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Paycheck Chronicles

15 May 2015 Military Pay

Long pay period alert:  After this paycheck, the next regular military payday is Monday, 1 June 2015.  While that isn't a super-long pay period, it does have Memorial Day weekend in the middle of it.  In years past, people have complained that they weren't paid the Friday before Memorial Day weekend.  It won't happen this year, either, so have a plan.

The next regular, active duty military payday is Friday, 15 May 2015.  Your friend or neighbor may receive their pay on a different day than you receive your pay, because some banks and credit unions offer early direct deposit of military pay as a benefit to their customers.

One Business Day Early

The most common early direct deposit program is "one business day early."  Banks and credit unions that offer this benefit include  USAA and  Pacific Marine Credit Union (PMCU).   The business day prior to this payday is Thursday, 14 May 2015.  USAA, PMCU, and other "one business day early customers" will have their pay deposited on Thursday, 15 May 2015.

 Navy Federal Credit Union

Navy Federal Credit Union (NFCU) posts deposits on two different days, depending on  your checking account type. you use.   If you have an Active Duty Checking account, you receive early direct deposit.  If you have any other checking account types, you have your pay deposited on the regular pay day.

Active Duty Checking customers will see their pay pending on Wednesday, 13 May 2015, to be posted overnight and available for use on  Thursday, 14 May 2015. Customers with any other type of checking account  may see their pay listed as pending on Thursday, 14 May 2015, to be posted overnight and available for use on  Friday, 15 May 2015.  If you have a different checking account type, and you'd like to switch to an Active Duty Checking account, this is a great time because NFCU is offering a bonus for new Active Duty Checking accounts during the month of May.

Service Credit Union

Service Credit Union processes direct deposit of active duty military pay two business days prior to the regular military payday, so Service Credit Union members should expect to have their active duty military pay available on Wednesday, 13 May 2015.  However, please note that Service Credit Union does not guarantee that their early direct deposits will happen.

Knowing when your pay is coming is one of the first steps in getting a handle on your money, so I hope this is helpful.

 

 

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