We market consumer goods to the military.  Our company typically
initiates electronic checks from our customers, and deducts payments
directly from the customers’ bank accounts.  Military personnel are
generally paid via direct deposit twice per month around the first and
the fifteenth. We try to charge our customers’ accounts as close as
possible to the time the accounts are credited, as the soldiers tend
to spend all their money shortly after payday and empty their bank
accounts.

Our question is, what is the formula for determining exactly on which
days the payments will be posted to the bank accounts?  Is there an
annual calendar published for this purpose and if so can you provide it?

We are looking for a definitive answer for this, hence the $25 fee.

Dear jhc1352-ga;

Thank you for allowing me an opportunity to answer your interesting
question.

Here you will find the 2003 posting schedule for Federal payroll
checks of all types published on the Fort Campbell (Kentucky) Federal
Credit Union’s web site. Obviously this applies nationwide since any
soldier who might transfer to Ft. Campbell from another assignment can
expect to take advantage of this same schdule without undue
interruption in his/her pay. This also schedule includes the various
types of Federal payroll checks including active duty military (both
beginning and mid-month pay dates), retired military, Civil Service,
VA, SSI and Railroad retirement:

FORT CAMPBELL FEDERAL CREDIT UNION
http://www.fcfcu.org/whatshot/calendar.html

The formula for military pay and allowances is explained in great
detail here:
SI 00830.540 UNIFORMED SERVICES - PAY AND ALLOWANCES
http://policy.ssa.gov/poms.nsf/lnx/0500830540

I hesitate to duplicate the information here since it is rather
complicated (as you will soon see) and varies from one type service
member to another depending on their assignment, branch, etc. Rather
than risk and error by paraphrasing it, it is best that you visit the
site yourself and take from it the information you are seeking.

I found the following Social Security payment formula and calendar
from a link on the SOCIETY OF MILITARY WIDOWS web site at:
http://www.militarywidows.org/news/News_Update_Archives/weekly_news_update_03_08.htm


Schedule of Social Security Benefit Payments 2003
http://www.socialsecurity.gov/pubs/2003calendar.htm

Here is the Social Security benefits calendar for 2003.
SOCIAL SECURITY ONLINE
http://www.socialsecurity.gov/pubs/2003calendar.htm


Below you will find that I have carefully defined my search strategy
for you in the event that you need to search for more information. By
following the same type of searches that I did you may be able to
enhance the research I have provided even further. I hope you find
that that my research exceeds your expectations. If you have any
questions about my research please post a clarification request prior
to rating the answer. Otherwise, I welcome your rating and your final
comments and I look forward to working with you again in the near
future. Thank you for bringing your question to us.

Best regards;
Tutuzdad-ga


INFORMATION SOURCES

Defined above

SEARCH STRATEGY


SEARCH ENGINE USED:

Google ://www.google.com


SEARCH TERMS USED:

ELECTRONIC DEPOSITS SCHEDULE MILITARY

MILITARY PAYDAY SCHEDULE 2003

FEDERAL PAYDAY SCHEDULE 2003

MILITARY PAYROLL SCHEDULE 2003

FEDERAL PAYROLL SCHEDULE 2003

MILITARY PAYDAY FORUMLA 2003

FEDERAL PAYDAY FORMULA 2003

MILITARY PAYROLL FORMULA 2003

FEDERAL PAYROLL FORMULA 2003

ALTERNATIVELY USED THE TERM “CALENDAR” IN PLACE OF THE TERMS “FORMULA”
AND “SCHEDULE”.

---

Request for Answer Clarification by jhc1352-ga on 11 Aug 2003 19:45 PDT

I see what you have responded, but it is a more specific answer we
need.
We must know when the actual money wil go in the account.  For
instance, although the Fort Campbell web site says it will be in on
the 15th, in actual fact the money will be in the account some time on
Thursday morning- tha day before the 15th. And that may not be true of
all financial institutions.  Some may post later.  We need to know
where we can find that information.

---

Clarification of Answer by tutuzdad-ga on 11 Aug 2003 20:11 PDT

Thank you for requesting a clarification. I hope I can help you
further.

The Fort Campbell Federal Credit Union Schedule says "The following
information is provided for our members to help them determine when
electronic deposits will be posted to their accounts."

Therefore, this is the EARLIEST POSTING of finances to be credited to
military (and other) accounts. Since there is no "actual money" (it's
all electronic funds transfer nowadays using figures only) the dates
provided WOULD BE the first moment that any new funds would be made
available in these customer accounts. While the electronic transfer
may take place during the night when the institution is closed, the
first moment a customer is able to obtain their funds would literally
be the first few minutes of business on the days indicated. Therefore,
if a solder goes to the ATM the night before, the funds will not be
there. I do know for a fact (because I did it when I was in the Army)
that some institutions allow soldiers to draw up to a certain amount
against their accounts on the day before payday even though the funds
are not yet there, provided that they have a long standing direct
deposit account with that bank with no derogatory history. But of
course, this is a limited local courtesy only and it isn't the same as
a bona fide posted paycheck one day before the actual payday.

The Ft Campbell calendar also jives with the document I indicated
explaining the formula for payroll of Uniformed Employees. Please let
me know if you are hoping to find something other than what I have
mentioned. I hope this clarifies my research.

Regards;
tutuzdad-ga

Hello,

This varies from bank to bank. Service members are free to choose
banks, so finding exact times would require you to check with each
bank.

Your best option is to have military members direct allotments to
their accounts with you. This money is automatically taken before the
deposit.

Hope it helps -
SgtCory