There are less than one dozen holidays throughout the year for which banks close. They’re called federal holidays but are, understandably, also known as bank holidays. Memorial Day is one of those holidays. Therefore, if you’re wondering if banks are open on Memorial Day 2021, the short answer is no.
What Are Federal Holidays?
Federal holidays are holidays recognized by the American federal government. They’re the holidays which the government deems official. On these days, almost all government offices shut down. Many government services shut down as well. For example, banks don’t open on federal holidays. Post offices, courthouses, and libraries also close for federal holidays. Moreover, services such as garbage collection may shut down or later their scheduled.
The Ten Federal Holidays
There are ten federal holidays each year. So far in 2021, we’ve already celebrated three of them: New Year’s Day, Martin Luther King Jr. Day, and Presidents Day. Memorial Day 2021 is the next one. Memorial Day is Monday, May 31, 2021.
Following that, the remaining 2021 federal holidays will be Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, and Christmas. Therefore, you can plan ahead for federal holiday closures including bank closures on those days. Do note that when the holiday itself falls on a weekend, it’s observed on Friday or Monday instead. For example, Independence Day 2021 is on a Saturday this year but banks will close on Friday, July 3, 2021 in observance of it.
What Is Memorial Day?
Memorial Day is an American federal holiday. Its purpose is to honor American military members who died in service to their country. Their families are also recognized.
Memorial Day has a long, rich history. Americans (and others around the world for that matter) have long recognized and mourned for those who died in warfare. The country’s early Memorial Day commemoration dates back to the Civil War. General John A. Logan declared that the entire nation should spend May 30, 1868 commemorating the 600,000+ US soldiers who died during this war.
However, it was another hundred years before Memorial Day became an official federal holiday. We observe it on the last Monday of May each year. In addition to honoring those who died in the civil war, the holiday now recognizes and grieves any American soldiers who died in a war.
Banks Close For Memorial Day
As should now be clear, banks are not open on Memorial Day. Banks and credit unions usually do open regular hours on Mondays, of course. However, on that last Monday of May, they remain closed in honor of this federal holiday. If you need to get banking done before the end of the month, make sure to get it done by Friday, May 28, 2021.
What Else Is Open and Closed For Memorial Day 2021?
Most likely, you’ll find that schools, the stock market, the post office, and many professional services (such as law offices) close down on Monday, May 31, 2021 in honor of Memorial Day. However, most retail stores remain open for Memorial Day. In fact, many stores offer Memorial Day sales. So while it’s not a good day to get your banking done, you can do some shopping if you so desire.
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