Banking

For some reason, my DD thought she HAD to get a PenFed account, that PenFed was the only account her cadet account would be linked to. After reading all these posts, I'm thinking that wasn't the case. She later opened a USAA account and the level of customer service at USAA far surpassed PenFed. Still has the PenFed, I think she just needs to fill out a new Direct Deposit form to switch to USAA.
 
whitewolf said:
For some reason, my DD thought she HAD to get a PenFed account, that PenFed was the only account her cadet account would be linked to. After reading all these posts, I'm thinking that wasn't the case. She later opened a USAA account and the level of customer service at USAA far surpassed PenFed. Still has the PenFed, I think she just needs to fill out a new Direct Deposit form to switch to USAA.
Click to expand...

I think the PenFed account is where the book money goes. I don't know the specifics because my DS has done everything with little assistance from me, but maybe Sledge can chime in. My understanding is that the book money is deposited into an (PenFed?) account, then the cadets purchase their books (with a credit card linked to that account?). Any left over $$ in that account is theirs to save or use for other things. Since my DS doesn't have a USAA account yet and I can see his transactions on his home account, I know his book money wasn't deposited there and his books weren't purchased through that account. On the other hand, his monthly stipend is direct deposited to his home account (not the PenFed account).
 
Like your DS, my daughter has handled all of the banking, so I'm not much help to her when she complains about PenFed. But it sounds like she still needs to have the PenFed account for the book money? She's resigned to the fact that that she'll just wait until she graduates to get rid of the PenFed account but I think she could make a visit to someone on Post that handles the forms, like an HR office, to find out if she can have all of the monies go into her USAA account.

Only confusing the OP more?!
 
My understanding based on c/o 2015 experience:

- Cadet "draw"/stipend can go wherever they want. Just needs to be direct deposit. Two ATM's on post I'm pretty sure are both PenFed, so that impacts this decision unless you get reimbursed for fees like USAA does. Getting to Highland Falls to use an ATM is not considered reasonable for plebes/yearlings. This is the only one a cadet is able to influence.

- Cadet account "Top off" funds was via PenFed account (Which implies the cadet account is PenFed)

- Books handled differently. Want to say around 2012 it was via either a gift card type setup, but that might have been a pilot program. From memory it's now an (yet another) account linked to a debit card.

And you are right, the cadets should (and do) deal with it. The only reason I know is based on money moving discussions when DS was buying his car.
 
Just called the special number and was told it would be 2.5 hours for the next representative. What the hell…
 
As a follow up to the PenFed acct, my DS misplaced his home acct debit card last week. After much searching & no activity on it he thinks it's in his room somewhere. It's been cancelled and a new one ordered but in the meantime I was able to link his home account with the PenFed acct so he could transfer $. I was surprised to see 4 different accts set up on PenFed. One is a credit card, one is a debit card (where $$ was transfered), and cadet/I don't know what the other two are (savings or profit sharing?). For now it works...
 
Probably several people just called in sick today. It's allergy season here in the northeast -this week has been the worst so far. @SF1775
 
Got my account set up with USAA today. I went on their site again and this time I set up an online account by myself, entering in my status in a commissioning program at USMA, with a commission expected in May 2019 . I then entered my phone number into their help center link, and I received a call from them immediately. I told the woman on the line my situation and she transferred me to a gentleman that was able to set up my checking account in literally 2 minutes. I refreshed my online account page and sure enough the account showed up. The 1199A form was generated online for me to print and send to the USMA Treasurer. And for the record, I won't be 18 until this fall.
 
You must log in or register to reply here.
Back
Top