The Federal Reserve System holidays are important because they can impact your financial life.

If you deposit a check when the Fed is closed, you may experience a delay in funds availability. A Fed holiday may also cause a bill payment to be late if the processing date is on a Fed holiday. Or a Fed holiday could mean that your local branch is closed.

Rose Oswald Poels started working at the Wisconsin Bankers Association more than 20 years ago. Back then, Oswald Poels, who is now the president and CEO of the group, says a lot of banks were open on holidays like the birthday of Martin Luther King Jr., Columbus Day and Veterans Day.

“In today’s world, it’s very different,” Oswald Poels says.

More banks are choosing to close on Federal Reserve System holidays, such as Washington’s birthday or Columbus Day. Oswald Poels says some banks may take advantage of closing on a weekday holiday to either conduct all-staff training or volunteer in the community.

Read more on Bankrate.