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With the holidays just around the corner, we wanted to offer you a list of the Federally observed holidays that affect the banking system so you are able to know when to submit your payroll to avoid issues with banks being closed.
Please note that this table only covers Federal holidays, you will also want to check with bank for any additional State holidays you should be aware of.
The table gives the date the holiday falls on, as well as indicating the day that it is observed by banks.
- If a holiday's calendar date falls on a Saturday, it will be observed on the preceding Friday
- If a holiday falls on a Sunday, it will be observed on the following Monday.
Note: These holidays are called out with an * in the table.
| Holiday | 2023 Holiday Date & What Day it is Observed On | 2024 Holiday Date & What Day it is Observed On |
| New Year's Day | Jan 1 (Mon)* | Jan 1 (Mon) |
| Martin Luther King, Jr.'s Birthday | Jan 16 (Mon) | Jan 15 (Mon) |
| Presidents' Day | Feb 20 (Mon) | Feb 19 (Mon) |
| Memorial Day | May 29 (Mon) | May 27 (Mon) |
| Juneteenth | June 19 (Mon) | June 19 (Wed) |
| Independence Day | Jul 4 (Tues) | Jul 4 (Thurs) |
| Labor Day | Sep 4 (Mon) | Sep 2 (Mon) |
| Columbus Day | Oct 9 (Mon) | Oct 14 (Mon) |
| Veterans Day | Nov 11 (Fri)* | Nov 11 (Mon) |
| Thanksgiving Day | Nov 23 (Thurs) | Nov 28 (Thurs) |
| Christmas Day | Dec 25 (Mon) | Dec 25 (Wed) |
Holiday Payroll Lead Time
QuickBooks Desktop Payroll Assisted
Regular Payroll: You have a 1-day lead time. This means you need to submit your payroll before
5:00PM PT 1 business day prior to payday.
Direct deposit timing for holidays: Does payday fall on, or the day after, a holiday? Submit payroll
one business day earlier than you normally would.
The money will be drawn from your account before regular banking hours the next business day.
Make sure your account has funds to cover the payroll on the day before the draw takes place.
QuickBooks Desktop Payroll (Basic, Standard, and Enhanced)
Regular Payroll: You have a 2-day lead time. This means you need to submit your payroll before
5:00PM PT 2 business days prior to payday.
Direct deposit timing for holidays: Does payday fall on, or two days after, a holiday? Submit
payroll one business day earlier than you normally would.
The money will be drawn from your account before regular banking hours the next business day.
Make sure your account has funds to cover the payroll on the day before the draw takes place.
What happens if I submit payroll after the cutoff time?
If you've missed the cutoff time, your direct deposit will process the next business day. This means your employees will get paid a day later. If you would like to pay them on time, you have the option to issue a paper check instead.
If you want to check the lead time for QuickBooks Online Payroll products which can have a 1 day lead, 5 day lead, or same day deposit, you can check out this article about how federal holidays affect direct deposit.
