Question:

Is the bank closed on Labor Day?

Answer:

Most banks and credit unions will be closed on September 6, 2010 in observance of the Labor Day holiday. Do you need to find out if a specific bank branch is open?

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Labor Day

Labor Day in the United States is a holiday celebrated on the first Monday in September. It is a celebration of the American labor movement and is dedicated to the social and economic achievements of workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of their country.

Labor Day was promoted by the Central Labor Union and the Knights of Labor, who organized the first parade in New York City. After the Haymarket Massacre, which occurred in Chicago on May 4, 1886, US President Grover Cleveland feared that commemorating Labor Day on May 1 could become an opportunity to commemorate the affair. Thus, in 1887, it was established as an official holiday in September to support the Labor Day that the Knights favored.


bank branch

A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution (and by extension, brokerage firms) offers a wide array of face-to-face and automated services to its customers.

During the 3rd century banks in Persia (now Iran) and in other territories started to issue letters of credit known as Sakks, basically checks in today’s language, that could be traded in cooperative houses or offices throughout the Persian territories.]citation needed[ In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade.]citation needed[ In 1327, Avignon in France had 43 branches of Italian banking houses alone.]citation needed[

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Industrial Workers of the World

The Industrial Workers of the World (IWW or the Wobblies) is an international industrial union that was formed in 1905. The origin of the nickname "Wobblies" is uncertain.

The IWW promotes the concept of "One Big Union", contends that all workers should be united as a social class and that capitalism and wage labor should be abolished. They are known for the Wobbly Shop model of workplace democracy, in which workers elect their managers and other forms of grassroots democracy (self-management) are implemented. IWW membership does not require that one work in a represented workplace, nor does it exclude membership in another labor union.

Credit unions in the United States serve 96 million members, comprising 43.7% of the economically active population. US credit unions are not-for-profit, cooperative, tax-exempt organizations. As of October 2011, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $45 billion USD in assets and over 3.4 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012.

Due to their small size and limited exposure to mortgage securitizations, credit unions have weathered the financial meltdown of 2008 reasonably well. However, two of the biggest corporate credit unions in the United States (U.S. Central Credit Union and Wescorp) with combined assets of more than $57 billion were taken over by the federal government National Credit Union Administration on March 20, 2009.


Banking in the United States

Banking in the United States is regulated by both the federal and state governments. The five largest banks in the United States at December 31, 2011 were JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs. In December 2011, the five largest banks' assets were equal to 56 percent of the U.S. economy, compared with 43 percent five years earlier.

The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U.S. income earned by the top 1% income earners since 1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to $360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988, there were about 12,500 U.S. banks with less than $300 million in deposits, and about 900 with more deposits, but by 2012, there were only 4,200 banks with less than $300 million in deposits in the U.S., and over 1,800 with more.

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Trade union

A trade union (British English – trades union and amalgamation are also used), labour union (Canadian English) or labor union (American English) is an organization of workers who have banded together to achieve common goals such as protecting the integrity of its trade, achieving higher pay, increasing the number of employees an employer hires, and better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labour contracts (collective bargaining) with employers. The most common purpose of these associations or unions is "maintaining or improving the conditions of their employment". This may include the negotiation of wages, work rules, complaint procedures, rules governing hiring, firing and promotion of workers, benefits, workplace safety and policies.

Unions may organize a particular section of skilled workers (craft unionism), a cross-section of workers from various trades (general unionism), or attempt to organize all workers within a particular industry (industrial unionism). The agreements negotiated by a union are binding on the rank and file members and the employer and in some cases on other non-member workers. Trade unions traditionally have a constitution which details the governance of their bargaining unit and also have governance at various levels of government depending on the industry that binds them legally to their negotiations and functioning.

Labor Day in the United States is a holiday celebrated on the first Monday in September. It is a celebration of the American labor movement and is dedicated to the social and economic achievements of workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of their country.

Labor Day was promoted by the Central Labor Union and the Knights of Labor, who organized the first parade in New York City. After the Haymarket Massacre, which occurred in Chicago on May 4, 1886, US President Grover Cleveland feared that commemorating Labor Day on May 1 could become an opportunity to commemorate the affair. Thus, in 1887, it was established as an official holiday in September to support the Labor Day that the Knights favored.


Credit union

A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions also provide services intended to support community development or sustainable international development on a local level.

Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion US dollars and hundreds of thousands of members. Credit unions operate alongside other mutual and/or co-operative organisations engaging in cooperative banking, such as building societies.

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