Yes, Memorial Day is a federal banking holiday

Most banks in the United States close on Memorial Day, which falls on the last Monday of May. This is a federal holiday, meaning the Federal Reserve and the U.S. Treasury observe it, and most commercial banks follow suit. If you need to visit a branch, deposit a check, or handle banking in person on Memorial Day, you will need to plan ahead.

Not every financial institution closes on Memorial Day, though. Some credit unions, online banks, and smaller regional banks may stay open or have limited hours. If you use a smaller or online-only bank, check their holiday schedule before Memorial Day arrives.

Key Takeaways

  • Most banks close entirely on Memorial Day, the last Monday of May, because it is a federal holiday.
  • The Federal Reserve does not process payments or transfers on Memorial Day, so any transaction you submit that day may not go through until the next business day.
  • Online banking, ATMs, and mobile apps usually work on Memorial Day even when branches are closed.
  • Credit unions and online-only banks may have different holiday schedules, so check with your institution directly.
  • If you need cash or must deposit a check in person, plan to do it before Memorial Day or the day after.

What stays open and what closes on Memorial Day

Physical bank branches close on Memorial Day. You cannot walk in, speak to a teller, or use the drive-through. However, ATMs and online banking platforms typically remain available 24/7, regardless of the holiday. You can check your balance, transfer money between your own accounts, and pay bills online without interruption.

The catch is that the Federal Reserve itself does not process certain transactions on Memorial Day. If you send a wire transfer or an ACH payment (a common way to move money between banks), it will sit in a queue until the next business day. Checks you deposit through a mobile app may not clear until the day after the holiday.

How Memorial Day affects different types of transactions

Debit card purchases, credit card payments, and ATM withdrawals work normally on Memorial Day because these happen through networks that run continuously. You can spend money, check your balance, and withdraw cash without delay.

Transfers between banks, wire transfers, and check deposits are different. These require the Federal Reserve or your bank's processing system to actively move money, and that does not happen on federal holidays. If you deposit a check on Memorial Day using your phone, the bank receives the image that day, but the funds may not appear in your account until Tuesday or Wednesday.

Bill payments you schedule through your bank's website may process on Memorial Day if you set them up in advance, but the actual movement of money from your account to the biller happens the next business day. If a bill is due on Memorial Day itself, pay it before the holiday to avoid a late fee.

Which banks might stay open on Memorial Day

Large national banks like Chase, Bank of America, Wells Fargo, and Citibank close on Memorial Day. However, some credit unions, community banks, and online-only banks do not observe all federal holidays. A few credit unions stay open on federal holidays as a service to members, though this is uncommon.

The only way to know for certain is to contact your bank directly or check their website. Most banks publish their holiday schedule online, and you can call the branch or check the mobile app. If you bank with a smaller institution or a credit union, do not assume they are closed—verify before Memorial Day.

Planning ahead for Memorial Day banking needs

If you know you will need cash, deposit a check, or handle something in person, do it on Friday before the long weekend. This gives you a buffer and ensures the transaction clears before the holiday.

If you are expecting a deposit or a payment to arrive around Memorial Day, remember that it may be delayed by a day. Payroll deposits, government payments, and transfers from other banks may all take longer during holiday weekends. If you need the money by a specific date, plan for the delay.

For bill payments, set them up at least two business days before they are due. This accounts for the holiday and any processing delays. If a payment is due on Memorial Day itself, submit it by Friday to be safe.

What the Federal Reserve does and does not do on Memorial Day

The Federal Reserve, which is the central banking system of the United States, closes on Memorial Day. This means it does not process wire transfers, ACH payments, or other large-scale money movements. Banks rely on the Federal Reserve to move money between accounts at different institutions, so when the Fed is closed, those transfers wait.

Your own bank's internal systems may still run, which is why you can check your balance and move money between your own accounts on Memorial Day. But moving money to someone else's bank account at a different institution requires the Federal Reserve to be open.

Frequently Asked Questions

Can I use my debit card on Memorial Day?

Yes. Debit card transactions process through payment networks that run 24/7, even on federal holidays. You can make purchases, withdraw cash from ATMs, and check your balance without any interruption.

Will my paycheck deposit be delayed if it arrives on Memorial Day?

Possibly. If your employer sends payroll through the Federal Reserve's ACH system and it arrives on Memorial Day, the deposit may not post to your account until Tuesday. Some employers send payroll the day before a holiday to avoid this delay, so check with your HR department about their schedule.

What if I deposit a check on Memorial Day using my phone?

Your bank receives the image of the check on Memorial Day, but the funds may not appear in your account until the next business day or later. The Federal Reserve does not process check clearing on holidays, so there is a delay even though you submitted the deposit.

Do online banks close on Memorial Day?

Online banks do not have physical branches, so there is nothing to "close." You can log in, check your balance, and move money between your own accounts anytime. However, transfers to other banks and check deposits may still be delayed because the Federal Reserve is closed.

Can I pay my bills on Memorial Day?

You can schedule bill payments through your bank's website or app on Memorial Day, and the payment will be queued. However, the actual money movement happens the next business day. If a bill is due on Memorial Day, pay it before the holiday to avoid a late fee.