Why you will not receive any payments on Memorial Day 2022
Why you will not receive any payments on Memorial Day 2022

Why you will not receive any payments on Memorial Day 2022

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

Memorial Day – which falls on the last Monday in May each year – pays tribute to Americans who lost their lives in the armed services.

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Americans can still withdraw money from ATMs, but most financial services will be unavailable by May 30thCredit: Getty – Contributor

The Federal Reserve also recognizes Memorial Day as a public holiday, which means that the US financial system will almost be shut down.

Banks and financial institutions are not forced to close on holidays, but the vast majority do.

Major banks such as 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 are in doubt about its Memorial Day hours but expect closures.

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The Fed recognizes 11 holidays throughout the year, including New Year’s Day, juniteenth, Columbus Day and Thanksgiving.

When a bank is closed due to a public holiday, it does not process any transactions until it reopens.

In this case, it will be Tuesday, May 31st.

You can still withdraw money at 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 expected to receive from a governmental or federal organization.

E.g, New Hampshire Employment security offices will be closed on Memorial Day.

As a result, unemployment benefits will not be processed on 30 May.

California the state employment department is similar closed to the holiday and reopens and processes transactions on 31 May.

If you are concerned about how a benefit payment may be affected by the holiday, you should contact the organization that distributes the money for more information.

The financial system’s day off should not cause problems, but keep in mind that you should not expect to receive payments or process transactions on Monday.

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The sun has one detailed list of child tax deduction programs in each stateincluding the amount of benefits and which families are eligible.

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

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