Early military pay banks offer service members a simple, but important service. You can get early access to funds paid to you as a military member (or another qualifying military-adjacent customer) if your paychecks are delivered from the right agency via direct deposit.
What Is Early Military Pay?
The simple answer is that early military pay is access to your paycheck a day earlier than the scheduled deposit date.
Early access to funds can make many circumstances easier to deal with when juggling rent payments, allotments, savings contributions, and other financial obligations. Early military pay is something your financial institution may offer you if your paychecks are issued via DFAS, the Defense Finance and Accounting Service.
Early pay may also be offered to military retirees and those who draw certain types of payments from the Department of Veterans Affairs depending on the financial institution.
Setting Up For Early Military Pay
Early military pay requires a participating financial institution and a direct deposit account. If you do not have direct deposit, you will be required to set up direct deposit as a requirement to receive early pay.
To open an account, go to your participating financial institution and apply online with that bank, credit union, etc. to set up a savings or checking account. You will need to go to your payroll office, Personnel or Finance office, or log into MyPay to set up the direct deposit part of the process.
Early Pay Military Banks and Credit Unions
There are too many military banks and military-friendly banks and credit unions to list here but a small sampling of those that have participated in early military pay include:
- Andrews Federal Credit Union
- Armed Forces Bank
- Bank of America
- Broadway Bank
- Fort Hood National Bank
- FrontWave Credit Union
- Hanscom Federal Credit Union
- Kinetic Credit Union
- Langley Federal Credit Union
- Navy Federal Credit Union
- Point Breeze Credit Union
- Security Service Federal Credit Union
- Service Credit Union
Opening A Military Bank Account
Not all banks participate in early pay, and not all banks are military-oriented though many do at least pay lip service to their military-affiliated customers.
There are good reasons to consider opening an account at a military bank or credit union. Early pay is definitely one of those perks for institutions that choose to offer it. But other perks of military banking can include:
- More competitive interest rates for military customers
- Reduced or waived fees for military members, veterans, etc.
- No-fee counter checks, money orders, wire transfers, gift cards, foreign transactions, cashier’s checks
- Free or discounted safety deposit boxes
- No ATM Fees
- Special home loan and personal loan options
- Savings on mortgage loan closing costs
- No monthly fees are charged on checking accounts
- Considerably higher percentage yields on savings accounts
- Free financial training programs
- Dedicated military customer service
Each bank will have its own approach to the types of perks listed above. It’s a very good idea to shop around for a lender, especially when you want to open a new savings or checking account.
Not all military banks offer the same perks, discounts, or incentives–find the best option for you by comparing features, prices, interest rates, and other issues associated with opening a new direct deposit account with a military-oriented lender or military-friendly lender.