Armed Forces Bank , the Air Academy Federal Credit Union or my current bank

S

SOFLO2024

Member
Joined
Feb 9, 2019
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Are there any benefits to opening an account at either the Armed Forces Bank or the Air Academy Federal Credit Union? I have to designate an account and not coming from a military background, I could use any first hand knowledge of which account works best at the Academy.
 
My DS opened an account at Air Academy Federal Credit Union. They have an ATM somewhere in the Academic Building. It was easy and it seems like a good Credit Union.

Armed Forces Bank has a branch on campus.

A lot of people will use USAA. He has become a member but has not moved his accounts over yet.
 
SOFLO2024 said:
Are there any benefits to opening an account at either the Armed Forces Bank or the Air Academy Federal Credit Union? I have to designate an account and not coming from a military background, I could use any first hand knowledge of which account works best at the Academy.
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This was my exact question last year! After some research, our son opened an account at USAA. We had no ties to the military, but he was able to open an account using his appointment letter and travel orders. Once the account was opened, he was able to put that information on his paperwork for USAFA. USAA has been great for him. Great customer service!
 
USAFA2023mom said:
This was my exact question last year! After some research, our son opened an account at USAA. We had no ties to the military, but he was able to open an account using his appointment letter and travel orders. Once the account was opened, he was able to put that information on his paperwork for USAFA. USAA has been great for him. Great customer service!
Click to expand...
These were the instructions I used (a parent posted them on our 2023 parent FB page). There may be more updated information, but this worked for our DS:
To get a Pre-Commission cadet a USAA membership, please call (no web site actions please). The accounts maybe opened up to 9 months prior to reporting. If their system cannot pull the correct data you may be asked to send in one of the following as proof of eligibility:
Military service documentation
Appointment letter
Contract
ROTC contract
Letter from Commander
When opening bank accounts you are not required to make an immediate deposit. However, the trick is immediately deposit at least $25.00. Then maintain this minimum balance of $25. It is not required, but the supervisor I spoke with strongly recommends this as below $25.00 sometime with the correct events occurring the accounts can be closed. While a freshman you may miss the emails that the cadet needs to take a specific action to keep the account open. He said it is just easier to keep at least $25.00 in all accounts.

1. CALL IN

+1.800.531.8722 then enter extension x77110 - what they recommend!
(Voice commands are possible but may get routed to an alternate department if they are busy. If you need to use voice, solutions request “New Member Solutions”)
Do NOT use the WEB SITE to try and establish membership for a “Pre-Commission” cadet (applies only to cadets without a parent that is already a member)

2. When you have a person in new “New Member Solutions” ask for a person familiar with the “Pre-Commission” membership program. Odds are the person that answers will be able to help, if not they can get you to the correct person.
They will walk you through membership for the cadet. If the cadet is under 18, a parent must also be on the phone. When they become 18 they then the parent can be removed from the account. After you have your USAA number, they can transfer you to the Bank or Insurance or other department to create accounts.

3. Ask for instructions on how to setup you USAA.com access.

4. Ask for a transfer to USAA Federal Saving Bank to create new Checking and Saving accounts.
If you also apply for the credit card wait until the cadet turns 18 if possible. Then be sure to use the entire yearly cadet salary as the salary on the application. It is more than the money they get each month, as they will be paying computers uniforms etc. for a while directly out of their pay.

Note: if USAA requested the proof of eligibility, Bank accounts cannot be opened until after they received and processed the proof of eligibility.
 
Another vote here for USAA, not just for banking, but for various types of insurance as well. They also manage investment type accounts/funds. I've had nothing but positive experiences over 30 years with them.

Best of Luck!
 
As a new cadet, you get hit up for bank accounts and credit cards almost from the start of BCT. I hope students entering today are equipped with a higher financial IQ than I had upon entry.

I signed up with the Armed Forces Bank that has a branch in the cadet area on the terrazzo. My initial thought was to have proximity when I did not have a vehicle. The reality is that I did not really need a physical branch location and I ultimately switched to USAA. Today's cadets are digital natives and online banking is not difficult.

There are multiple ATM within the cadet area and USAA will pay for your ATM fees - so it is at no cost to the student.

+1 vote for USAA
 
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shiner said:
As a new cadet, you get hit up for bank accounts and credit cards almost from the start of BCT. I hope students entering today are equipped with a higher financial IQ than I had upon entry.

I signed up with the Armed Forces Bank that has a branch in the cadet area on the terrazzo. My initial thought was to have proximity when I did not have a vehicle. The reality is that I did not really need a physical branch location and I ultimately switched to USAA. Today's cadets are digital natives and online banking is not difficult.

There are multiple ATM within the cadet area and USAA will pay for your ATM fees - so it is at no cost to the student.

+1 vote for USAA
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@shiner Thank you. I think I will open the USAA account.
 
