Banks aren't closed on Black Friday — and it reveals a key weakness for the holiday

  • Banks are closed on Thanksgiving, but open on Black Friday. 
  • While Thanksgiving is a national holiday, Black Friday is an unofficial celebration of deals. 
  • The unofficial nature of Black Friday has allowed it to lose some of its power as a single day. 

As retailers extend Black Friday earlier and earlier, banks are refusing to fall into the same trap. 

All major banks including Wells Fargo, Chase, and Bank of America will be closed on Thanksgiving Day, but open on Black Friday this year. 

RELATED: Stores that will be closed for Black Friday and Thanksgiving 2017

36 PHOTOS
Stores that will be closed for Thanksgiving, Black Friday 2017
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Stores that will be closed for Thanksgiving, Black Friday 2017

REI

-Closed on Thanksgiving & Black Friday

(Photo by Robert Alexander/Getty Images)

Costco 

-Closed on Thanksgiving

Crate & Barrel

-Closed on Thanksgiving

Home Depot

-Closed on Thanksgiving

IKEA

-Closed on Thanksgiving

Marshalls 

-Closed on Thanksgiving

Lowe's

-Closed on Thanksgiving

Cabela's

-Closed on Thanksgiving

Neiman Marcus

-Closed on Thanksgiving

Petco

-Closed on Thanksgiving

TJ Maxx

-Closed on Thanksgiving

A.C. Moore

-Closed on Thanksgiving

ABT Electronics

-Closed on Thanksgiving

BJ's Wholesale Club

-Closed on Thanksgiving

Burlington Coat Factory

-Closed on Thanksgiving

Cost Plus World Market

-Closed on Thanksgiving

DSW

-Closed on Thanksgiving

Guitar Center

-Closed on Thanksgiving

H&M

-Closed on Thanksgiving

HomeGoods

-Closed on Thanksgiving

Apple

-Closed on Thanksgiving

Half Price Books 

-Closed on Thanksgiving

(Photo by Darren Hauck/Getty Images)

Hobby Lobby

-Closed on Thanksgiving

(Getty)

Jo-Ann Stores

-Closed on Thanksgiving

(Getty)

Nordstrom

-Closed on Thanksgiving

(REUTERS/Rick Wilking)

Nordstrom Rack

-Closed on Thanksgiving

(REUTERS/Brendan McDermid)

Office Depot 

-Closed on Thanksgiving

(REUTERS/Mike Blake)

OfficeMax 

-Closed on Thanksgiving

(Getty)

Pier 1 Imports

-Closed on Thanksgiving

(Luke Sharrett/Bloomberg via Getty Images)

Jos. A. Bank 

-Closed on Thanksgiving

(Photo by Andrew Burton/Getty Images)

P.C. Richard & Son

-Closed on Thanksgiving

(Photo by Jb Reed/Bloomberg via Getty Images)

Party City 

-Closed on Thanksgiving

Patagonia

-Closed on Thanksgiving

(Photo by Robert Alexander/Getty Images)

Publix 

-Closed on Thanksgiving

(Getty)

West Marine

-Closed on Thanksgiving

(Photo by John Patriquin/Portland Press Herald via Getty Images)

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While many people treat Black Friday like a holiday, celebrated by going on a budget shopping bonanza, it is not in fact a public holiday in the US. People might take a day off, but at banks, it's business as usual. 

Black Friday's status as an unofficial holiday is part of the reason why retailers' sales have started inching earlier and earlier. Retailers including Walmart, Target, and Macy's are all kicking off Black Friday sales on Thanksgiving — an actual national holiday. 

As a result, Black Friday is losing its power. Soon, it may not even be an unofficial holiday. 

"I think the traditionalists will have a hard time stomaching that," Josh Elman, a consumer and retail analyst with Nasdaq Advisory Services, told Business Insider. "But I think at the end of the day ... the whole idea and concept of Black Friday deals in store will diminish over time."

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See Also:

SEE ALSO: Black Friday store hours are more confusing than ever this year — here's a complete list

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