This next payday is confusing for many people because of the Thanksgiving holiday. Here’s the scoop so you’ll know exactly when you should be getting paid.
The next regular, active duty military payday is Friday, 29 November 2013. That day is not a holiday for banks or the federal government, even if you have the day off. Most military members will see their pay deposited sometime on Friday, 29 November 2013.
What gets tricky is that many banks and credit unions offer early direct deposit as a courtesy to their customers. The day before payday is Thanksgiving. Thanksgiving is a holiday for the federal and government and for financial institutions. How will the early deposits be handled? Depending on their policies and practices, this could mean pay as early as Tuesday, 26 November 2013. It’s a little wacky.
Lets start with the easy ones: banks and credit unions that offer direct deposit of military pay “one business day early.” This includes USAA and Pacific Marine Credit Union PMCU. Customers who bank with financial institutions that offer deposits one business day early should expect to have their deposit posted on Wednesday, 27 November 2013.
Service Credit Union advertises that it will deposit funds up to two business days early,” pending the receipt of information from the Defense Finance and Accounting Service (DFAS.) Friday paydays usually result in Wednesday deposits. You could make the argument that deposits will come on Tuesday, because that is two business days prior to Friday. While you are correct, Service Credit Union never guarantees that their deposits will be posted early.
It’s Navy Federal Credit Union (NFCU) that is really going to be confusing on this payday. In understanding what is happening, you have to understand that NFCU does all their posting overnight, with the process starting at the end of a banking day. It can continue into a non-banking day, which is why NFCU customers sometimes see deposits that become available on Saturdays. Adding to the confusion is that NFCU has two different posting days. Which day your pay will be deposited is based upon the type of checking account you use for your deposits. Members who have their pay deposited into their Active Duty checking account will see their pay pending on Tuesday, 26 November 2013, to be posted overnight and available for use on Wednesday, 27 November 2013. Members with any other type of checking account will see their pay pending on Wednesday, 27 November 2013, to be posted overnight and available for use on Thursday, 28 November 2013.
Please ask if you don’t understand what’s happening, or call your bank or credit union for the exact details on how their policies will jive with this unusual schedule. Most importantly, DON’T SPEND MONEY THAT YOU DON’T HAVE YET!