2022 Federal Banking Holidays

November 10, 2021|

With year-end merely weeks away, it’s a great time to start preparing for administrative tasks, like planning payroll around banking holidays for the coming year. Payroll and HR professionals should note the new federal holiday, Juneteenth, which adds a federal banking holiday to the month of June.

The president signed the Juneteenth National Independence Day Act on June 17, making June 19, 2021 – a Saturday— a public holiday, which meant the holiday was observed on June 18. For 2022, the holiday falls on a Sunday and the Federal Reserve Board of Governors will be closed the next day, June 20, 2022.

Employers seeking information on any other banking holidays should refer to the Board of Governors of the Federal Reserve System, which maintains a list of federal banking holidays for the current year and the following four years. Bank files, including direct deposit files, do not move on federal banking holidays. So, if a holiday falls during your payroll processing period, you’ll want to move up the processing schedule to ensure your workers are paid on time. If your check date falls directly on a holiday, adjusting your payday to the previous business day is common.

Below is a table of holidays, payroll processing dates, and check dates. Our table is based on the following assumptions:

  • Your scheduled check date falls on a holiday (or the Friday after Thanksgiving)
  • You would like to pay your employees the business day before the holiday, with the exception of Thanksgiving for which the assumption is payday is the Friday after Thanksgiving.
  • You follow a two-day processing timeline

 

Holiday Date Process Payroll Check Date
New Year’s Day 2022 January 1, 2022 December 29, 2021 December 31, 2021 (Federal Reserve Banks and Branches will be open.)
Birthday of Martin Luther King Jr. January 17, 2022 January 12, 2022 January 14, 2022
Washington’s Birthday February 21, 2022 February 16, 2022 February 18, 2022
Memorial Day May 30, 2022 May 25, 2022 May 27, 2022
Juneteenth National Independence Day Observed June 20, 2022 June 15, 2022 June 17, 2022
Independence Day July 4, 2022 June 29, 2022 July 1, 2022
Labor Day September 5, 2022 August 31, 2022 September 2, 2022
Columbus Day October 10, 2022 October 5, 2022 October 7, 2022
Veterans Day November 11, 2022 November 8, 2022 November 10, 2022
Thanksgiving Day November 24, 2022 November 22, 2022 November 25, 2022
Christmas Day Observed December 26, 2022 December 21, 2022 December 23, 2022
New Year’s Day 2023 Observed January 2, 2023 December 28, 2022 December 30, 2022

 

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