Wow! When you convince yourself that something is a long time away, it can really sneak up on you! I have been telling myself, "This is a long pay period," and now payday is only a week away. Of course, if you are searching for that paycheck, a week can seem like forever. Be sure to remember this feeling so that you are prepared for the next long pay period in the second half of December.
So, when might you see your pay?
The next military payday is Wednesday, 1, August 2012. Most service members will see their active duty military pay deposited to their bank account at some time on Wednesday, 1 August 2012. It can be late the evening before, or late the night of, but it will be on or before the actual payday.
Several banks and credit unions offer early direct deposit of military pay as a courtesy to their customers. If you are not sure how you bank operates, ask them. Service Credit Union deposits pay up to two business days early, pending the receipt of the information from DFAS. If it is two business days early, this next pay should be deposited on Monday, 30 July 2012. That is not guaranteed!
Many financial institutions, including USAA and Pacific Marine Credit Union, release funds one business day early. For this payday, that will be Tuesday, 31 July 2012. Please remember that it can be any time on the day, from early morning to late at night. Most banks try to get those deposits posted efficiently but it is a lot of information to process and we really want them to get it right.
Navy Federal Credit Union (NFCU) customers need to know what type of account that they have in order to know when they will be paid. NFCU has five different checking products: Active Duty, Campus, Flagship, Everyday, and e-Checking. You chose your account type when you opened the account. Most people have Everyday checking, though Active Duty checking is a better product for most military members. Because Active Duty checking didn't exist before 2008, many active duty folks still have Everyday checking accounts. You can check your account type on your online accounts list, by calling NFCU at 1-888-842-6328, or by stopping by a branch.
Once you know your account type, you can figure out when your pay will be posted to your account. One of the benefits of an Active Duty checking account is that you receive your pay deposit one day earlier than other members. Therefore, Active Duty account holders should see their pay pending on Monday, 30 July 2012, to be posted overnight and available for use on Tuesday, 31 July 2012. All other account types will have pay pending on Tuesday, 31 July 2012, to be posted overnight and available for use on Wednesday, 1 August 2012.
If you've read this description, and you think your pay is late, see Why Hasn't My Pay Been Deposited for clues to figure out what is happening.
And don't forget, the second half of December is another one of these stinky long pay periods, and over Christmas and New Year's, too. Be prepared!