May 25th, 2020 is Memorial Day. This is a federal holiday. Therefore, certain institutions and services will be closed. Are banks open on Memorial Day?
Memorial Day is a Bank Holiday
Memorial Day is one of the ten dates of the year that Americans consider a bank holiday. As the name suggests, banks are typically closed on bank holidays. The Federal Reserve Bank of Chicago lists Memorial Day as a bank holiday alongside these other nine bank holidays:
- New Year’s Day
- Martin Luther King Jr. Day
- Washington Day
- Independence Day
- Labor Day
- Columbus Day
- Veterans Day
- Thanksgiving Day
- Christmas Day
Many stores are open during bank holidays. For example, Walmart, Target, and Costco will all be open for Memorial Day 2020. However, banks and other federal businesses such as post offices, are generally closed.
Most, But Not All, Banks Close for Memorial Day
Since Memorial Day is a federal holiday and also a bank holiday, it’s no surprise that banks will be closed for Memorial Day 2020. If you need to do in-store banking, then you’ll want to get that taken care of before Memorial Day. Alternatively, you can wait until Tuesday, May 26th, 2020 when banks re-open with their normal hours.
Three Banks That Might Be Open on Memorial Day
That said, Banks.org says that there are three exceptions to the rule that banks are closed on Memorial Day. PNC Bank and SunTrust Bank both have in-supermarket branches that will be open on Memorial Day. Regular banks are closed but the smaller branches inside of stores may be open. Additionally, the site says that while US Bank is probably going to be closed, some of their locations will stay open for a short half-day on Memorial Day 2020. If you absolutely need to go to the bank on Memorial Day, call these three banking options to see if one is open near you.
Credit Unions Also Close for Memorial Day
Credit unions differ from banks. Nevertheless, they do typically follow the same bank holidays. Therefore, you can expect that your local credit union will be closed on Memorial Day 2020.
For that matter, the stock market is also closed for Memorial Day. If you have to deal with financial things, don’t count on doing so on Memorial Day.
Banking Services That You Can Access on Memorial Day
These days, you can often do your banking without actually going in to a physical bank. That simplifies things for people who have to deal with certain transactions on Memorial Day. Even though the bank is closed, you can still go to the ATM, for example. You can deposit or withdraw cash and complete other ATM-based activities. Similarly, online and mobile banking don’t shut down for bank holidays. Therefore, you can pay bills and do other online banking on Memorial Day. Just remember that if you’re transferring money, the transfer might not go through immediately during a bank holiday such as Memorial Day.