2020 Banking Holidays and How They Affect Your Payroll

2020 Banking Holidays and How They Affect Your Payroll

The Board of Governors of the Federal Reserve System maintains a list of federal banking holidays for the current year and the following four years. As 2020 approaches, you should take note of upcoming federal banking holidays and how they may impact your payroll processing schedule. Preparing now will help ensure your employees are paid on time throughout 2020.

If a holiday falls during your payroll processing period, you’ll want to move up the processing schedule. If your check date falls directly on a holiday, adjust your payday to the previous business day.

For more help, check out our table of holidays, payroll processing dates, and check dates. Our table is based on the following criteria:

  • Your scheduled check date falls on a holiday (or the Friday after Thanksgiving)
  • You would like to pay your employees the business day before
  • You follow a two-day processing timeline

 
Visit the Federal Reserve website for future banking holiday dates.

Holiday Date Process Payroll Check Date
New Year’s Day 2020 Wednesday, January 1, 2020 December 27, 2019 December 31, 2019
Birthday of Martin Luther King Jr. Monday, January 20, 2020 January 15, 2020 January 17, 2020
Washington’s Birthday Monday, February 17, 2020 February 12, 2020 February 14, 2020
Memorial Day Monday, May 25, 2020 May 20, 2020 May 22, 2020
Independence Day Saturday, July 4, 2020Observed Friday, July 3, 2020 June 30, 2020 July 2, 2020
Labor Day Monday, September 7, 2020 September 2, 2020 September 4, 2020
Columbus Day Monday, October 12, 2020 October 7, 2020 October 9, 2020
Veterans Day Wednesday, November 11, 2020 November 6, 2020 November 10, 2020
Thanksgiving Day Thursday, November 26, 2020 November 23, 2020 November 25, 2020
The day after Thanksgiving is not a banking holiday but is likely a check date for many employers. November 24, 2020 November 27, 2020
Christmas Day Friday, December 25, 2020 December 22, 2020 December 24, 2020
New Year’s Day 2021 Friday, January 1, 2021 December 29, 2020 December 31, 2020

 

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