Memorial Day is a federal holiday, so most banks close on the day itself
Memorial Day falls on the last Monday of May each year. On that day, federal banks close — meaning you cannot visit a branch, use a teller, or conduct business in person. ATMs and online banking usually stay open, but if you need to speak to someone or handle something that requires a person, you will need to wait until Tuesday.
The closure applies to banks that are federally chartered or members of the Federal Reserve system, which includes most large banks and many smaller ones. Some credit unions and community banks may also close, though a few stay open on federal holidays — it depends on the individual institution's policy.
If you use online banking, mobile apps, or ATMs, you can still move money, check balances, and deposit checks remotely on Memorial Day itself. Wire transfers and ACH transfers (automatic payments between accounts) may process more slowly because the Federal Reserve is also closed, but the transaction usually goes through once the banks reopen.
Key Takeaways
- Most banks close on Memorial Day (the last Monday in May), but ATMs and online banking remain available.
- If you need to speak to a banker or handle something that requires a person, plan to visit on a different day.
- Transfers and payments you initiate on Memorial Day may not process until the next business day because the Federal Reserve is closed.
- Credit unions and smaller banks may have different holiday schedules, so check with your institution directly if you are unsure.
When to plan ahead for banking needs around Memorial Day
If you know you will need to deposit a check, open an account, or discuss a loan before Memorial Day weekend, do it on Friday or earlier in the week. Many people wait until the last moment and then find themselves unable to reach their bank.
If you are expecting a paycheck or a transfer to arrive on or around Memorial Day, remember that the Federal Reserve does not process transfers on the holiday itself. A deposit that would normally clear in one business day may take two if it arrives on or just before the holiday. Plan your cash flow accordingly if you rely on that money for bills due shortly after.
What you can still do on Memorial Day without visiting a branch
ATMs work 24/7, including on Memorial Day. You can withdraw cash, deposit checks (if your ATM has a deposit slot), transfer money between your own accounts, and check your balance.
Online banking portals and mobile apps let you pay bills, transfer money between accounts at the same bank, set up automatic payments, and monitor transactions. If you bank with an institution that offers mobile check deposit, you can photograph and submit a check through your phone.
If you need to send money to someone at a different bank, you can initiate an ACH transfer or wire transfer online, though it will not process until the Federal Reserve reopens on Tuesday. Some banks also offer peer-to-peer payment services like Zelle, which may process faster even on holidays, depending on the receiving bank.
How to learn about your specific bank is open on Memorial Day
The safest approach is to call your bank's main customer service line or check their website directly. Most banks publish their holiday schedule online, and you can usually find it under "Hours" or "Locations." Some banks list holiday hours branch by branch, so a location near you might have different hours than another branch.
If you bank with a large national institution like Bank of America, Chase, Wells Fargo, or Citibank, they almost certainly close on Memorial Day. If you use a smaller regional bank or credit union, call ahead — a few do stay open on federal holidays, and you want to know before you show up.
What happens to automatic payments and direct deposits on Memorial Day
Direct deposits scheduled for Memorial Day itself will not hit your account until Tuesday, when the Federal Reserve reopens. If your paycheck normally arrives on Monday and Memorial Day falls on that Monday, it will arrive on Tuesday instead. Your employer should have adjusted the deposit date, but if you are unsure, check with payroll.
Automatic bill payments you have set up will not process on Memorial Day. If a payment is scheduled for that day, most banks will hold it and process it on Tuesday. This can matter if you are cutting it close on a due date — a bill due on Monday will not actually leave your account until Tuesday, which might mean a late fee if the creditor expects it sooner. If you are worried about timing, reschedule the payment for Friday or earlier.
Planning for the Memorial Day weekend banking gap
If you know you will need cash over the weekend, withdraw it on Friday. If you are expecting a check to arrive, deposit it before Friday so it clears before the holiday. If you have bills due right after the holiday, pay them on Friday or use online banking to schedule them for Tuesday morning.
The key is not to assume that something will process on Monday just because you initiate it online. The Federal Reserve does not work on federal holidays, so anything that depends on the banking system moving money between institutions will wait until Tuesday.
Frequently Asked Questions
Can I use my debit card on Memorial Day if the bank is closed?
Yes. Your debit card works at any ATM and any merchant, regardless of whether your bank's branch is open. The closure only affects in-person services at the branch itself.
Will my paycheck arrive on time if it is scheduled for Memorial Day?
No. Direct deposits scheduled for Memorial Day will arrive on Tuesday instead. Your employer should have adjusted the date, but check with payroll if you are unsure. Plan your budget assuming the money arrives Tuesday, not Monday.
What if I need to deposit a check and the branch is closed?
If your bank offers mobile check deposit through its app, you can photograph and submit the check on Memorial Day, and it will process on Tuesday. Otherwise, wait until Tuesday to visit the branch or use an ATM with a deposit slot if your bank has one.
Do wire transfers process on Memorial Day?
No. Wire transfers initiated on Memorial Day will not process until Tuesday because the Federal Reserve is closed. If you need money to move urgently, initiate the transfer on Friday.
Is my money safe in my account if the bank is closed?
Yes. The bank being closed for the day does not affect the safety of your deposits. Your money is still there, and you can access it via ATM or online banking.