Paycheck Chronicles

15 December 2014 Military Pay

Monday paydays always cause confusion.  The next regular, active duty military payday is Monday, 15 December 2014.  When will you get paid?  That depends….

If your bank doesn’t offer early direct deposit of military pay, then you should assume that your military pay will be deposited to your account sometime on payday.  Some banks might deposit early due to the Monday payday, but don’t count on it.  Prior experience is a good indicator, but don't assume that it is a pattern unless your financial institution has stated that this is true.  If you’re not sure, assume you’ll be paid on Monday.

Navy Federal Credit Union

Navy Federal Credit Union has two different deposit dates depending on what type of checking account you use for your direct deposit.  Customers who use an Active Duty checking account for their direct deposit will see their pay pending on Thursday, 11 December 2014, to be posted overnight and available for use on Friday, 12 December 2014.  Customers who use any other type of checking account for their direct deposit will see their pay pending on Friday, 12 December 2014, to be posted overnight and available for use on Saturday, 13 December 2014.

Why those dates?  This is due to the (relatively) unique way that Navy Federal Credit Union processes their deposits.  Their system puts deposits into the system the day before, and all deposits get posted overnight to be available the next day.  Because they do not put deposits into the system on non-work days, everything is just a little bit earlier than it is for other banks.  In order to have pay available on Monday, 15 December, they have to put the deposit into the system on Friday, 12 December.   They don't hold the deposits until Monday, but rather go ahead and post them overnight on Friday, making the deposit available on Saturday, 13 December.

The same situation is true for customers who have Active Duty checking accounts.  Active Duty checking accounts offer early direct deposit as one of the benefits.  One business day prior to Monday, 15 December 2014 is Friday, 12 December 2014.  Those deposits are put into the system on Thursday, 11 December 2014 to be posted overnight.

One Business Day Early

Many banks and credit unions offer to deposit military pay one business day early.  These include USAA and Pacific Marine Credit Union (PMCU).  Therefore, USAA and PMCU customers should see their pay funds deposited sometime on Friday, 12 December 2014.  I know there are other banks and credit unions that offer early direct deposit, but I am not familiar enough with their policies and procedures to write about it.

Service Credit Union

Service Credit Union offers deposits “up to two business days early.”  For the last Monday payday, Service CU posted deposits on Thursday.  However, this is not guaranteed.  Be sure to know when your deposit posts before you spend that money.

 Reminder:   The next regular military payday, 31 December 2014, is on a Wednesday.  If your bank or credit union offers early direct deposit, it could create a long pay period for you.  Be sure to plan ahead!

Wondering what time your deposit will be available?  See What Time Will I Get Paid?  for details.

Think there is a problem?  See  Why Hasn’t My Pay Been Deposited? to sort it out.


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