Bank Holidays
Understanding how Pay Dates and Submit By Dates are calculated helps you ensure your workers are paid on time, especially around bank holidays. This topic explains how Direct Deposit speeds affect your payroll timeline, how holidays can shift these dates, and the options available to keep payroll running smoothly.
The Submit By Date for a Pay Date with Direct Deposit Method is determined by taking the Pay Date and subtracting 4 business days for the Direct Deposit speed, and subtracting an additional business day for the Submit By Date.
For example, a Friday Pay Date results in a Monday Submit By Date.
When banks close for a holiday it adds an additional business day to Direct Deposit speeds.
Depending on your Pay Group settings, this can throw off your Submit By Date, Pay Date, or Pay Period Dates.
You'll recognize this when you see your Submit By Date is earlier than normal. This is a default option that works for many employers.
You can follow that option or reference the options and calendar below to best suite your needs and industry.
This table is not exhaustive and does not advise on any rules or regulations.
|
Goal |
Option |
|---|---|
|
Keep the same Pay Date and Pay Period |
Change to Paper Check Method |
| Keep Direct Deposit Method and Pay Period | Move out the Pay Date |
| Keep the same Pay Date | Move up the Submit By Date |
|
Holiday |
2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|
|
New Year's Day |
January 1 | January 1 | January 1 | January 1* | January 1 |
| Martin Luther King Jr. Day | January 20 | January 19 | January 18 | January 17 | January 15 |
| Washington's Birthday (Presidents Day) | February 17 | February 16 | February 15 | February 21 | February 19 |
| Memorial Day | May 26 | May 25 | May 31 | May 29 | May 28 |
| Juneteenth National Independence Day | June 19 | June 19 | June 19* | June 19 | June 19 |
| Independence Day | July 4 | July 4* | July 4** | July 4 | July 4 |
| Labor Day | September 1 | September 7 | September 6 | September 4 | September 3 |
| Columbus Day | October 13 | October 12 | October 11 | October 9 | October 8 |
| Veterans Day | November 11 | November 11 | November 11 | November 11* | November 11** |
| Thanksgiving Day | November 27 | November 26 | November 25 | November 23 | November 22 |
| Christmas Day | December 25 | December 25 | December 25* | December 25 | December 25 |
*For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday.
**For holidays falling on Sunday, Federal Reserve Banks and Branches will be closed the following Monday
Table Source: https://www.frbservices.org/about/holiday-schedules