What is the Difference Between Bank Holiday and Public Holiday?
🆚 Go to Comparative Table 🆚The difference between a bank holiday and a public holiday lies in their definitions and the businesses they affect.
- Bank Holiday: A bank holiday is a day when banking institutions are closed for business. In the United Kingdom and the Crown Dependencies, bank holidays are also considered national public holidays. However, not every bank holiday is a public holiday. Bank holidays are typically observed on certain saint's days or dates set by statute, royal proclamation, or held by convention under common law.
- Public Holiday: A public holiday is a day that is declared a holiday by the government due to some cultural or historical significance. Public holidays are also known as legal holidays and national holidays, or federal holidays in the United States. Public holidays are observed through custom and practice, such as Christmas Day.
Most public holidays are also considered bank holidays. However, there are some differences in observance and recognition between the two types of holidays. For example, in the UK, bank holidays are treated the same as public holidays, but not every bank holiday is a public holiday. Additionally, while banks are closed on public holidays in the US, they may not be considered bank holidays as well.
Comparative Table: Bank Holiday vs Public Holiday
Creating a table that outlines the difference between bank holidays and public holidays can be a useful way to visualize the distinctions between the two types of holidays. Here is a sample table that highlights the key differences:
| Feature | Bank Holidays | Public Holidays |
|---|---|---|
| Definition | Holidays observed by the Federal Reserve and other banks | Holidays that are celebrated by the general public, often marked by time off from work and school |
| Observation | Ten specific holidays observed by the Federal Reserve | Varies by country and culture, often including religious, cultural, and historical events |
| Impact on Businesses | Affects ACH transactions like direct deposit and automatic debits when the Federal Reserve is closed | Businesses may close or have limited hours, and public services may be affected |
| Observed Holidays | If a holiday falls on a weekend, the observed holiday may be the following Monday or Friday, depending on the specific holiday | Public holidays are typically observed on the actual date, with some exceptions for weekends |
| Examples (US) | New Year's Day, Martin Luther King Jr.'s Birthday, Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, Christmas Day | New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day, as well as various religious and cultural holidays |
Please note that this table provides a general overview, and specific details may vary depending on the country or region in question.
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