Banks close on five federal holidays in May, but the dates and which banks observe them vary

Not all banks close on the same days in May. The federal holidays that fall in May are Memorial Day (last Monday of May) and sometimes Juneteenth (June 19, but observed on June 18 if it falls on a Sunday). Most large national banks close on Memorial Day. Smaller regional banks, credit unions, and online banks may have different schedules. Some banks stay open on holidays but process transactions the next business day.

If you need to deposit a check, withdraw cash, or make a time-sensitive transfer around a May holiday, you should check your specific bank's schedule before the day arrives. A bank's website or mobile app usually lists holiday hours under "Locations" or "Hours." You can also call the branch directly or visit in person.

The key difference between banks matters: if your bank closes on Memorial Day and you deposit a check that day, it will not post until Tuesday. If you use an online bank or ATM, you can still deposit checks and move money on the holiday itself, though the transaction may not clear until the next business day.

Key Takeaways

  • Memorial Day (last Monday in May) is the main May holiday when most large banks close, but credit unions and regional banks may have different schedules.
  • Checks deposited on a bank holiday do not post until the next business day, even if you use an ATM or mobile app.
  • Online banks and ATMs usually stay open on holidays, but transfers and deposits still process on the next business day.
  • Wire transfers and ACH payments sent on a holiday will not leave your account until the next business day.
  • You should check your bank's specific holiday schedule on their website or by calling ahead, because policies vary by institution.

How Memorial Day affects deposits and withdrawals

On Memorial Day, physical bank branches close. If you try to deposit a check at a teller window, you cannot. However, ATMs stay open at most banks, and you can deposit checks through the mobile app or ATM if your bank offers mobile deposit. The catch: the deposit will not post to your account until Tuesday, the next business day.

Withdrawals work differently. If you need cash on Memorial Day, you can use an ATM to withdraw from your account. The money comes out immediately because ATMs are connected to the bank's system in real time. But if you need to withdraw a large amount and your ATM has a daily limit, you will be stuck until Tuesday when you can visit a branch.

If you are waiting for a deposit to clear before a bill payment is due on Tuesday, do not count on a Monday deposit to post in time. Plan as if the deposit will not show up until Wednesday morning.

Wire transfers and ACH payments on May holidays

Wire transfers and ACH payments (the electronic transfers used for direct deposit, bill pay, and peer-to-peer payments) do not process on federal holidays. If you send a wire transfer or schedule an ACH payment for Memorial Day, it will not leave your account until Tuesday. If you schedule it for Tuesday but the bank is still processing Monday's backlog, it may not go out until Wednesday.

This matters most if you are paying a bill with a due date on Tuesday. If the due date is Tuesday and you send the payment on Monday, it will arrive late. Send it on Friday instead, or call the biller to ask if they accept payments received on Wednesday.

Some online banks and payment apps (like PayPal, Venmo, or Square Cash) process transfers on holidays, but the receiving bank still will not credit the money until the next business day. The transfer happens, but the recipient does not see it until Tuesday at the earliest.

Which banks stay open and which close on Memorial Day

Large national banks like Bank of America, Chase, Wells Fargo, and Citibank close all branches on Memorial Day. Credit unions typically close on Memorial Day as well, though some smaller ones may have different schedules. Online banks like Ally, Charles Schwab, and Marcus do not have physical branches, so there is nothing to close, but their customer service lines may have reduced hours.

Regional and community banks vary. Some close on all federal holidays; others close only on the major ones (Thanksgiving, Christmas, New Year's Day). Call your bank or check their website to know for sure. If you bank at a credit union, check their specific holiday schedule because credit unions are not all run the same way.

If you have accounts at multiple banks, write down each one's holiday schedule. It takes five minutes and saves you from showing up to a closed branch on Monday.

Planning ahead for May bank holidays

The simplest approach: handle banking needs on Friday before the holiday. Deposit checks, withdraw cash, and schedule bill payments for Friday so they process before the holiday. If you are expecting a direct deposit on Monday (like a paycheck), it will not post until Tuesday, so do not plan to spend that money on Monday.

If you need to make a payment due on Tuesday, send it on Friday using your bank's bill pay system or the biller's website directly. Do not wait until Monday. If you are transferring money between your own accounts at different banks, do it on Friday.

For recurring payments (like rent or a subscription), check when they are scheduled to process. If they are set for Monday, they will process on Tuesday instead. If that causes a problem (like overdraft fees if your account is tight), contact the biller to change the due date to a different day of the month.

What to do if you need cash or a deposit on Memorial Day

Use an ATM. Most banks keep ATMs open on holidays, and you can withdraw cash or deposit checks through the machine. Mobile deposit (taking a photo of a check through your bank's app) also works on holidays. Both methods mean your transaction is recorded on Monday, but the funds will not post until Tuesday.

If you need to speak to someone at the bank on Monday, you cannot. Customer service lines are usually closed on federal holidays. If you have an urgent problem, try calling the bank's main customer service number—some banks staff a skeleton crew for emergencies—or use the mobile app's chat feature if your bank offers it.

If you bank at a large national bank and absolutely need a teller on Monday, check whether any branches in your area are open. Some banks keep a few branches open in major cities even on holidays, though this is rare. Call ahead to confirm.

How Juneteenth affects banking in late May and early June

Juneteenth (June 19) is a federal holiday, but it does not fall in May. However, if June 19 falls on a Sunday, banks observe it on Monday, June 18. If you are banking near the end of May, check whether your bank is observing Juneteenth early. Most large banks do not, but some regional banks and credit unions might.

The same rules apply: branches close, ATMs stay open, and deposits do not post until the next business day. If you are planning transactions for late May and early June, check both Memorial Day and Juneteenth on your bank's holiday calendar.

Frequently Asked Questions

Will my paycheck deposit on Memorial Day if my employer does direct deposit?

No. Direct deposits scheduled for Monday, May 27 (or whichever Monday is Memorial Day) will not post until Tuesday. If you are counting on that paycheck to cover a bill due on Monday, you will be short. Contact your employer to ask if they can send it on Friday instead, or contact the biller to ask for a one-day extension.

Can I use my debit card to buy things on Memorial Day if the bank is closed?

Yes. Your debit card works at stores and ATMs on holidays because those transactions do not require the bank branch to be open. The transaction will post to your account on Tuesday, but you can swipe or tap your card on Monday without any problem.

What if I deposit a check on Monday through my phone and the bank is closed?

The deposit goes through. Mobile deposit works on holidays because it is processed by the bank's computer system, not a person. The check image is recorded on Monday, but the funds will not be available in your account until Tuesday or Wednesday, depending on the check amount and your bank's policy.

Do online banks close on Memorial Day?

Online banks do not have physical locations to close, so you can log in and view your account anytime. However, customer service phone lines may have reduced hours or be closed. Transfers and deposits still do not process until the next business day, even though you can initiate them on the holiday.

If I schedule a bill payment for Tuesday but the bank is closed on Monday, will it go out on time?

It depends on when you schedule it. If you schedule it on Friday for Tuesday delivery, it should go out on Tuesday. If you schedule it on Monday for Tuesday delivery, it may not go out until Wednesday because the bank is processing Monday's backlog. Schedule bill payments at least two business days before the due date to be safe.