Paycheck Chronicles

31 May 2013 Military Pay


Each year, I see a huge jump in traffic with people wondering if they will get paid before Memorial Day weekend.  Unfortunately, the way the calendar works, it rarely happens.  This year is not an exception.  The next regular, active duty military pay day is Friday, 31 May 2013.  Payday is on Friday because the regularly scheduled payday, 1 June, falls on a Saturday.  So, when will YOU actually be paid?

Many military-oriented banks and credit unions offer early direct deposit of active duty military pay as a benefit to their customers.  If your financial institution does not have this policy, and you've not seen a history of depositing earlier, you can expect to be paid on Friday, 31 May 2013.

Customers of banks and credit unions that offer direct deposit "one business day" early will see their pay in their accounts on Thursday, 30 May 2013.  I know that this is the policy for USAA and PMCU.  I am sure that there are others, as well.  Let me know if you always receive your pay one business day early, and I'll look to see if I can get an official statement from your bank.

Navy Federal Credit Union (NFCU) customers receive their deposits on two different days, depending on what type of account they use for their pay deposits.  Active Duty checking customers will see their pay pending on Wednesday, 29 May 2013, to be posted overnight and available for use on Thursday, 30 May 2013.  Customers with any other type of checking account will see their pay pending on Thursday, 30 May 2013, to be posted overnight and available for use on Friday, 31 May 2013.

Service Credit Union offers to deposit military pay "up to two business days early", pending receipt of information from the Defense Finance and Accounting Service (DFAS).  I would expect that to mean Wednesday, but Service Credit Union does not guarantee that they will be able to deposit pay early.  Don't go making any transactions assuming that you'll have your pay on Wednesday.

Each payday, I get tons of comments and emails from people who think that their pay is held up or lost.  Almost all of the time, it appears within a few hours.  There is no set time of day for pay to be deposited.  Even if your bank or credit union has been very consistent in the past, things happen and deposit times vary.  For more information, see What Time Will I Get Paid?

If your pay doesn't turn up and payday has passed, then there might actually be a problem.  Why Hasn't My Pay Been Deposited? has the steps you should follow to figure out the source of the trouble.

Show Full Article

Related Topics

PayCheck Chronicles