Bank accounts

Updates: DS opened an USAA account at the COS branch via video conference while at the 3/21 Tour. DS uploaded Appointment letter and DL. Rep informed him a review board will issue their decision within 48 hours. DS informed me that USAA has requested via additional docs to upload for verification. Is anyone having the same issue ? Suggestions ? Thanks in advance.

I'm feeling the same way. My DS & I left the video conference in NC(branch outside Ft. Bragg) as if everything was done. My DS turned in his 1199A form to portal. However, DS received a letter to upload/fax additional info. to confirm eligibility, sent from San Antonio. My point is either USAA has a Cadet candidate eligibility or not, and if they do, they need to clarify & inform all in this organization on how to process OR at least let the Service Academies know that new cadets are eligible or not before they turn in the 1199A form to their portal. Seems to be a break down somewhere. Faxing add'l info today and will mark clearly Cadet candidate account eligibility only, along with appointment letter. Maybe that will clarify. (This also, could be a internal marketing within the organization as to products to offer?)
 
As a former (happy) USAA employee and long-time USAA member, I am sorry to see the choppy experience. I have passed the feedback to my former USAA colleagues.

From my experience there, since USAA is an Association with eligibility requirements, SA cadets and mids, and new recruits, technically aren't eligible until they raise their right hand. Once they are processed into the military, it's easy for USAA to confirm actual military status. Once in the DOD system, a new member can do everything online, over the phone or via app.

But - understanding what life is like immediately at SA or boot camp, USAA makes a special accommodation, using letters of appointment/orders to report plus various ID to make a determination of pre-eligibility. It's clunky, I regret to say.

Sadly, USAA deals with thousands who try to fraudulently gain access to USAA membership. I was often the go-between to check with USNA personnel about whether a person applying for membership due to mid status was actually in the Brigade. There were a surprising number of enlisted personnel (bad eggs) who tried to pass themselves off as mids or cadets to get the Career Starter Loan, or separated mids or cadets trying to gain access when no longer eligible.

USAA's mission is to protect the financial security of its members and the Association, and they are vigilant about fraud. Absent the DOD ID card, they proceed with caution. Behind the scenes, they are doing their best to determine authentic status.

If you are on the phone with someone who seems truly confused, don't hesitate to escalate and ask for a supervisor or manager.

And, it's very easy to switch once the cadet or mid is officially in.

USAA is not a publicly traded-company, but an Association that started as a mutual auto self-insurance group by a handful of Army officers in 1922.
 
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Is anyone else trying to do this with an appointee who is still a minor? We already use USAA and he has a child account under ours. Luckily he turns 18 next month so I think we will just wait a few weeks to check this box.
 
Is anyone else trying to do this with an appointee who is still a minor? We already use USAA and he has a child account under ours. Luckily he turns 18 next month so I think we will just wait a few weeks to check this box.
We will be attempting to do this this next week while he is on Spring Break. Our minor won't turn 18 until end of August & we also already have him a child savings account under ours. We'll see what happens.
 
Is anyone else trying to do this with an appointee who is still a minor? We already use USAA and he has a child account under ours. Luckily he turns 18 next month so I think we will just wait a few weeks to check this box.

I have heard, you can open an account 45 days prior to turning 18.
 
Hopefully it can be earlier that that as DS will be in the middle of BCT 45 days prior to his 18th b-day.

Feedback on this did sound frustrating, most had to give an account to satisfy portal, then later change it the new Cadet account. Some were able open a joint account at USAA and/or start process but still had to call back later to find out Cadet checking account number, 45 days before Birthday. But maybe, hopefully you may get a USAA representative that can do more regarding your situation?? Quoting CaptMJ, if you have a rep that can't understand, escalate. Good Luck.
 
Update- DS & I just got off the phone with USAA. They were able to go ahead and open a "New Recruit" checking account for him. I made sure they knew he was a cadet for the service academy not regular enlisting. I asked about the 45 days before 18 birthday and was told by the representative that while that is normally the case, that they make exceptions for the service academy cadets. Something that confused all three of us (DS, USAA representative & myself) was the date of commissioning question. We weren't sure whether it was his commissioning date upon graduation in 2021 or the date he takes the oath of office on 30JUN this year, though rep & I thought probably the later. She did say that they will verify this when they receive his appointment letter.
Regarding is current USAA youth savings account which is joint with my DH, we were told it can stay joint & when DS turns 18 he can call and have that switch over to a regular savings account and maintain DH as joint. This is important as we have $ put in the savings account every month with a large portion of that $ then going out into various investments & mutual funds for DS. We would like to continue this while DS is at the Academy.
 
