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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Payment processing is critical for business owners and operators across all industries, but it comes to a halt on US bank holidays. That's why it's worth identifying which days banks are closed and learning how to prepare for the temporary pause.
There are 10 commonly observed bank holidays, which are also federal holidays.
Notably, some banks may not be open on days near a holiday. For example, they may close on the Saturday before a holiday that falls on a Monday. Others may stay open on certain holidays, but that doesn't mean it's business as usual. They may have shortened hours, limited staff or unable to process transfers with other banks.
Today, many businesses rely on electronic bank-to-bank transactions processed through the Automated Clearing House, or ACH, network. If you pay employees via direct deposit, the funds go through the ACH. So do payments you withdraw from customers' bank accounts with their permission. Also, payments you make through your bank's online bill pay also travel through the ACH network.
The Federal Reserve System is involved in the process, and the ACH network can only settle payments when the country's central bank is open. It's closed on federal holidays and weekends. So, do ACH payments post on holidays? The answer is no. Rather, they're usually delayed one business day.
Banks don't typically process checks on holidays either, so it will likely take longer to access those funds, as well.
By planning, you can avoid any interruptions in your business's operations and payment processing due to bank holidays. Here are some steps you can take when bank closures are approaching.
With good planning, your business can continue to meet its financial obligations even on days that banks observe designated holidays. Talk to your business banker about any steps you should take in advance of upcoming US bank holidays. This will help ensure your financial operations continue without issue and your cash flow remains uninterrupted.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
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