Most banks and financial institutions will be closed on Memorial Day.
This year, Memorial Day falls on Monday, May 30, 2022.
How does the holiday impact my payment?
Memorial Day always falls on the last Monday of May. The holiday is for honoring Americans who lost their lives in the armed forces. The Federal Reserve acknowledges Memorial Day as a bank holiday, meaning most financial institutions will be closed on Monday.
Banks and other financial institutions are not required to close for bank holidays, but most do. When a bank closes for a holiday, it won’t process any transactions until they reopen. That would mean any Memorial Day transactions won’t be processed until Tuesday, May 31.
You can still do an ATM withdrawal just the same. Online banking should still be accessible and your cards won’t be impacted either.
The holiday also means that direct payments from a state or federal organizations will be impacted. If you are worried about how your benefit will be impacted by Memorial Day, reach out to the distributing organization.
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