Commissioning date is the May, 2021 date. Helps them anticipate when he will be calling to update auto and property insurance for next duty station.

If you don't know if, just pick May 31. He can always adjust later.
 
Commissioning date is the May, 2021 date. Helps them anticipate when he will be calling to update auto and property insurance for next duty station.

If you don't know if, just pick May 31. He can always adjust later.
Thank you Capt MJ for letting me know. The representative said that should be able to figure that out by his appointment letter but I'll have DS call next week just to make sure that they have the May,2021 date.
 
DD opened up a USAA account when we went for our tour March 20th. We have the Direct Deposit sign up form with account number and routing number. When we went to the portal to enter the information and it states that it has to be in the cadets name and cannot be a joint account. Should I call USAA and remove my name (mom) from her account?

The account information you enter below should be in your name (not your parents) and should not be a joint or shared account.
 
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The key phrase is "should not". I can see their concern for someone else having access to the cadet's pay. However, it is a matter of trust between the cadet and parents as well as ease of access if, heaven forbid, something happens to the cadet. If it makes you feel better, you can always change the account to POD (payable on death) for your name.

Since last year DD was forced to initially route her cadet direct deposit pay to the federal bank at the Academy, then switch it later to her USAA account, we didn't have these type of instructions. DH and I are both on her USAA accounts. This makes it easier to transfer money to her, if necessary, as well as I have a bit of my pay being direct-deposited to her account for spending money (since I'm not having to pay the normal college costs we were expecting). And, too, as mentioned above, immediate access to the funds should the unmentionable happen.

We did the same with older DD, had our names joint on her accounts, until she married. I did the same decades ago with my parents on my accounts until I married. It is always best to have someone else on an account, one way or the other, to avoid hassles in the event of the primary account holder's death or being incapacitated. Not pleasant thoughts, but reality.
 
Updates: DS opened an USAA account at the COS branch via video conference while at the 3/21 Tour. DS uploaded Appointment letter and DL. Rep informed him a review board will issue their decision within 48 hours. DS informed me that USAA has requested via additional docs to upload for verification. Is anyone having the same issue ? Suggestions ? Thanks in advance.

I'm feeling the same way. My DS & I left the video conference in NC(branch outside Ft. Bragg) as if everything was done. My DS turned in his 1199A form to portal. However, DS received a letter to upload/fax additional info. to confirm eligibility, sent from San Antonio. My point is either USAA has a Cadet candidate eligibility or not, and if they do, they need to clarify & inform all in this organization on how to process OR at least let the Service Academies know that new cadets are eligible or not before they turn in the 1199A form to their portal. Seems to be a break down somewhere. Faxing add'l info today and will mark clearly Cadet candidate account eligibility only, along with appointment letter. Maybe that will clarify. (This also, could be a internal marketing within the organization as to products to offer?)
Updates: DS faxed in his Acceptance Letter as per phone instructions. Will see if this clears up things for DS to have USAA checking/saving account in DS name. It appears some training within USAA branches could eleviate confusions and frustration.
 
Updates: DS opened an USAA account at the COS branch via video conference while at the 3/21 Tour. DS uploaded Appointment letter and DL. Rep informed him a review board will issue their decision within 48 hours. DS informed me that USAA has requested via additional docs to upload for verification. Is anyone having the same issue ? Suggestions ? Thanks in advance.

I'm feeling the same way. My DS & I left the video conference in NC(branch outside Ft. Bragg) as if everything was done. My DS turned in his 1199A form to portal. However, DS received a letter to upload/fax additional info. to confirm eligibility, sent from San Antonio. My point is either USAA has a Cadet candidate eligibility or not, and if they do, they need to clarify & inform all in this organization on how to process OR at least let the Service Academies know that new cadets are eligible or not before they turn in the 1199A form to their portal. Seems to be a break down somewhere. Faxing add'l info today and will mark clearly Cadet candidate account eligibility only, along with appointment letter. Maybe that will clarify. (This also, could be a internal marketing within the organization as to products to offer?)
Updates: DS faxed in his Acceptance Letter as per phone instructions. Will see if this clears up things for DS to have USAA checking/saving account in DS name. It appears some training within USAA branches could eleviate confusions and frustration.
We did receive a request for further information and we provided it. I also called USAA and made her sure her account was active and ready to go and there was nothing else needed and they concurred. So everything is good on that end. The only question now is that I'm on her account as joint owner and the portal says it should only be in cadets name. But I think I'll take Capri120 advise. I'll just roll with it...
 
