Founded in 1885 to honour George Washington, President's Day is a holiday that can fall any day between Feb. 15 and Feb. 21. It is a national and federal holiday in the U.S. Generally, it falls on the third Monday of February. In 2020, the President's Day falls on February 17. The third Monday of February this year, i.e February 17, will be a holiday in the US.
As President's Day 2020 is a federal holiday, the Federal Reserve Bank will be closed. Reportedly, banks in the U.S. typically follow the holiday schedule of the Federal Reserve Bank, but there may be some differences. Some in-store branches will be open and ATMs will function as usual. Additionally, mobile banking services will still be available to use on President's Day.
President's Day is considered as one of the first big retail events of the year in the US. Reportedly a leading shopping website says consumers can expect to see savings of up to 70% on computers and up to 60% off for mattresses. Home goods and appliances are also being offered at steep discounts and winter clothing will generally be on clearance.
Pretty much every retailer from Target to Walmart to Home Depot will be open on President's Day. They will actively try to attract consumers into the store. On the other side, big grocery chains, such as Harris Teeter, Kroger and Whole Foods, as well as restaurants are largely open.
The day was earlier referred to as Washington’s Birthday and is still called the same in Illinois, Iowa, Massachusetts, Michigan, Louisiana, and New York. President's Day was made a federal holiday in 1885 when it was called Washington's Birthday in honour of George Washington. Then, in 1971 the introduction of the Uniform Monday Holiday Act meant that every holiday would be celebrated on a Monday, and after that Washington's Birthday became widely known as Presidents Day.