2004 Bank Holiday issue

Question: I went back to our copy of Bankers' Hotline Volume XIII, Number 7 to double check on our holiday schedule. On page two you have an article on "Holidays Observed by the Federal Reserve, 2004". This seems to state, as indicated by the asterisk, that the Fed will close Friday Dec 24th, and Dec 31st, 2004. This is opposite of what I believe is correct. Did I miss something?

Answer: No, if you read it quickly, that's almost what it appears to say. You'll have to look at the explanation at the top of that chart as well as the asterisk note at the bottom. The explanation at the top of the holiday schedule tells you "For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday: however, the Board of Governors will be closed." The note at the bottom of the chart refers ONLY to the Board of Governors, not to the Fed Banks and Branches. The holidays are not the same for the two entities. You are correct in your scheduling that the Fed Banks and Branches will be open the Friday before Christmas, which falls on a Saturday this year. And they'll be open Friday, December 31st - New Year's Day, January 1, 2005 being the holiday. But don't bother calling the Board of Governors Christmas Eve or New Year's Eve! They won't be there.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 3, 7/05