Memorial Day is here, but if you’re looking to visit your local bank, you will have to wait until Tuesday, as banks will be closed on May 25 in observance of the holiday.
In the words of Banks.org, “Nearly all major banking institutions and credit unions in the United States are closed on Memorial Day, May 25th, 2020, as it is a federal holiday. The Federal Reserve Bank, Post Offices, Federal & State Courts, the New York Stock Exchange, and NASDAQ will also be closed.” The stock market will reopen on Tuesday, May 26, and will operate under normal hours.
This means that services like cashing a check will not go through until normal business hours resume on Tuesday. As Newsweek points out, if you require the service of a bank employee, you will also have to wait until Tuesday.
For future reference, banks will also be closed on other federal holidays, such as Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, Christmas Day, New Year’s Day, Martin Luther King Jr.’s Birthday and Washington’s Birthday.
ATMs & Online Banking Services Will Remain Open
Fortunately, if you need to access your money on Memorial Day, ATMs and mobile banking apps will be available.
Money transfer app services are also available for use. It is the branches and specific finance center locations that will be closed.
TD Bank, for example, states that stores are closed on New Year’s Day, Martin Luther King Jr. Day, Easter Sunday, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas, but urges customers to use Online and Mobile Banking services.
PNC also has a page dedicated to holiday closings and lists Memorial Day as one of the federal holidays they close for. PNC adds, “Any questions related to file transmission dates should be directed to ACH Customer Service at 1-877-824-5001, Option 1, Option 3.”
Wells Fargo is also listed as being closed on Memorial Day.
Banks Response to Coronavirus
Despite the fact that banks will be closed on Memorial Day, many of them have extended a range of measures to offer support amid the coronavirus pandemic.
As Bankrate points out, Bank of America has donated $100 million to support vulnerable communities and has agreed to give up $250 million in capital to community development financial institutions and up to $10 million in grants to help cover operation costs.
In a statement on the Bank of American website, Brian Moynihan, CEO of Bank of America, shares, “We are focusing our resources on the number one priority – looking after people.”
Many banks have also added a page on their website dedicated to addressing coronavirus concerns. Capital One is one example of this, with a page dedicated to FAQ about COVID-19 and suggestions for account holders.
Citi, meanwhile, is allowing customers to waive withdrawal penalties upon request (text “App” to 692-484) through May 31, according to Bank Rate.
The CDC recommends that those who visit the bank use a drive-through ATM if one is available and disinfect the ATM keyboard with a wipe before use. They also urge customers to use hand sanitizer when finished.