Every December 4th is observed as the International Day of Banks, a holiday that acknowledges the importance of banks and the role they have played throughout history in helping people achieve financial security.

Although banks have received quite a bit of criticism over the past few decades, these institutions serve their communities in many different ways. They are the major source of consumer loans, as well as a major source of lending for businesses.

This makes money available to consumers so they can purchase cars, and homes, or fund their education, and it provides capital for small businesses and community organizations. That’s why this holiday is observed every year and will most likely continue to be observed into the foreseeable future.

The History of International Day of Banks

This holiday is a relatively new one and has only been celebrated for a short while. It was created when the UN passed Resolution 74/245 on December 19, 2019. This resolution designated December 4th of every year as International Banking Day.

It was a holiday that recognized the important role that banks play in the banking systems of member countries and how those banking systems can help improve standards for people. This holiday was observed for the first time in 2020.

Some Quick Facts About Banks

Let’s take a few moments to talk about banks and the things that they do right and the things that they get wrong. Although International Day of Banks is a holiday that has somewhat of a rosy view of the global banking system, we thought it would be disingenuous not to include everything we know about banks in the following list of factoids.

Let’s dig into them and find out more about banks, banking systems, and the consumers who use them.

• In the U.S., there are over $21 trillion in assets held by banks.
• There are over 5,000 banks in the U.S., and together they have 85,000 branches.
• Approximately 90% of all consumers who bank are happy with their banks.
• Bank loans provide 68% of U.S. mortgages, 3% of revolving home equity, and 11% of student loans.
• Banks also provide 9% of auto loans and 6% of credit card debt.

Observing International Day of Banks

This is a holiday during which people can learn more about banks, take the time to use the financial tools that banks commonly make available, and take advantage of the services that many banks offer to consumers. People can also spread the word about this holiday by using the hashtag #InternationalDayOfBanks on social media.