Any Suggestions on a Financial Institution?

Discussion in 'Military Academy - USMA' started by tiosc_77, May 10, 2014.

  1. tiosc_77

    tiosc_77 Class of 2018 Dad

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    I am reading that the Pentagon Federal Credit Union is the most convenient for cadets on campus, but I'm open to any suggestions.

    Any help-comments are appreciated.

    Thanks.
     
  2. colinmcd

    colinmcd Member

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    I hear USAA is highly recommended also. There's a branch office at the entrance gate of West Point. My uncle is a retired colonel and uses USAA and speaks very highly of them
     
  3. tug_boat

    tug_boat Member

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    Banking.....

    USAA understands Cadet needs and offers a huge range of services. Families if Cadets are able to join also.

    For example: when traveling to WP and you need to rent a car, they have services to assist you for half the cost

    Push Hard, Press Forward
     
  4. chewyoatmeal

    chewyoatmeal Member

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    As a 2014 (soon to be grad) go with USAA. They are the best bank you can have in the military. Pen Fed has a location on campus, but they are subpar and annoying to deal with.
     
  5. hawk

    hawk ButterBar Dad

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    Cannot recommend USAA enough.

    100% focused on providing services to Active & retired military.

    Many current cadets have both, as the book account comes via penfed. USAA seems to be much easier to deal with, and (to me) a wider range of services that cadets/early military will need.
     
  6. tiosc_77

    tiosc_77 Class of 2018 Dad

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    Thanks to all for the responses.

    Looks like I will go with USAA.

    Thanks to everyone for the feedback.
     
  7. tiosc_77

    tiosc_77 Class of 2018 Dad

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    One More Question

    I just found out that I cannot sign up my son until he is 18, but I need to get the info into West Point now. Besides PenFed, is there any other financial institution I can or should sign him up for?

    My son can transfer to USAA after he gets settled at West Point.

    Any suggestions / recommendations are appreciated.

    Thanks again.
     
  8. hawk

    hawk ButterBar Dad

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    Cadet candidate needs to get on the phone with USAA. Explain he's headed to WP, they will walk him through the process. Took DS 15 minutes, and the candidate needs to start owning this type of thing anyway.

    Sent using the Service Academy Forums® mobile app
     
  9. ca2midwestmom

    ca2midwestmom Member

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    As an alternate option, my DS submitted his local/current bank info to WP for the direct deposit form (as we are non-military and have no experience with USAA) and can decide once he gets to WP whether to open a USAA account and/or change his direct deposit info. I imagine he will for convenience, but in the meantime he'll still have an active hometown account (with debit card) I can transfer $$ to if needed.
     
  10. tiosc_77

    tiosc_77 Class of 2018 Dad

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    Thanks Again

    Hawk - Agreed.

    Mom - Thanks.
     
  11. MemberLG

    MemberLG Member

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    Understanding of how banks operate will minimize the difference between banks.

    As a cadet, your DS should be concerned about the ATM fees most. I believe USAA reimburses ATM fees. Many kids don't realize that they could pay $3 in fee for taking $20 out using an ATM.
     
  12. hawk

    hawk ButterBar Dad

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    That is the biggest advantage... USAA will pay up to $15/mth for ATM fees at non-USAA banks. Phone based deposits. Or deposits at UPS stores....

    Both USAA and PenFed have locations just outside Thayer gate. PenFed also has one inside Taylor hall.

    As mentioned, DS has both. He operates out of his USAA account due to ATM & deposit convenience. (And access to things like renter insurance, etc) He only uses PenFed for the stuff USMA forces through that account. (Top off, books, etc)

    Wish I could get the USAA Cadet/Mid account deal! :smile: I'd switch in a heartbeat.
     
  13. 2012Cadet

    2012Cadet Member

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    God this is an understatement haha! Go with USAA and set up the ability to transfer funds online from PenFed to USAA also, because any money you get for books or top-off in the future go to your PenFed account if they do it the same way they have been.
     
  14. paulycowgirl

    paulycowgirl ProudMomPaulycowgirl

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    Darn! Wish we'd read this a week ago. CC chose Chase Bank and his paperwork has been submitted to WP already? Any insight into their local services near WP?


    Sent using the Service Academy Forums® mobile app
     
  15. hawk

    hawk ButterBar Dad

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    Reality is that unless there is an ATM on post it's very hard for plebes to access a bank. Which largely means PenFed or USAA and their cadet account deal where they pay ATM fees.

    USAA & PenFed do have branches outside Thayer gate. And it appears there is a Chase in downtown Highland Falls.

    At this point the main thing is to have a place to get the cadet checks deposited. Worst case, they pay ATM fees using the PenFed ATM.

    If it becomes an issue, then the cadet can switch accounts later. And realistically, during CBT they only get occasional access to anywhere they could spend money, and those places take credit/debit. So typically not a big need for cash.

    During AY they could theoretically use walking privs to get to Highland Falls, but for most cadets that's not how they want to spend their free time. :)
     
    Last edited: May 21, 2014
  16. DCHillin

    DCHillin Member

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    Just signed up for a USAA membership..... by far the best, and easiest experience I've ever had with a bank!
     

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