2022 Federal Banking Holidays

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