I've spent most of the day hanging out in various internet forums and on Facebook, and I am really disturbed by how much mis-information is available, particularly when it comes to the 1 June 2011 military pay deposits. I'm going to address (again) the two largest military banking institutions and how they have stated they will be releasing funds for the 1 June 2011 pay.
First, I'll start with USAA. They have been getting slammed in the social media, and I just don't understand it. USAA has always released direct deposit military pay ONE business day early. Payday is on Wednesday, 1 June. Therefore, ONE business day early is Tuesday, 31 May. As stated on their Facebook page, that is when they plan to release those funds. It's not because they don't support the military, or because they're changing the rules, it is the same policy that USAA has always used.
Second, Navy Federal Credit Union (NFCU). NFCU has different policies for different kinds of checking accounts. Members who have an Active Duty checking account usually see their pay released 2 to 3 business days before the actual payday. When NFCU began offering this early release of direct deposits funds, back in January, they stated that direct deposit active duty pay would be released as soon as it was received from DFAS. In the intervening months, it has wiggled around but has now been pretty consistently 2 to 3 business days before the actual payday. Looking at the calendar, and knowing what has been done in the past, it seemed most likely that NFCU would release funds to Active Duty Checking accounts overnight on Friday, 27 May, to be available on Saturday, 28 May. According to the NFCU Facebook page, this is exactly what is expected to happen.
However, if you bank with NFCU and you have any other kind of checking account, you do not get early release of direct deposit active duty pay. In that case, your deposit would be posted overnight on Tuesday, 31 May to be available on Wednesday, 1 June (the actual payday!)
Please keep in mind, just because you are on Active Duty and you bank with NFCU does not mean that you have an Active Duty checking account. NFCU offers a variety of different kinds of checking accounts and each member gets to choose what sort of account they want to have. Not sure what sort of account you have? Go to your online access and look at the list of your accounts. If you have an Active Duty checking account, it will be called just that:
If you don't have Active Duty checking, but you would like to, stop by your local branch or call. It is easy to change! It is too late to impact when this payday's funds will be released, but it should work for the next payday.
Don't forget that if you do get your 1 June 2011 pay before this holiday weekend, it will be a long time until the next payday. 15 June is also on a Wednesday. As always, we can only guess when Navy Federal will release active duty pay, but it will mostly likely be a three weekend pay period. If you are stretched, budget carefully.