In an announcement that affects many customers, Bank of America and Wells Fargo have confirmed that their branches will be closed today, January 1, 2025, in observance of the New Year’s Day holiday. This closure is in line with federal regulations, as New Year’s Day is one of the eleven federal holidays in the United States. Government offices and public institutions are required to close, and many private businesses, including major banks, follow the same schedule.
Why Are the Banks Closed?
Both Bank of America and Wells Fargo have aligned their holiday schedules with the Federal Reserve’s calendar. While government offices are legally required to close on federal holidays, banks often close their doors as well, although this is not mandatory. These closures ensure that customers are aware and can plan accordingly. However, some services are still available even when the banks are closed.
What Services Are Available During the Bank Closure?
Although Bank of America and Wells Fargo branches are closed for the day, customers can still access their accounts and complete transactions via ATMs and mobile banking. These services will operate normally, allowing you to manage your money from the convenience of your phone or through ATMs. Bill payments, money transfers, and checking account balances are still possible through these platforms.
When Will the Banks Open Again?
If you need to visit a branch in person, you’ll have to wait until tomorrow, Thursday, January 2, 2025. On that day, both Bank of America and Wells Fargo will open during their usual business hours. If you’re unsure of the exact hours at your local branch, it’s a good idea to call ahead or check online.
Impact on Other Banks and Financial Services
Bank of America and Wells Fargo are not the only major banks observing this closure. Other big banks, such as Citigroup and JPMorgan Chase, will also be closed today, following the federal holiday schedule. This closure will impact in-person banking services but will not affect online banking or mobile app functionalities.
What About UPS and FedEx?
It’s not just banks that are adjusting their schedules for the New Year. Many people wonder about parcel delivery services like UPS and FedEx during the holiday season. UPS will only deliver Air and International Air packages on New Year’s Day. However, no other pickups or deliveries will happen on January 1. FedEx will continue operating on New Year’s Day, though some locations may close early. Both companies plan to resume full operations on January 2.
Major Banks and Climate Change Alliance Exit
In a related piece of news, Citigroup and Bank of America made headlines recently by announcing their exit from the Net-Zero Banking Alliance (NZBA), a global initiative aimed at reducing carbon emissions. These banks join other major financial institutions, like Goldman Sachs and Wells Fargo, in stepping away from the alliance. The decision follows mounting pressure from Republican lawmakers and ongoing debates over the role of banks in financing fossil fuels.
While both Citigroup and Bank of America have made strides toward sustainability, their withdrawal from the NZBA reflects their shift in focus. This move has sparked discussions about the balance between economic growth and environmental responsibility.
Conclusion
As we start the new year, it’s essential to remember that Bank of America and Wells Fargo will be closed today in observance of New Year’s Day. However, online banking services remain unaffected, so customers can continue to handle their financial tasks remotely. Be sure to check with your local branch for any updates on reopening times and other services. Stay informed and plan ahead to avoid any disruptions in your banking activities.
