We’re only a few days into this long pay period and already the mailbox is full of questions regarding the December end-of-month pay. Because 1 January 2013 is a holiday, the next regular, active duty military payday is Monday, 31 December 2012. Most military members will see their pay deposited into their bank accounts sometime on that day.
Many banks and credit unions that offer early direct deposit as a benefit to their customers. When the payday is on a Monday, it gets a little more complicated, especially since not every financial institution handles it in the same manner.
USAA and PMCU customers will both see their pay deposited on Friday, 28 December 2012. Other banks and credit unions who customarily disburse funds one business day early will probably follow the same pattern, but there are no guarantees.
Navy Federal Credit Union, as always, is a little complicated. The day of your deposit depends on the type of account into which you have your pay deposited. Also, Navy Federal shows their deposits in an unusual way. Your pay shows as pending, then it posts overnight and is available for use on the designated day. Pending does not mean posted and available for use – trying to use money that is pending can be problematic. If you use an Active Duty checking account, your pay will show as pending on Thursday, 27 December 2012, to be posted overnight and available for use on Friday, 28 December 2012. If you use any other type of checking account, your pay will show as pending on Friday, 28 December 2012, to be posted overnight and available for use on Saturday, 29 December 2012.
The other big military-friendly credit union with early deposit benefits is Service Credit Union. They offer deposits “up to two business days early,” pending receipt of information from the Defense Finance and Accounting Service (DFAS). With the Christmas holiday on Tuesday of next week, I can’t even guess when DFAS will get pay information out. As I always recommend, prepare to get paid on the 31st and be pleasantly surprised if your pay comes earlier.
For those of you who receive your pay before the weekend, keep in mind that being paid early on this payday will stretch the period between this paycheck and the next. The next regular, active duty military payday is Tuesday, 15 January 2013.
As always, pay can come at any time of day, and sometimes it feels like it is never going to be deposited. See What Time Will I Get Paid? for more information.
Are you pretty sure that you should have been paid, but you haven’t? Check out Why Hasn’t My Pay Been Deposited?