A bank holiday is a public holiday during which banks and many businesses are closed for the day. These holidays are often established by law and can vary by country. Common examples include Christmas, New Year's Day, and Independence Day. On these days, employees typically receive a day off work, and many people use the time to relax or spend time with family. In addition to traditional holidays, some countries also have specific bank holidays that celebrate local events or historical figures. For instance, Martin Luther King Jr. Day in the United States honors the civil rights leader. Bank holidays provide an opportunity for communities to come together and celebrate their culture and history.