SOFLO2024 said:
Are there any benefits to opening an account at either the Armed Forces Bank or the Air Academy Federal Credit Union? I have to designate an account and not coming from a military background, I could use any first hand knowledge of which account works best at the Academy.
Click to expand...
USAA is a great bank to use!
 
I see that there is a large majority of members who would recommend USAA over the 2 banks that have atm access on campus... Could someone please advise us of the biggest Pros vs. Cons? Chase bank, Bank of America (the only two that had any military programs that I could find so far, still researching) seem to offer similar zero ATM fee, but better accessibility to deposit to DS account from home...In Case of Emergency (just covering our bases...long story behind it, never want to have to go through that anxiety EVER again)
It also seems that one of the 2 banks that AFA has on campus offers loans and credit more readily than the other....am I mistaken?
USAA vs Chase or BofA?
Any assitance in clarifying would be greatly appreciated.
Additionally, DS is still a minor, and still have not received the Big Blue Certificate....USAA requires that information...no?
 
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MamaDragon2024 said:
I see that there is a large majority of members who would recommend USAA over the 2 banks that have atm access on campus... Could someone please advise us of the biggest Pros vs. Cons? Chase bank, Bank of America (the only two that had any military programs that I could find so far, still researching) seem to offer similar zero ATM fee, but better accessibility to deposit to DS account from home...In Case of Emergency (just covering our bases...long story behind it, never want to have to go through that anxiety EVER again)
It also seems that one of the 2 banks that AFA has on campus offers loans and credit more readily than the other....am I mistaken?
USAA vs Chase or BofA?
Any assitance in clarifying would be greatly appreciated.
Additionally, DS is still a minor, and still have not received the Big Blue Certificate....USAA requires that information...no?
Click to expand...


themilitarywallet.com

Best Military Banks and Credit Unions

Best military banks, credit unions and financial institutions, including USAA, Navy Federal Credit Union, PenFed and more.
themilitarywallet.com themilitarywallet.com

www.military.com

Top Five Military Banks and Credit Unions

If you're in the military or are a veteran and are looking for a bank, this list is for you.
www.military.com www.military.com


USAA is known for its military and veteran focus, understanding of deployments, mobile tools, customer service. It is not perfect, by any means, but their corporate culture is member-centric.

I have had USAA and NFCU my entire military and post-military life. When I called USAA to tell them I was going on deployment, they went through a pre-deployment checklist, reviewing who had access to the account, walking me through how to set up a limited or full POA, reviewing beneficiaries, emergency contacts, setting up auto bill pay, making sure I understand how the Soldiers’ and Sailors’ Relief Act might apply, reassured me they would understand when my credit card was being used in odd places around the world, reviewed my auto insurance to see if they could reduce the premium and adjust coverage, such as if I were going to park it in a long-term secure lot on base, went over my personal property insurance, to ensure all was good there, dropping the premium if it was going into storage while I was deployed - stuff like that. They completely get AD, Guard, Reserve, lifestyles and challenges, and military spouses handling everything while AD member is downrange. They were the first to fully commit to mobile and phone-based apps, and have been widely copied throughout the industry. I use any ATM I want, and all fees up to a certain monthly amount are refunded; I have never exceeded that cap.

I never needed to go into a branch for USAA business. I have kept NFCU out of loyalty, and their corporate culture and military-centric culture is very similar. NFCU gave me my first credit card. They do have branches, everywhere, it seems, especially since they expanded membership to all services in recent years. Their bread and butter is consumer lending, and I think any car loans I had were with them. Their membership rules are less restrictive than USAA, and parents can be added to accounts. I live two miles from a branch. I went in a year ago to get rolls of quarters for laundromat use while awaiting a repair part for our washer. Before that, I can’t recall. DH and I use USAA and NFCU mobile and app tools to move money, pay bills, etc. It’s very easy for USAA members to transfer money to each other via the app.


USAA Mission Statement:
USAA's mission is to facilitate the financial security of its members, associates and their families by providing a full range of highly competitive financial products and services. In so doing, we seek to be the provider of choice for the military community.

Similar from NFCU:
Navy Federal Credit Union Mission Statement

Operate a federal credit union serving an Armed Forces, Department of Defense, veterans and their families field of membership to meet the financial needs of the members.

Navy Federal Credit Union Vision Statement

Be the most preferred and trusted financial institution serving the military and their families.


My point in posting those - I don’t think Chase and BOA Mission and Vision statements focus on the military.

Can’t go wrong with the usual military-focused financial institutions.
 
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I was not involved in Son #1’s banking so I don’t know about us depositing into the USAA account from home. However he was happy with USAA his whole time at USAFA and still uses them today. Their app works great for remote banking and I don’t think he has ever visited a physical site.
A big pro for having USAA will be when time comes for the Career Starter Loan. In son’s class, the two competing banks were USAA and Navy Federal CU. Since he already had an account with USAA it was very simple and quick. The other two banks on campus didn’t even offer the loan at that time.
He would be able to open a USAA account before reporting but it requires a phone call, not just the online application.

