Why you won’t get any payments on Memorial Day 2022 – and when you can expect it to land in your account

CONSUMERS can expect most financial institutions across the US to be closed on Monday, May 30.

Memorial Day - which falls on the last Monday of May each year - honors Americans who lost their lives in the armed services.

The Federal Reserve also acknowledges Memorial Day as a bank holiday, meaning the US financial system will be virtually shut down.

Banks and financial institutions aren't forced to close for bank holidays, but the vast majority do.

Major banks like Capital One, Chase, Wells Fargo, and Bank of America are among those that will be closed, along with the New York Stock Exchange.

You should check with your local bank branch if you're unsure about its Memorial Day hours, but expect closures.

The Fed recognizes 11 bank holidays throughout the year, including New Year's Day, Juneteenth, Columbus Day, and Thanksgiving.

When a bank is closed for a holiday, it won't process any transactions until it reopens.

In this case, that'll be on Tuesday, May 31.

You can still withdraw money from an ATM, use credit cards, and access online banking tools during holidays.

How the holiday affects your payments

The financial holiday will also affect any direct payments you may be slated to receive from a state or federal organization.

For instance, New Hampshire Employment Security offices will be closed on Memorial Day.

As a result, no unemployment payments will be processed on May 30.

California's state employment department is similarly closed for the holiday and will reopen and process transactions on May 31.

If you're worried about how a benefit payment may be impacted by the bank holiday, you should reach out to the organization that distributes the money for more information.

The financial system's day off shouldn't cause any issues, but keep in mind that you shouldn't expect to receive payments or process transactions on Monday.

The Sun has a detailed list of the child tax credit programs in each state, including the benefit amount and which families qualify.

And for more on direct payments, check out The Sun's stimulus live blog.