As we all know, planning your spending is easier when you know when you’ll have the money to spend. And while mililtary 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 Monday, 1 March 2020. Most military members will be paid on that day, unless they use a bank or credit union that offers early direct deposit of military pay as a benefit to their members.
Long Pay Period Warning
If you receive your February end-of-month pay early, you’ll also receive your March mid-month pay early (because those two pay periods fall the same on the calendar. That’s going to make for a long pay period for the end of March – 19 days.
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 Friday, 26 February 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 Thursday, 25 February 2021, to be posted overnight and available for use on the morning of Friday, 26 February 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 Friday, 26 February 2021, to be posted overnight and available for use on Saturday, 27 February 2021. This pay will be received early because the Navy Federal pay processing system has to be initiated on a business day. There’s no way to pay on Monday, because they can’t initiate the processing system on Sunday. So, earlier than expected pay this pay period (and the same thing will happen on the March mid-month paycheck, if you get paid twice a month.)
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 Thursday, 25 February 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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