USMA Banking

I'm rather confused how the whole banking situation is supposed to work out prior to R-day. What all are we supposed to do regarding finances prior to this summer? We are supposed to fill out the direct deposit form, but don't we have to already have an account with PenFed or a military bank to do this? Can we set up accounts prior to R-Day, and if so what bank do most cadets go with? Ive heard praise for USAA but I also have heard PenFed seems to be more convenient for cadets. And where does the 2000 dollar deposit go to, the USMA treasurer or into an account? Sorry for all the questions.

When my son visited over the Winter Break, he set up his account at PenFed which is located just outside the Thayer Gate; they also have a branch office and ATM within West Point.

The PenFed people were quite helpful with everything, and provided the necessary bank account info. They have quite a package for new cadets: fee-free account, online banking, and even a VISA credit card. Just needed $50 to open the account.

Not sure, but likely other nearby banks may offer similar accounts.

The folks that helped my son open the account said they were also the ones that would be briefing the new cadets sometime at the start of Beast. One of them was a new employee who had family out here in Oregon. Small world.

If you are planning to visit West Point sometime this spring, opening an account should be considered. Take care of it before R-day.

USAA is outside Thayer gate as well. The entire account can be set up online or over the phone. They were very easy to work with as well. I think all the banks work hard to establish a relationship with the cadets, as they hope it will be a long one. I don't think there is a right or wrong choice here, just a choice.

BeatNavy said:

I'm rather confused how the whole banking situation is supposed to work out prior to R-day. What all are we supposed to do regarding finances prior to this summer? We are supposed to fill out the direct deposit form, but don't we have to already have an account with PenFed or a military bank to do this? Can we set up accounts prior to R-Day, and if so what bank do most cadets go with? Ive heard praise for USAA but I also have heard PenFed seems to be more convenient for cadets. And where does the 2000 dollar deposit go to, the USMA treasurer or into an account? Sorry for all the questions.

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Either Pen-Fed or USAA are excellent choices. Take your pick.
For Cadets who have a car (back home) they can also switch their insurance over to USAA - cheap.

Your $2000 deposit will go to USMA treasurer into an account at Pen-Fed in your cadet's name. This is very complicated so don't sweat it too much. This account is not available to your cadet yet - but is used for issued items. A portion of each paycheck is deposited here as well. Any excess becomes available upon separation or the start of yuk year.

In looking over the information packet for the class of 2014, it says to fill out form 1099 for direct deposit information. Have looked in the packet and cannot find it. Can anyone please tell us where it is so we can print a copy of it.

I think you are referring to the Standard Form 1199a. Here is a link:

http://www.fms.treas.gov/eft/1199a.pdf

Yes, That is the form I was looking for. Thank you!