What is a Bank Holiday? The day off you've probably never heard of

This Monday is a public holiday, although you probably have no idea, because its exclusive to just one industry in one state.

August 5th is an official Bank Holiday, making it a three-day weekend for the banking and finance industry exclusively in NSW.

The holiday only exists in NSW and falls on the first Monday of August every year.

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What is a Bank Holiday?

A bank holiday is a public holiday exclusive to New South Wales banking and finance employees.

It means banks and financial institutions will be closed on the first Monday of August every year.

Will my banking be affected?

While brick-and-mortar branch locations will close, customers will still have access basic to online banking features and ATMS.

More complex transactions will be affected, according to NAB, including:

• Redraw or repayment capability on Business Market Loans and Corporate Market Loans will not be available
• There will be no Export International Trade service for New South Wales and Australian Capital Territory customers.
• No import international trade value dated Monday 5 August 2024

Customers should contact their bank with specific enquiries about what will be available.

ANZ's website says payments will still be processed on the holiday.

Commbank's website says all branches will be closed on the day.

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Why does NSW have Bank Holidays?

The bank holiday started in the United Kingdom and gives employees a day off to compensate for the work leading up to the end of the financial year.

It was introduced in NSW in the Bank Holidays Act in 1875.

The holiday also applies to the Australian Capital Territory.