Tip: Changing Bank Accounts for Your Retired Pay? Start Early!

September 29, 2022

If you need to change the bank account for your direct deposit, or change an allotment, make sure you allow a window of time for the change to be processed before payday. Making those changes isn’t instant, even in myPay. Although, making changes in myPay is much quicker than mailing or faxing it in. 

When you use myPay to make a bank account or allotment change, myPay will provide an effective date, so you’ll know whether the change will be made for the next payday or the payday after that. In general, if you make a change in myPay during the first half of the month, it will be effective for the upcoming payday. 

When you mail or fax the change to us, or call our Customer Care Center, you should plan for 30 days for the change to process. 

If you are changing bank accounts, it’s always a good idea to keep your old account open until you know the change was made. 

Now you can get emailed status notifications when you submit a request to change your direct deposit account for your payment, if you have a valid email address in myPay.

Remember that a debit card number is not a valid account number when changing your bank account direct deposit information. You will need your checking or savings account number and bank routing number. This information can be found on a blank check.

Article Source: https://www.dfas.mil/RetiredMilitary/newsevents/newsletter/June-2022-Changing-Bank-Accounts-for-Retired-Pay-Start-Early/