Banking Question

Discussion in 'Naval Academy - USNA' started by themutis, Apr 8, 2010.

  1. themutis

    themutis Member

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    What are the advantages to opening a Navy Federal Account.

    Son currently has an account at our bank (BOFA) and we can easily make transfers - so it's very convenient.

    I assume he can make ATM withdrawals on the yard - can anyone confirm that? Guessing there will be an ATM usage fee from Navy Federal - does anyone know how much Navy Federal charges?

    Thanks!
     
  2. HappyCamper

    HappyCamper Member

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    There is an ATM right near by Bancroft Hall. I used it when I was there in November.

    I just used my Navy Federal card to make a withdrawal last week. Navy Federal charged me $1 for the transaction, so it will be $1 plus whatever BOFA charges.
     
  3. MomoftheMagik

    MomoftheMagik Member

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    My older son, who is enlisted, uses a different armed service bank and is charged $3 for ATM transactions off base. I learned recently that USAA will reimburse any transaction fees because they do not have local banks. My son is considering switching his accounts to USAA for this reason.
     
  4. Kero

    Kero Member

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    The academy will open an NFCU checking and savings account for your son when he gets there if he doesn't have one (thats where they deposit his pay). Plus with NFCU's new military checking accounts they reimburse atm fees as well.
     
  5. wannabe2013

    wannabe2013 Member

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    NFCU is as good as its going to get. You get as much if not more interest on your checking account than you do with a savings account at other banks. The credit card that they let mids get also has .5% cash back which is as good as any college freshman is going to get these days. Have him keep the other account if he wants for transactions, but its not good money sense to not use Navy Fed as his primary bank.
     
  6. Meg0427

    Meg0427 New Member

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    Personally I think USAA is the way to go. Their customer service is great, and they reimburse ATM fees up to a certain amount. It is also very easy to electronically link accounts from other banks. In addition they offer tons of different discounts on everything from car rentals (no extra fee for being under 25) to vacations. We have not had a very good experience with NFCU.
     
  7. xchefmike

    xchefmike Member

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    Not a fan Of BoFA,

    NFCU or USAA is the best in the area as to rates, and policies. They post deposits FIRST then take withdrawals.(This saves a lot of fees from getting too close to a overdrawing the account if you make a small accounting error) BoFA does not. BoFA is not convenient to get to for a Plebe or Youngster with no transportation. NFCU has the best customer service record for Credit Unions. NFCU Is everywhere a Naval Officer may be stationed and every 7-Eleven has a Free ATM on the NFCU Network.
     
  8. mtnman17

    mtnman17 USMA Appointee 2015

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    Is there a CU for each service (air force credit union, army credit union) and what exactly is USAA?
    Thanks
     
  9. wannabe2013

    wannabe2013 Member

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    All the services can now use NFCU. I don't know if they have as many branches though.
     
  10. Capt MJ

    Capt MJ Member

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    NFCU is by far the largest military CU, I think, at this point, and serves all the Armed Services with the exception of Coast Guard, with a further exception that USCGA cadets are eligible. See clip from www.navyfederal.org
    Eligibility Checklist
    Navy Federal's field of membership is determined by the National Credit Union Administration. If you are in any of these categories, you are eligible to join:

    All Department of Defense (DoD) uniformed personnel—Army, Marine Corps, Navy and Air Force, retirees and annuitants
    All Department of Defense Reservists—Army, Marine Corps, Navy and Air Force retirees and annuitants
    All Army and Air National Guard Personnel—civilian employees, retirees and annuitants
    All DoD Officer Candidate programs: Midshipmen and cadets at the United States Naval Academy, United States Military Academy, United States Air Force Academy, United States Coast Guard Academy and the United States Merchant Marine Academy; Other Officer Programs
    U.S. Government employees assigned to DoD installations (including Coast Guard)
    All DoD civilian employees - including retirees and annuitants
    DoD contractors assigned to U.S. Government installations
    Family Members, including grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren) and household members


    USAA
    USAA = United Services Automobile Association, see
    https://www.usaa.com/inet/ent_utils...saa_who_we_are&wa_ref=wcu_main_tab_who_we_are


    A large majority of Navy, Marine and CG officers and enlisted personnel have both USAA and NFCU, and no one else, for their financial needs, because of the understanding of the military lifestyle.
     
    Last edited: Apr 9, 2010

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