It comes after the Lancashire club had until midday today (Monday) to comply with the league's rules, being warned it would face "possible further sanctions."
The suspension is in effect until August 20 when the league will reconvene.
"It was decided further sanctions must be imposed, with the club's membership to be suspended with immediate effect," a National League statement said.
"The club will also remain under embargo ahead of the new season.
"Morecambe Football Club will also be removed from the National League Cup for the forthcoming season.
"The committee will meet again on Wednesday, August 20 to determine if outstanding items have been satisfied, and to decide the club's ability to retain membership in the competition."