banking industry’s unique history and traditions. In the past, banks were typically open on weekends, and it was not uncommon for them to operate on Sundays. However, in the 1960s and 1970s, the banking industry began to adopt a five-day workweek, similar to other industries.
The Evolution of Bank Holidays
In the 1970s and 1980s, the Federal Reserve began to designate specific days as bank holidays. These holidays were typically set on Mondays, which allowed banks to take a day off without disrupting the rest of the week. In 1993, the Federal Reserve designated Veterans Day as a bank holiday, but it was not automatically observed on November 11th.
Conclusion
In conclusion, Veterans Day is observed on Monday, November 13th by banks in 2023. This means that banks will be closed on that day, while Friday, November 10th is a regular banking day. Understanding the bank holiday schedule is essential for individuals who rely on banks for financial transactions.
