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Why the first Monday in August is a bank holiday: What it means

·2-min read
Logos of the big four banks and Australian money.
Today is a bank holiday in NSW. Find out if it will affect you (Soure: Getty)

Today is the first Monday of August and not only does that mean we are closer to the end of the year than the start, it also means those in New South Wales who work in financial services have the day off.

But why do some of us get the day off while others aren't quite so lucky and will it affect your banking needs today?

Here is a brief history of how it started and what it means for you.

Why is today a Bank Holiday?

The NSW Bank Holiday in August began in the United Kingdom and was designed to compensate staff members for the extra work involved in finalising everything for the end of financial year.

The August bank holiday was first legislated in the UK in the Bank Holiday Act in 1871 which constituted four bank holidays.

It was first introduced in NSW in the Bank Holidays Act of 1875 and allowed financial services workers the first Monday of August off.

Will my banking be affected?

Long story short, no it shouldn’t be. With everything automated these days you shouldn't have any problems paying your bills or accessing your online banking needs.

However, for some more complex transactions you may have some issues.

Some examples of services that may not be processed today are:

  • Redraw or repayment capability on business or corporate loans.

  • International payments transaction capability using Real Time Rates or newly booked FX deals value dated 2 August 2021.

  • Export International Trade service for New South Wales and Australian Capital Territory customers.

  • Import international trade value dated Monday 2 August 2021.

These transactions require human resources and so are examples of services that may be interrupted today.

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