This coming Monday marks a public holiday, but it’s one that many may not be familiar with as it pertains specifically to the banking and finance sector in New South Wales (NSW).
August 5th will be observed as a Bank Holiday, providing a long weekend exclusively for banking and finance professionals in NSW. This annual holiday, set for the first Monday in August, is unique to this state.
What is a Bank Holiday?
A Bank Holiday is a public holiday designated solely for employees within the banking and finance industries in New South Wales. On this day, banks and financial institutions in the region will be closed.
Impact on Banking Services
While physical branches will be closed, online banking services and ATMs will remain operational. However, some services will be unavailable, including:
- Redraw or repayment functions for Business Market Loans and Corporate Market Loans.
- Export International Trade services for customers in New South Wales and the Australian Capital Territory.
- Import International Trade transactions dated for August 5, 2024.
Customers needing specific information should reach out to their banks. ANZ has confirmed that payments will still be processed, while Commbank has indicated that all branches will be closed.
Origin and Significance of the Bank Holiday
The concept of the Bank Holiday originated in the United Kingdom, aimed at providing a break for employees following the end of the financial year. The holiday was established in NSW under the Bank Holidays Act of 1875 and also applies to the Australian Capital Territory.