bank holiday
n.
- A day on which banks are legally closed.
- Chiefly British. A legal holiday when banks are ordered to remain closed.
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1. Uniform schedule of national holidays honored by financial institutions. State holidays are not standardized, however. Under the Uniform Commercial Code, interbank payments delayed by a holiday are payable the next business day.
2. Temporary closing of a bank by government officials. The most famous "bank holiday" is the one-week nationwide closing in 1933, ordered by President Franklin D. Roosevelt to control a wave of bank failures and restore confidence in the banking system.
The institution of Bank Holidays had a profound effect on the leisure patterns of the working classes, and affected the traditional calendar in that many customs were pulled from their traditional days to take place on the nearest Bank Holiday. They were introduced to sort out a long-standing problem in the financial world by allowing bills of exchange which fell due on national holidays to be payable on the following day; thus allowing banks to close on those holidays. In addition, they were part of the drive to regularize holidays for working people. The Bank Holidays Act of 1871, strenuously promoted by Sir John Lubbock (later Lord Avebury), stipulated (for England) Easter Monday, Whit Monday, the first Monday of August, and
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The noun has one meaning:
Meaning #1:
any of several weekdays when banks are closed; a legal holiday in Britain
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Copyrights:
![]() | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2007. Published by Houghton Mifflin Company. All rights reserved. Read more | |
![]() | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more | |
![]() | English Folklore. A Dictionary of English Folklore. Copyright © 2000, 2003 by Oxford University Press. All rights reserved. Read more | |
![]() | Columbia Encyclopedia. The Columbia Electronic Encyclopedia, Sixth Edition Copyright © 2003, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/ Read more | |
![]() | WordNet. WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. Read more |
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