Memorial Day rolls around once again serving as the unofficial start to summer. But despite being an annual holiday, some still are lost when it comes to what remains open or shuts up shop for the long weekend. Anyone hoping to nip to the bank might want to find out whether they’ll be closed this Memorial Day 2023.
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This year will see Memorial Day celebrated on Monday, May 29. Each year, the federal holiday is marked on the last Monday in May. It serves as an opportunity to pay tribute to the servicemen and women who have lost their lives while serving in the US Armed Forces. As is the way with federal holidays, many businesses and organizations shut up shop on Memorial Day. So, let’s see what your local bank has in store for this coming Monday.
Are banks closed on Memorial Day 2023?
Yes, banks across the United States will be closed on Memorial Day 2023. Banks fall under the Federal Reserve, which is taking the holiday off as a government agency. There is also no trading in stocks given that US equity markets are closed.
The following banks will be closed on Monday, May 29:
- Bank of America
- Goldman Sachs
- JPMorgan Chase
- PNC Financial Services Group
- Truist Financial Corp
- US Bancorp
- Wells Fargo
You will still be able to use your bank on Memorial Day
Although your local bank branch won’t be open on Memorial Day 2023, this won’t mean you can’t use your money or access your bank online. Given that it is a bank holiday, transactions will be delayed until services resume on Tuesday, May 30. So, while your money might not be cleared until the day after Memorial Day, you can still order items online, access cash through your card, and many other services.
Banks always close for federal holidays. The Federal Government recognizes 10 holidays throughout the year. They are as follows:
- New Year’s Day: January 1
- Martin Luther King’s Birthday: 3rd Monday in January
- Washington’s Birthday: 3rd Monday in February
- Memorial Day: last Monday in May
- Juneteenth National Independence Day: June 19
- Independence Day: July 4
- Labor Day: 1st Monday in September
- Columbus Day: 2nd Monday in October
- Veterans’ Day: November 11
- Thanksgiving Day: 4th Thursday in November
- Christmas Day: December 25
On each of these holidays, banks close for the day.
What other stores and services are closed on Memorial Day 2023?
For anyone hoping that business will run as usual on Memorial Day, expect this Monday, May 29 to be organized a little differently. This is as certain stores and social services will be closed on Monday.
Post offices across the US will be closed on Memorial Day. UPS and FedEx also observe the holiday, meaning only their critical services will be available. Mail will resume as usual on Tuesday, May 30. But this potentially could cause delays in mail arriving as expected.
Certain pharmacies will be open on Memorial Day, although certain branches might have different opening hours.
Most grocery stores will be open, but again, with altered hours. Costco, however, will be closed for all of Monday.
The best bet is to check your local services and stores out online to find their opening hours and accessibility on Monday, May 29.