The next regular, active duty military pay day is Friday, 1 April 2016. Wondering when you’ll see your 1 April 2016 military pay in your account? As always, that depends…on your bank or credit union, and sometimes even on your account type.
The Defense Finance and Accounting Service (DFAS) releases pay information to financial institutions in advance of payday so that the financial institution can upload all the information and process payments in an efficient manner once the payments are released on the actual payday. As a result, banks and credit unions are able to offer “early direct deposit” as a perk of banking with them. These are actually very short-term loans – the Department of Defense isn’t prioritizing payments to one person over another.
One Business Day Early
The most common early direct deposit offer is to deposit regular, active duty military pay on the business day prior to the actual payday. Banks and credit unions that offer this service include USAA and Pacific Marine Credit Union (PMCU.) For this pay period, one business day early will be Thursday, 31 March 2016.
Navy Federal Credit Union
Navy Federal Credit Union (NFCU) only offers early direct deposit to a portion of its customers, those who use an Active Duty Checking account. Customers who use Everyday Checking, Campus Checking, e-Checking, and Flagship Checking do not receive early direct deposit.
The early direct deposit offered by NFCU for its Active Duty Checking customers is also “one business day early.” Those account holders should expect to see their pay deposited to be available on the morning of 31 March 2016.
Customers will all other account types will see their pay deposited to be available on the morning of 1 April 2016.
Service Credit Union
Service Credit Union credits military pay deposits two business days early, assuming that they receive the pay information from DFAS in time to make that happen. For this pay period, Service Credit Union members should anticipate seeing their pay deposit on Wednesday, 30 March 2016. However, be careful, as it is not guaranteed.
If you do not fall into one of these “early deposit” groups, you should anticipate that your pay will be deposited into your account sometime on 1 April 2016. And that is no April Fool’s joke!