Oh, my goodness, how is it May already?
As we all know, planning your spending is easier when you know when you’ll have the money to spend. And while military paydays are tied to the 1st and 15th, they get moved due to weekends and holidays. And then there are many banks and credit unions that offer early crediting of military pay. It can get a little bit confusing!
The next regular military payday is Friday, 14 May 2021. Most military members will be paid on that day, unless they use a bank or credit union that offers early crediting of military pay as a benefit to their members. The two biggest financial institutions that offer early crediting of military pay are USAA and Navy Federal Credit Union.
Long Pay Period Warning
If you get paid on the regular payday, the May end-of-month period will be long – 18 days. If your bank or credit union credits your military pay early, your long pay period may happen before the June mid-month pay, or the June end-of-month pay, depending on their exact pay procedures. If things are tight, start planning now how you are going to get through that stretch.
And if you’re just not sure, consider how these longer pay periods can be a good test of your financial stability.
USAA’s early crediting policy is straightforward and easy to understand: military pay deposits are credited one business day prior to the actual military payday. For this payday, that should be Thursday, 13 May 2021.
Navy Federal Credit Union
Navy Federal Credit Union (NFCU) has two different pay deposit dates depending on what type of checking account you use for your military pay deposit. AND their overnight pay processing system can sometimes produce some unexpected results – particularly when there is a weekend involved.
Active Duty Checking customers should see their pay pending on Wednesday, 12 May 2021, to be posted overnight and available for use on the morning of Thursday, 13 May 2021.
Because of Navy Federal’s overnight pay processing system, NFCU members with accounts that are not Active Duty Checking accounts should see their pay pending on Thursday, 13 May 2021, to be posted overnight and available for use on Friday, 14 May 2021.
Service Credit Union
Service Credit Union’s early crediting offer is “up to two business days,” pending the receipt of the pay files from the Defense Finance and Accounting Service (DFAS.) The Service Credit Union calendar anticipates that pay will be deposited on Wednesday, 12 May 2021.
You can see a complete list of banks and credit unions that I know offer early direct deposit at Banks and Credit Unions With Early Direct Deposit Of Military Pay
Depending on how you plan your spending, knowing when the next military payday will come can make a big difference in your plans. Start planning for the year with the 2021 Active Duty Military pay post, or USAA customers can use the 2021 USAA Military Pay Deposit Dates article, or Navy Federal Credit Union members can use the 2021 Navy Federal Active Duty Checking Pay Deposit Dates article.
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