Yes, most banks close on Memorial Day

Memorial Day is a federal holiday in the United States, observed on the last Monday of May. Most banks — including national banks, regional banks, and credit unions — close their physical branches on this day. The Federal Reserve does not process payments, and wire transfers do not go through.

However, you can still access your money. ATMs work on Memorial Day, and online banking (transfers, bill pay, checking your balance) runs normally. Mobile apps and websites stay open around the clock. The closure only affects in-person services at the branch itself.

Key Takeaways

  • Physical bank branches close on Memorial Day, but ATMs and online banking work normally.
  • Wire transfers and payments processed by the Federal Reserve will not go through until the next business day.
  • If you need cash, withdraw it before Memorial Day or use an ATM on the holiday itself.
  • Checks deposited on Memorial Day will not be processed until Tuesday, so plan ahead if you need the funds quickly.

What you can and cannot do on Memorial Day

You can withdraw cash from any ATM, check your account balance online, transfer money between your own accounts, and pay bills through your bank's website or app. You can also deposit checks using mobile check deposit if your bank offers it — the image is captured on Memorial Day, though the funds will not actually post until Tuesday.

You cannot walk into a branch and speak to a teller, deposit cash in person, get a cashier's check, or explore for a loan. Wire transfers you request on Memorial Day will not leave your account until Tuesday. If you are waiting for a wire transfer to arrive, it will not land until Tuesday at the earliest.

Planning ahead for the long weekend

If you need cash over the Memorial Day weekend, withdraw it on Friday or Saturday. Most ATMs have daily withdrawal limits (often $500 to $1,000, depending on your bank and account type), so take that into account if you need a larger amount.

If you are expecting a wire transfer or a check deposit to clear before Memorial Day, it will not happen — plan your spending accordingly. The same applies to bill payments: if you pay a bill on Memorial Day through your bank's website, the payment will process on Tuesday, not Monday. If your bill is due on Tuesday, paying on Monday may result in a late fee, so pay earlier in the week instead.

Which banks and financial institutions close

All national banks close on Memorial Day because it is a federal holiday. This includes Bank of America, Chase, Wells Fargo, Citibank, and other large chains. Regional and community banks also close, as do credit unions. Some online-only banks (like Ally or Charles Schwab) have no physical branches, so there is nothing to close, but they still do not process wire transfers or Federal Reserve payments on the holiday.

A small number of banks may stay open on Memorial Day if they are located inside a grocery store or retail location that is open. Call your specific branch ahead of time if you are unsure — the branch's phone number is on your bank card or on the bank's website.

What happens to payments and transfers

Payments you schedule through your bank's bill pay system will process on the next business day if you submit them on Memorial Day. If your bill is due on Tuesday and you pay on Monday, the payment may arrive late. To be safe, pay bills by Friday.

Wire transfers requested on Memorial Day will not leave your account until Tuesday. If someone is sending you a wire transfer, it will not arrive until Tuesday or later. ACH transfers (the slower electronic transfers used for things like direct deposit) also do not process on federal holidays, so they will move on Tuesday instead.

How to prepare before the holiday

Withdraw cash on Friday or Saturday if you think you will need it over the weekend. If you are expecting a check or wire transfer, do not count on it arriving by Monday — assume Tuesday at the earliest. Pay any bills that are due around Memorial Day by the Friday before.

If you need to deposit a check, use mobile check deposit on your phone if your bank offers it. The check image will be captured on Monday, and the funds will post on Tuesday. This is faster than waiting until Tuesday to deposit it in person.

Frequently Asked Questions

Can I use my debit card on Memorial Day?

Yes. Debit cards work at merchants, ATMs, and online retailers on Memorial Day. The only thing that does not work is going into a physical bank branch. Your card itself is not affected by the holiday.

Will my direct deposit come through on Memorial Day?

No. Direct deposits are processed by the Federal Reserve and do not go through on federal holidays. If your employer normally deposits on Monday and Memorial Day falls on that day, your deposit will arrive on Tuesday instead.

What if I need cash and the ATM is broken?

If your bank's ATM is out of service, you can use an ATM from a different bank. You may pay a fee (usually $2 to $3) for using an out-of-network ATM, but the transaction will go through. Grocery stores and convenience stores often have ATMs available.

Can I deposit a check at an ATM on Memorial Day?

Yes, if your bank's ATM accepts check deposits. The check image will be captured on Monday, and the funds will post on Tuesday. Some older ATMs do not have this feature, so check your bank's website or call ahead if you are unsure.

Do online banks close on Memorial Day?

Online banks have no physical branches, so there is nothing to "close." However, they still do not process wire transfers, ACH transfers, or other Federal Reserve payments on the holiday. You can log in and view your account, but transfers will not move until Tuesday.