TRAINEE GUIDE - Recruit Training Command - The US Navy

TRAINEE GUIDE A-950-0001
OUTLINE SHEET 2-01-1 (continued)
(3) Reliable – Dependents are taken care of during deployments
(4) Fast – Pay is available in the members account on payday
6. Procedures and Rules Governing Recruit Finances
a. Paydays
(1) Recruits are paid by electronic funds transfer through
direct deposit systems two or three times while at RTC.
(2) Navy personnel are paid on the 1 st and 15 th of each month
(3) If the 1 st or 15 th is on a weekend or holiday, personnel are
paid on the first preceding workday
7. Banks and Credit Unions
a. Everyone needs a place to keep their money that is safe,
secure and easily accessible
(1) Banks
(a) A commercial bank is a corporation owned by
shareholders (for profit)
1 Some of the profits are reinvested in the growth
and maintenance of the institution.
(b) Offers a full range of services such as:
1 Checking, savings accounts
2 Safe deposit boxes, loans
(c) Federally charted banks are insured against loss by
the Federal Deposit Insurance Corporation (FDIC)
(2) Credit Unions
(a) Credit Unions are owned by the members
1 Members pool their deposits which are invested
and lent to other members.
2 Some of the returns on investment and lending are
reinvested in the growth and maintenance of the
institution.
(b) Members generally share a common affiliation, such
as the same employer, labor union or association
(c) Offers a full range of services such as:
1 Checking, savings accounts, loans
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