These bats are residents of the north woods where it is one of the characteristic animals about woodland ponds and streams. A typical day roost is the space behind a piece of loose bark on a tree. Individuals have also been found in woodpecker holes and on bird's nests. During migration they may be encountered in a wide variety of other shelters. Although they may appear in any kind of building, they favor open sheds, garages, and outbuildings rather than enclosed attics. They frequently rest in a pile of slabs, lumber, railroad ties, or fence posts, especially when migrating through the prairies where shelters are scarce.

Silver-haired bats emerge earlier than most and is easily recognized in flight. With the possible exception of the western pipistrelle it is the slowest flying North American bat. It flies slowly and leisurely and sometimes very close to the ground.

The adults usually appear singly but frequently are found in pairs and occasionally in groups of three or four. Because their day roosts are so rarely encountered, no one has studied their habits.

Little is known about their breeding habits. Two young are usually born in late June or early July. There is some evidence of segregation of males and females when the females are ready to have their offspring.

The silver-haired bats are migratory, and sometimes migrate in groups. There are several records of groups of weary bats descending upon ships at sea. Some bats netted during summer months and banded were recaught over 100 miles away!