Everyone loves getting paid, and people love getting paid early. Even when you’re financially secure, and you don’t need the money immediately, there’s a psychological boost from getting paid a day or two before the actual payday. (Not a psychologist, can’t explain why, but it’s so true!)
If you are receiving pay from the military, it’s relatively easy to find a bank or credit union that offers early depositing of your military pay.
Just so no one is confused: the military isn’t paying you early. And banks who don’t credit funds early aren’t holding your money. Financial institutions that are crediting your pay early are basically giving you a micro-loan for the amount of your incoming pay, crediting it to you before they actually receive the money.
While it can seem like getting your pay early is always a good thing, it can create some extra long pay periods when the dates fall just right. Be prepared!
So, what banks or credit unions will give you access to your pay a little early? Here are the ones I know – if you know of others, please let me know!
USAA credits military pay deposits one business day early, pending the receipt of deposit information from the Defense Finance and Accounting Service (DFAS). Saturdays and Sundays don’t count, so if payday is on a Monday, the pay is deposited on Friday.
Navy Federal Credit Union
Navy Federal Credit Union (NFCU) is a little tricky. They offer five types of checking accounts, but only one offers early direct deposit. If you are receiving a “qualifying military direct deposit”, you are eligible for an Active Duty Checking account. This account has pay deposited one business day early, free basic checks, and up to $20 in ATM fees rebated each month.
A couple of notes on the Navy Federal offer:
* “qualifying military direct deposit” appears to mean a military pay or a military retirement pay. Allotments don’t seem to count.
* NFCU’s overnight posting system means that if your deposit should be made on Monday, it will be posted overnight on Friday and available for use on Saturday morning.
Andrews Credit Union
Andrews Credit Union, with locations in the mid-Atlantic and Europe, credits all recurring direct deposits one business day early.
Armed Forces Bank
Armed Forces Bank, based in Kansas City, credits pay administered by DFAS one business day prior to the actual payday. Please note that their pay calendar is a little wonky – they list the actual payday as the 1st or 15th of the month, which we all know is not accurate if those days fall on a weekend or holiday.
Fort Hood National Bank
Fort Hood National Bank credits “Army” pay one business day early. I assume that would include any pay from DFAS, because I don’t think there is a way to differentiate between the branches in the pay deposit. Their online calendar also seems a little weird – for example, it shows the “early” payday on 29 March 2019, which is the actual military payday.
Hanscom Federal Credit Union
Hanscom Federal Credit Union, with branches in Massachusetts and Washington, D.C., credits pay “up to two days early.”
Kinetic Credit Union
Kinetic Credit Union, formerly The Infantry Center Credit Union at Fort Benning, credits military pay around 9:00 a.m. on the day before the actual payday.
Langley Credit Union
Langley Credit Union, with locations in Hampton Roads, Virginia, states “Members who have a Langley checking account and Direct Deposit may see their paycheck deposited up to three days earlier than other financial institutions!”
Point Breeze Credit Union
Point Breeze Credit Union, operating north of Baltimore, Maryland, credits your pay up to two days early.
Service Credit Union
Service Credit Union, based in New Hampshire with branches elsewhere (particularly Germany,) credits military pay “up to two business days early.” While it isn’t guaranteed, I can’t remember a time that it wasn’t deposited the full two business days early.
Security Service Credit Union
Security Service Credit Union, with branches in Texas, Colorado, and Utah, credits military pay deposits as soon as they receive the information from DFAS. This may be 1-3 days prior to the actual posting date.
If you know of other banks or credit unions that offer early crediting of military pay deposits, please let me know in the comments!