There are numerous locations around the world that observe a seemingly faceless holiday known as a bank holiday. Such holidays give both the banks and its customers a chance to catch a break from their busy schedules. So let’s talk about bank holidays in further detail and explore their significance in regard to the smooth flow of financial transactions. Long story short, a bank holiday is often shocked when revealed to those unfamiliar with it, considering its nonexistence in a lot of countries.
A bank holiday, as the name suggests, is a day when banks cease operation and are closed to the general public. In the US, for instance, one of the violations is geographically oriented and may vary from state to state, as does all federal laws. The reasoning for this is quite simple and understandable considering the day in which, for example, December 14 falls on in other nations, observe a holiday unlike other dates.
Public holidays are not the same as bank holidays, however, sometimes they coincide. Such as Christmas observed on December 25 and New Years Day observed on January 1. However, in most cases when the bank is closed, customers can still utilize the services of ATMs or their online accounts.
The term holidays for banks gets its roots from the Bank Holidays Act of 1871. As a result, workers were guaranteed the right to free days when banks would not perform any operations. Ever since the law passed, we now also have a break from military suffrage, pecuniary exertions, and productivity.
In most cases, international holidays coincide with Christmas, which explains why people celebrate them so fervently.
Impact Of Bank Holidays on Day to Day Activities
While it looks like a normal day for the general populace, people who have scheduled payments, appointments and transactions across their bank accounts have to work around their schedules, this is where a bank holiday may create a frenzy for the people. Let me elaborate:
- One thing is certain, if you have any deposited checks, scheduled wire deposits or any scheduled fund transfers on the planned bank holidays do not expect them to go through until the start of the banking hours of the next working day.
- Plan Accordingly: Please make the arrangements of the bills and cash transactions in such a way that they are conducted before the holiday.
- But no worries, everything’s alright! UPI and internet banking along with many other services are still active so you don’t face the issue ‘out of service’.
These Are Some Countries With Their Distinct Bank Holidays:
There is a specific calendar that each nation has with its national and state specific bank holidays. Let’s see some such interesting examples of countries and their popular bank holidays.
Hello as well If you have not noticed the date today it is December the 14th, twenty twenty-four and since today is the second Saturday of the month it is a bank holiday, there are also other national Indian banking holidays this month as the Christmas and Goa liberation day from the British occupation.
There are bank holidays like Thanksgiving and Christmas which are a federal holiday across the United States. Banks also shut down for holidays like Mardi Gras in Louisiana, but that is only a state observance.
In the UK, Boxing Day and the August Bank Holiday are the most recognized of the bank holiday where bank services are unavailable.
Things to Do on a Bank Holiday
It is worth noting that it gives time to enjoy paid leaves without guilt so let’s see how best to utilize the “me” time:
- Take advantage of all the apps the banks offer! Mobile apps and ATMs assist you in managing your money very effectively.
- It is advisable to be proactive! When there is a planned withdrawal or deposit for a specific date, it is ideal to place it considering any alterations due to the coming bank holiday.
- Relax: Just like bank workers do, spend the day relishing the holiday or having fun, instead.
So Why Is Today A Bank Holiday?
December 14, 2024; We know many of you might ask – Why is it a bank holiday in India today? It is because it is the second Saturday of the month! It is important to note that Indian banks also observe the second and fourth Saturday of every month as a holiday. I mean that is quite fascinating isn’t it? This is a rule that is set at a national level, however, do remember that you have online services available to you.
Do not forget that the second and fourth Saturday of every month is also a bank holiday and this could be due to well, most likely a public holiday or something else important. It is never a bad idea to take time off but remember to incorporate limits on your spending so that you don’t cause an omission to your financial arrangement, however, it is possible to be planning multiple things with the help of phone apps and online banking services.
So the next time the opportunity arises where there is a bank holiday, there is no harm there if you decide to make full use of it. Also as a piece of advice, it is best that you consolidate all your transactions beforehand as it will save you in a number of situations later. A day’s off for the bank never hurts right?