Patriots' Day is an official state holiday in Massachusetts, which mandates the closure of state-chartered banks. While it is not a federal holiday, many federally-chartered banks with a significant presence in the state also close their branches in observance. Therefore, for most residents, it effectively functions as a bank holiday.
The distinction lies in the jurisdiction of the holiday. The U.S. Federal Reserve System sets the calendar for federal banking holidays, and Patriots' Day is not included on this list. Consequently, the Federal Reserve Bank of Boston remains open, and core financial market operations continue. However, individual bank branches, especially those chartered by the state, are subject to state law. Federally-chartered institutions have the discretion to close and often do so to align with local custom and state government closures.
For practical purposes, individuals in Massachusetts should confirm the operating hours with their specific financial institution. While state-chartered banks will be closed, the status of a federally-chartered bank branch is a corporate policy decision. This differs from a federal holiday like Labor Day, when all banks nationwide, both state and federally chartered, are uniformly closed.
