Before I get too into this post, I want to make something clear: this is not a rant towards USAA or people who use USAA. I have had USAA for insurance and auto loans for years and have loved them. However, I’ve never had any bank accounts with them.
I have heard that service members or federal employees who get paid on the 1st and 15th of the month get their paychecks a day early with USAA. A quick Google search seems to prove this is correct. For example, if the 1st is a Tuesday, they will get paid on Monday the 30th.
I have considered switching to USAA for banking and this is a feature my friends bring up almost immediately. With great excitement! While I wouldn’t qualify for this feature anyway, it has made me curious. And confused.
I don’t get it.
If you get paid on the 30th and 14th instead of the 1st and 15th, don’t you still have the same amount of days between paychecks?
The only perk I could see is that if your mortgage or rent is due on the 1st, you can get paid the day before and get that payment in at the last minute. (Although that makes me a little nervous. I might be a little paranoid, but I pay my mortgage a few days early to allow time for processing.)
I love pay day. I get excited about it, not because I’m living paycheck to paycheck, but because when I get paid I could send money here and here and put it towards my personal finance goals. But still, all the excitement about getting paid a day early concerns me and budgeting woes come to mind.
Or is it a little thrilling to know you got your money before the rest of your coworkers?
Whenever I hear people talk about USAA, this is a feature that gets them the most excited and is almost always brought up right away. But there are still 15 days between your paychecks, so I am confused.
Am I missing something here? Please fill me in! Thanks! 🙂