Have you ever noticed banks and credit unions like Florida Credit Union (FCU), close on certain holidays when schools and businesses remain open? The answer lies in the operations of the Federal Reserve, the backbone of the U.S. financial system.
What is the Federal Reserve?
The Federal Reserve, commonly known as "the Fed," serves as the central bank of the United States. Established in 1913 in response to financial instability, the Fed is responsible for critical tasks like conducting monetary policy, ensuring financial stability, and protecting consumers.
As a government agency, the Federal Reserve observes federal holidays, of which there are 11 recognized annually.
Why Does the Federal Reserve's Schedule Matter to Financial Institutions?
Many services banks and credit unions offer rely on the Federal Reserve's systems. For example, ACH (Automated Clearing House) transactions-like mobile check deposits, peer-to-peer payments, and direct deposits-are processed through the Federal Reserve. Similarly, wire transfers also depend on its operations.
On federal holidays, when the Fed is closed, these essential services pause. As a result, financial institutions like FCU typically close their branches as well, resuming operations the next business day. To put it into perspective, the Fed processed nearly 27 billion ACH transactions in 2020-an impressive scale highlighing why uninterrupted service depends on the Fed's availability.
Federal Holidays Observed by FCU
Here are the 11 federal holidays when Florida Credit Union is closed:
- New Year's Day
- Martin Luther King Jr. Day
- Washington's Birthday
- Memorial Day
- Juneteenth National Independence Day
- Independence Day
- Labor Day
- Columbus Day
- Veterans Day
- Thanksgiving Day
- Christmas Day
For a detailed list of FCU's holiday closures, visit our holiday schedule page.
Access Services Anytime, Anywhere
Even when our branches are closed, you can manage your accounts seamlessly with FCU's online and mobile banking platforms. Check balances, transfer funds, or make payments on the go. Prefer using your phone? Our self-service Info 24 system is available 24/7 for tasks like verifying transactions and making loan payments.
Federal holidays may bring a pause to branch operations, but your access to FCU never stops.