bank holidays

bank holidays days when the law requires that banks be closed. In the United States the list varies from state to state but generally includes, besides the major holidays, many days that are observed only by the banks and such government institutions as post offices. In England since 1871, bank holidays have had special significance as secular and perpetual holidays. The days include Christmas, Boxing Day (the first weekday after Christmas), Good Friday, Easter Monday, Whitmonday (the day after Pentecost), and the special banking day on the first Monday in August.

Bank Holiday Act, 1871. Introduced by Sir John Lubbock, this Act compelled the clearing banks to close on certain days, thus making them public holidays. In England and Wales Easter Monday, Whit Monday, the first Monday in August, and Boxing Day became public holidays. In Scotland New Year's Day, the first Monday in May and August, and Christmas Day were declared holidays.

bank holiday a day on which banks are officially closed, kept as a public holiday; traditionally, bills payable on these days are paid on the following day. Bank holidays originated as certain Saints' days and anniversaries, to the number in all of about 33 days per annum, which were kept as Holidays at the Bank of England.