Paycheck Chronicles

1 July 2014 Military Pay


The next regular, active duty military payday is Tuesday, 1 July 2014.  I know that isn't for ten days, but the questions have been rolling in already.  Tuesday paydays always mean a lot of questions and confusion because so many military-friendly banks and credit unions offer early direct deposit as a benefit to their members.  Let's see if I can lay out the options here so that no one will be surprised.

Navy Federal Credit Union

I'm starting with Navy Federal this time, because it is the most confusing for a Tuesday payday.  Knowing when your pay will be deposited if you bank with with Navy Federal requires that you know what type of account you are using for your pay deposits, and it also requires that you understand how Navy Federal works their deposits.  This is especially true for Tuesday paydays.  Members who use Active Duty checking accounts will see their pay pending on Friday, 27 June 2014, to be posted overnight and available for use on Saturday, 28 June 2014.  Members who use any of NFCU’s other checking accounts will see their pay pending on Monday, 30 June, to be posted overnight and available for use on Tuesday, 1 July2014.

Service Credit Union

Service Credit Union posts active duty military pay “up to two business days” before to the actual payday.   This benefit relies on Service Credit Union receiving the payroll information from the Defense Finance and Accounting Service is received in time to pay early, and it is never guaranteed.  For Tuesday paydays, Service Credit Union often is able to post deposits on the Saturday before payday, but don't work your budget based around that.  Remember:  NOT GUARANTEED!

One Business Day Early

Of all the "early direct deposit" variations, the most common is that deposits are posted one business day early.  Financial institutions that offer military pay deposits one business day early include  USAA and Pacific Marine Credit Union.  One business day early is pretty easy.  Customers who use banks who post deposits one business day early will see their pay posted sometime on Monday, 30 June 2014.

What time will you get paid?  It can be any time, so don’t worry.  See  What Time Will I Get Paid?  for more information.  Nearly all of the of the "I didn't get paid" questions that I receive are resolved by waiting a few hours.

Are you pretty sure that you should have been paid, but haven't received a deposit?   Check out  Why Hasn’t My Pay Been Deposited? for more information about the steps to resolve the problem.

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