Personal Finances & Air Force Academy

Discussion in 'Air Force Academy - USAFA' started by purple2blue300, Apr 25, 2011.

  1. purple2blue300

    purple2blue300 New Member

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    Hi All,

    I'm new to this forum so please correct me if I post something improperly.

    A burning question I've always had, being an appointee, is what incoming "Doolies" are supposed to do about their personal finances. Like the many cadets that come from all over the U.S./World, I'm sure we all have bank accounts back home.

    Personally, I'm a little concerned about managing multiple accounts with my IRA, savings, checking, credit and so on.

    Since we all needed to sign up for an account with the Academy sponsored institution, does anyone have recommendations for managing multiple accounts for cadets? Should I transfer my assets to Academy's bank?

    The reason I am concerned is because of the silly rules my banks back home have right now. Being as busy as cadets are, I don't want to have to worry about inactivity fees, ATM charges, and keeping all my financial records at the Academy, etc.

    Any advice is greatly appreciated.
     
  2. johnd9090

    johnd9090 Member

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    I'm almost 100% sure you are not forced to use the Academy's Bank. I think it's just a suggestion. Bring a blank check or your Account Number/Routing Number to inprocessing and i think you'll be able to use your current bank.:shake: It's the same way with enlisted, if you show up without a bank, you use the base credit union, if you already have one and have your information you just give them the information and they set up the direct deposit with that bank. You may want to call the admissions office to confirm, but i'm almost positive about that.
     
  3. scraper

    scraper Member

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    I would suggest not to transfer any assets until you are established a little better after bct and the academics start. My son opened an academy bank accout then after A day opened a USAA as there will be some insurance and other needs ( like property, and car rental) then transfered his other assets to USAA and closed the academy bank as well as a few other personal accounts. That is our and his exprience. We also think you should have a little more cash then $200.00 or the ability to get more,such as debit card. Sometimes pay gets a little messed up the first month or so.
     
  4. raimius

    raimius USAFA Alumnus

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    I recommend going with USAA, but having multiple accounts is fine (especially if you can access them online).
     
  5. hornetguy

    hornetguy USAFA Cadet

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    Neat trick that USAA can help with too. I have a couple of non-USAA accounts, but I can have USAA link into them (takes 5 min online) and I can do much of my account management through the USAA interface and it pulls the information from my other banks (in my case I have it linked to my AmEx and Scottrade accounts). That allows you to easily transfer funds between any accounts very easily.

    I would recommend at least opening a small account at USAA (there are no fees (inactivity or otherwise) including up to $10 reimbursement on 3rd party ATMs. This way you have a military oriented bank and can manage all your accounts together if you wish.
     
  6. bugsy

    bugsy Member

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    Usaa

    Usaa was developed for the military lifestyle. They have the best iPhone and mobile apps out there. When an insurance agent calls,if you tell them I have usaa insurance they will respond with "thank you for your time".

    Your bank account will be in San Antonio but your checks will have your local address. You can scan a check to deposit it or use the iPhone app to take a picture and deposit. It goes on and on. Take advantage of your newly found eligibility to be a usaa member.

    They have investment, Ira and financial planning services as well.
     
  7. aglages

    aglages Parent

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    You are only able to do this if you have a line of credit with them (credit card will work) or insurance through them. Otherwise they will supply envelopes for you to mail your checks for deposit or you can go to a UPS store and have them scan your check(s) for deposit. I think you have to be at least 18 years old for the credit card.
     
  8. bugsy

    bugsy Member

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    Yes 18 yr to get crdit card. Under 18 to open savings with ATM card
     

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