Monday paydays always cause a lot of drama, and I know from years past that people get worked up about the November end-of-month payday. So, buckle your seat belts and hang on while I lay out what is going to happen. Keep in mind, nothing is set in stone. I don’t want to hear stories of people standing in Black Friday checkout lines, checking their phones for pay deposits. If this is your reality, you should not be Black Friday shopping.
The next regular, active duty military payday is Monday, 1 December 2014. Most people will see their pay deposited AT SOME TIME on Monday, 1 December 2014.
One Business Day Early
Banks and credit unions that offer their customers the bonus of early direct deposit of military pay often do that deposit one business day early. This includes USAA, PMCU, and other banks and credit unions.
The business day prior to Monday, 1 December 2014 is Friday, 28 November 2014. That is when banks and credit unions that deposit one business day early will make their deposits. It can occur at any time during that day.
I know that there are people reading this and saying, “She’s wrong. Friday is a holiday. We should get paid on Wednesday.” I hear it every year. Friday may be a day off of work for you, but it is not a banking holiday.
Service Credit Union
Service Credit Union offers to deposit active duty military pay “up to two business days” early, pending receipt of information from the Defense Finance and Accounting Service (DFAS). In theory, Service Credit Union customers might have their pay deposited as early as Wednesday, 26 November, 2014. However, Service Credit Union does not guarantee that the deposits will be made early. Don’t make any plans based upon the idea that you will definitely see your pay on Wednesday.
Navy Federal Credit Union
Navy Federal Credit Union is tricky with Monday paydays. First, you have to know what type of checking account you have. Then, you have to understand how Navy Federal Credit Union process their pay deposits.
There are two different policies for pay deposits, based upon the type of checking account. Folks who use an Active Duty checking account receive their pay deposits one business day early. Everyone else, even active duty, who has any other type of checking account, are paid their pay deposits on the actual payday. Except…
Navy Federal puts pay deposits into the queue the day before the pay is supposed to be in the account. The deposits post overnight, and are available for use on the next day. Because the Navy Federal system only posts on the nights of business days, sometimes you get your money a little earlier.
For this payday, Navy Federal Credit Union members with any checking account that is not an Active Duty account will have the Monday, 1 December 2014 pay deposit put into the posting queue on Friday, 28 November 2014. It will post overnight and be available for use on Saturday, 29 November 2014.
However, customers with Active Duty checking receive their pay one business day early. For this crazy payday, one business day early would be Friday, 28 November 2014. In order to get pay into an account on that day, it has to be queued for posting on Thursday, 27 November 2014, but that is Thanksgiving and a bank holiday. Therefore, the pay deposits of Active Duty checking account customers will be queued for posting on Wednesday, 26 November 2014, processed overnight, and available for use on Thursday, 27 November 2014.
Did that make sense?
Plan ahead: the last pay period of 2014, from 15 December to 31 December 2014, may be long depending on your bank or credit union’s pay posting policies. Be prepared. No one wants to be short of funds over the Christmas and New Year’s period.