bank holiday

noun
Updated on: 13 Oct 2017

Definition of bank holiday

1 British :legal holiday
2 :a period when banks in general are closed often by government fiat

First Known Use of bank holiday

1778


Financial Definition of BANK HOLIDAY

bank holiday

What It Is

A bank holiday is a day on which a bank or banking system is closed.

How It Works

In the United States, banks and financial markets generally cannot be closed for more than four calendar days in a row, which puts some limits on the timing and quantity of bank holidays.

In the United States, here are some typical bank holidays (exact dates vary):

In the United Kingdom, typical bank holidays include (exact dates vary):

In Hong Kong, typical bank holidays include (exact dates vary):

Why It Matters

Every country has its own bank holidays, and on those days, banks do not process transactions. Deposits and withdrawals do not post until the next banking day at the earliest. Sometimes, bank holidays occur in response to emergencies.


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