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Definition of 'Bank Holiday'
Any business day during which commercial banks and savings & loans institutions are closed for business to the public, specifically at physical locations. These holidays usually coincide with federal holidays in the United States, but each country defines is own bank holidays.
Infrequently, a bank holiday can also refer to a day where there is an emergency bank closure to avert a bank run. This type of bank holiday occurred as a result of the Emergency Banking Act of 1933 during the Great Depression in the United States.
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