The last military payday of 2014 is still 10 days away, but the questions have been coming in, so I thought I should write about it early. The December 2014 end-of-month pay day is Wednesday, 31 December 2014 because 1 January 2015 is a federal holiday. While some banks and credit unions post military pay a little early, it is hard to get too early with a Wednesday payday.
Many of the emails and comments I've received have been asking about unusually early deposits, like before Christmas. While anything is possible, I don't see this happening. Please do not make plans or hopes based on the idea that your military pay is going to be deposited a week early.
One Business Day EarlyOf all the early pay offers from different banks and credit unions, the most common is to credit deposits one business day early. Two big military-oriented companies that pay one business day early are USAA and Pacific Marine Credit Union. Banks and credit unions that credit direct deposits one business day early will post those deposits sometime on Tuesday, 30 December 2014.
Service Credit UnionService Credit Union’s policy is less predictable than others. Service Credit Union posts active duty military pay “up to two business days” prior to the actual payday, if the payroll information is received early. Service Credit Union does not guarantee that the pay will be deposited early.
Service Credit Union members with active duty military pay could see their mid-month pay credited as early as Monday, 29 December 2014. Yes, it is possible that it will be early. Please don't count on it.
Navy Federal Credit UnionNavy Federal is a little tricky. First, they have two different paydays depending on which type of account you use. Second, they show pay as “pending” on the day before it will actually be available, then it is posted overnight and available for use on the next business day.
Keeping these things in mind, you get the following information: NFCU members who use Active Duty checking accounts will see their pay pending on Monday, 29 December 2014, to be posted overnight and available for use on Tuesday, 30 December 2014. NFCU members who use any other type of checking account will see their pay pending on Tuesday, 30 December 2014, to be posted overnight and available for use on Wednesday, 31 December 2014.
As always, I rely on my readers to tell me what is happening with their bank or credit union. I don't have an account with everyone, and I don't even have friends who work at every bank. I learn from y'all, so tell me what is going on!