1 August 2014 Military Pay

It is a little early for this post, but my statistics tell me that you’re searching for this information.  The next regular, active duty military payday is Friday, 1 August 2014.  Certain banks and credit unions offer early direct deposit of military pay as a benefit to their customers (and a way to entice customers to change banks.)  These early direct deposit policies mean that some military members may have their pay deposited as early as Wednesday, 30 July 2014.  But when will your pay be deposited?  That depends on the policies and practices of your bank.

Friday. 1 August 2014

Always remember, if your bank does not offer early direct deposit, then your pay will arrive sometime on the actual payday.  Also keep in mind that if your bank does not guarantee early direct deposit, then you should pretend that it won’t be there until the actual payday to ensure that you don’t find yourself stuck.

Customers who bank with Navy Federal Credit Union and have a checking account that is NOT an Active Duty Checking account will see their pay deposits pending on Thursday, 31 July 2014, to be posted overnight and available for use on the morning of 1 August 2014.

Thursday, 31 July 2014

The most common form of the early deposit offer is that deposits will be available one business day prior to the actual payday.  For this payday, that would be Thursday, 31 July 2014.  This is the stated policy of both  USAA and Pacific Marine Credit Union (PMCU).

Navy Federal Credit Union customers who use an Active Duty Checking account for the direct deposit of their military pay will see that pay pending on Wednesday, 30 July 2014, to be posted overnight and available for use on Thursday, 31 July 2014.

Wednesday, 30 July 2014

Service Credit Union offers a not-guaranteed offer to deposit military pay “up to two business days” early, pending the receipt of pay information from the Defense Finance and Accounting Service.  With a Friday payday, it is fairly likely that DFAS will have that information out to the various financial institutions by Wednesday.  Again, this is NOT guaranteed.

This information is always subject to possible (but unlikely) change.  Please keep your finances straight by not spending money before you have it!

 

About the Author

Kate Horrell
Kate Horrell is a military financial coach, mom of four teens, and Navy spouse. She has a background in taxes and mortgage banking, and a trove of experience helping other military families with their money. Follow her on twitter @realKateHorrell.