April 15 – the deadline to file your federal income tax return, and also the next regular, active duty military payday. Wondering when your 15 April 2016 military pay will show up in your bank account. As always, that depends on which bank or credit union you use, and sometimes even which type of bank account. With a Friday payday, there isn’t a lot of room for confusion or craziness, so that’s a good thing.
If you don’t know for sure that your financial institution offers early direct deposit of your military pay, you should assume that your pay will be available in your bank account at some time on Friday, 15 April 2016.
This “paid on the actual payday” list includes Navy Federal Credit Union (NFCU) members who use any bank account that is NOT an Active Duty Checking account, including Everyday Checking, Flagship Checking, Campus Checking, and eChecking. If you are currently using one of these accounts, and would prefer to change to an Active Duty Checking account in order to take advantage of the early direct deposit and other great benefits, you can do so online, by telephone, or by stopping into a NFCU location.
One Business Day Early
Thursday, 14 April 2016 will be one business day prior to the actual military payday. Several military-friendly banks and credit unions offer to credit military pay one business day prior to the actual payday. These include USAA and Pacific Marine Credit Union.
Navy Federal Credit Union (NFCU) credits military pay one business day prior to the actual payday only for customers who use an Active Duty Checking account for their military pay deposits. Don’t forget that your NFCU deposits may show as “pending” prior to deposit, but they aren’t actually available until they are no longer pending.
Two Business Days Early
Service Credit Union offers to credit military pay two business days prior to the actual payday. For this pay period, that will be Wednesday, 13 April 2016.
Early direct deposit is a benefit that may appeal to some families, but it doesn’t change how much you get paid, and it averages out to the same number of days between paydays (though there may be variations from payday to payday, due to weekends or holidays.) Pick the best bank account for your situation, considering all the costs and benefits of each account.