THE world’s largest bank is set to close all of its US locations for a whole day very soon.
Americans will have all of their transactions suspended without any way to get around it, and other banks will be doing the same.
The world’s largest bank is set to close all of its US locations for a whole day very soon[/caption]
ICBC, the Industrial and Commercial Bank of China, is based in China and is the largest bank in the worlds by total assets.
The bank closes for all 11 federally recognized holidays in the US every year.
Labor Day is coming up, always falling on the first Monday in September.
This year, Labor Day is set for Monday September 1, and it will have a huge impact on the US network.
This includes New Years Day, Memorial Day and Independence Day, to name a few.
So far in 2025, Americans have had their banking systems frozen for 24 hours to observe all the major holidays.
Given that Labor Day is a federal holiday, ICBC is closing all of its branches in the US.
This means that any scheduled transactions will not be paid out until the following day.
Deposits will not be processed until September 2, either.
It will also restrict Americans from speaking to bank tellers, for example if they need to speak to someone about a loan.
But if you have a rent or mortgage payment due, this shouldn’t be affected.
As long as the payment is not made late, it won’t be an issue if it doesn’t arrive until September 2.
ATMs should still be accessible on Labor Day, and online banking services will be working as normal.
More major banks like Bank of America, Wells Fargo and Chase Bank will be closed for Labor Day.
Federally recognized American holidays
- New Year’s Day – January 1
- Martin Luther King Jr. Day – January 20
- Washington’s Birthday – February 17
- Memorial Day – May 26
- Juneteenth National Independence Day – June 19
- Independence Day – July 4
- Labor Day – September 1
- Columbus/Indigenous Peoples Day – October 13
- Veterans Day – November 11
- Thanksgiving – November 27
- Christmas Day – December 25
Americans are advised to plan around this holiday, and get any important banking done before September 1.
If you’re similarly planning to send money to and from China, this might need to be delayed until after the holiday.
WHAT ELSE IS CLOSED?
From one critical service to another, Labor Day means that the postal system will be disrupted.
The USPS is suspending its major services, so no packages will be delivered on Labor Day.
Much like banks, anything due to be sent out will be left waiting until September 2.
FedEx is doing something similar, but is leaving a few of its operations running.
The FedEx Office will still be open, but it will be running on modified hours.
Anyone looking to access an office will need to check with their local spot to check opening times.
FedEx Custom Critical will still be open, but FedEx Logistics will not be.