We did receive a request for further information and we provided it. I also called USAA and made her sure her account was active and ready to go and there was nothing else needed and they concurred. So everything is good on that end. The only question now is that I'm on her account as joint owner and the portal says it should only be in cadets name. But I think I'll take Capri120 advise. I'll just roll with it...

Yay, my DS got the Welcome Cadet Kit today from USAA and USAA member #card. Looks like the account is set.(finally)@tex2021
 
Just my .02 cents:
In New York, joint accounts pass outside the will. That means that the money in joint accounts is not included or governed by the will; it becomes the sole property of the other owner listed on the accounts, not that anyone a cadet’s age has a will prior to deployment. In case of death, the joint owner can access the $ without any issues as all of it is legally theirs. A cadet’s account may not have a lot of $ in it now, or it may if college savings or other monies are deposited. In this highly unlikely event, what may not be a lot of money for some, may very well be to others. People have been known to change when $ is involved.

Short story: While off-duty, a female police officer in her 20’s was murdered . Her boyfriend was the officers’ beneficiary & was, sad to say, a person with a criminal past, in other words, a perp. He took all the $, gave her parents nothing, & a collection had to be taken to cover their daughter’s funeral. The reason I bring this up is joint ownership & beneficiaries matter. No one would have foreseen this occurrence. This one is, unfortunately, more common: The ex-wife collects because the deceased didn’t get around to changing beneficiaries upon divorce/remarriage. I believe that I am not the only poster on this forum who has seen this scenario play out.

I realize that this is a sensitive topic & is usually the stuff for older people, that cadets are only 18, 19 y/o or so, and it isn’t going to happen to my DD/DS. Parentally speaking, I sent USAFA a girl & got back a woman. And the change was pretty quick. She is in the military & definitely isn’t attending “just a college”. DW & I took some time, (as the posters here are doing), to do some one-on-one financial counseling, get some financial affairs, & especially a Health Care Proxy in order. They are adults now. The rules change. Who does your cadet want to make decisions about their healthcare if he/she is unable to? An 18 y/o is an adult & just because you are their parent, that in & of itself, doesn’t carry the weight it did just several months ago when they were, legally, a “child” i.e. a 17 y/o. HIPAA rules also apply. They determine how much patient info the hospital can legally release & to whom. With the Proxy naming you as their healthcare director, the ability for you to receive patient information & direct physician care is restored. One copy of the Proxy is in her personal papers @ the AFA, another we have at home to fax if need be. (In it, our DD named her mother, partly because she knows that it would be too hard for me to do.) It never becomes important until it does.

PS: Life Insurance for persons of a cadet’s age group currently not in the military is fairly cheap. Something you may want to consider some life insurance/investment combo in their name, if that works for your situation. We did.
 
You can always use things like Google Wallet to move money to your child's account, free.

I have a huge issue with USAA and a joint account my dad put me on. When he died, the VA double-dipped his 100% benefit reversal since he was dead and didn't need it. In trying to get the VA to make it right, all of my own personal USAA accounts are permanent suspended.

Avoid joint accounts and the military, imo.
 
Lots of my personal opinions about to come....IMO, people are great until you mettle in their finances. I agree that life insurance with SGLI is reasonable, however; my DD (18 yrs) does not have debts that needs coverage. I have never been a supporter of life insurance as an investment vehicle. We advised our DD to opt out of the life insurance. We have stressed that this is her decision ultimately. We will continue coverage on her in the case of a tragic event. Our opinion is that when/if she has a spouse/ life partner they can decide between them what is important to cover. To us it is more important currently for her to "bank" these dollars for future use.

In our experience, our DD did not want to have this life insurance discussion. She really didn't care...she had other more "important things" on her mind....an 18 year old's mind... you guess what those "things" were.
 
We had DD select the minimum amount. No sense having the extra dollars coming out of her pay. As Dad of 2 said, at this point, the cadets have no debt or financial obligations. I also have our DD covered under a family policy through my work. Doesn't cost me any more than coverage for my DH and myself.
 
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