Stealth_81
 
The reason USAA requires a call and proof of upcoming military accession is that it is an association with a charter detailing who is eligible to be members. It’s AD, Guard, Reserve, veterans, NOAA and USPHS commissioned officers, and a few other specific categories. Through the original member, spouses and children can become members, their children, etc.

There are threads every year about the USAA call process.
 
Capt MJ said:
themilitarywallet.com

Best Military Banks and Credit Unions

Best military banks, credit unions and financial institutions, including USAA, Navy Federal Credit Union, PenFed and more.
themilitarywallet.com themilitarywallet.com

www.military.com

Top Five Military Banks and Credit Unions

If you're in the military or are a veteran and are looking for a bank, this list is for you.
www.military.com www.military.com


USAA is known for its military and veteran focus, understanding of deployments, mobile tools, customer service. It is not perfect, by any means, but their corporate culture is member-centric.

I have had USAA and NFCU my entire military and post-military life. When I called USAA to tell them I was going on deployment, they went through a pre-deployment checklist, reviewing who had access to the account, walking me through how to set up a limited or full POA, reviewing beneficiaries, emergency contacts, setting up auto bill pay, making sure I understand how the Soldiers’ and Sailors’ Relief Act might apply, reassured me they would understand when my credit card was being used in odd places around the world, reviewed my auto insurance to see if they could reduce the premium and adjust coverage, such as if I were going to park it in a long-term secure lot on base, went over my personal property insurance, to ensure all was good there, dropping the premium if it was going into storage while I was deployed - stuff like that. They completely get AD, Guard, Reserve, lifestyles and challenges, and military spouses handling everything while AD member is downrange. They were the first to fully commit to mobile and phone-based apps, and have been widely copied throughout the industry. I use any ATM I want, and all fees up to a certain monthly amount are refunded; I have never exceeded that cap.

I never needed to go into a branch for USAA business. I have kept NFCU out of loyalty, and their corporate culture and military-centric culture is very similar. NFCU gave me my first credit card. They do have branches, everywhere, it seems, especially since they expanded membership to all services in recent years. Their bread and butter is consumer lending, and I think any car loans I had were with them. Their membership rules are less restrictive than USAA, and parents can be added to accounts. I live two miles from a branch. I went in a year ago to get rolls of quarters for laundromat use while awaiting a repair part for our washer. Before that, I can’t recall. DH and I use USAA and NFCU mobile and app tools to move money, pay bills, etc. It’s very easy for USAA members to transfer money to each other via the app.


USAA Mission Statement:
USAA's mission is to facilitate the financial security of its members, associates and their families by providing a full range of highly competitive financial products and services. In so doing, we seek to be the provider of choice for the military community.

Similar from NFCU:
Navy Federal Credit Union Mission Statement

Operate a federal credit union serving an Armed Forces, Department of Defense, veterans and their families field of membership to meet the financial needs of the members.

Navy Federal Credit Union Vision Statement

Be the most preferred and trusted financial institution serving the military and their families.


My point in posting those - I don’t think Chase and BOA Mission and Vision statements focus on the military.

Can’t go wrong with the usual military-focused financial institutions.
Click to expand...
Thank you for the detailed explanation!
We have literally ZERO experience with military every/anything. Any subject that is coming up has been throwing us (DH & self) into a dizzying, anxiety ridden tailspin! DS is cool calm and collected...as he has been throughout this entire experience so far, whereas DH and I (mostly me, control feak, OCD tendency as I am) have been through all the financial ups and downs in civillian life you can imagine...the good, the bad and the UGLY. We want to be sure that DS makes an informed decision and avoids some of the "traps" or reaps the benefits.... ATM fees around the world, fees for transferring funds to external accounts (in and out), signing bonuses, zelle/apple/google/samsung pay, foreign currency exchange, minimum balances, building and accessibility to credit, 24 hour customer service...etal. hidden fees, interest rates.

Do many military personnel opt to have 2 accounts? Ex: military account + USAA ?
 
Not sure what you mean by last question. I have/had “normal-looking” checking, savings, and other accounts with USAA and NFCU. I didn’t/don’t have a “military account.”

Your DS will be paid from DFAS (Defense Finance), who pays everyone in uniform, as well as Fed civilians, retirees, etc., into the account your DS designates for Direct Deposit, like any employer. Now, to be fair, I know USNA gives incoming mids a choice, and other SAs might handle this differently. NFCU is the resident CU on USNA Yard, so they are allowed to insert their application form into reporting materials. Incoming plebes can choose to bring the info from another institution where they have an account.

As with any employer, military members can change their DD financial institution. They may start out with one bank or CU, then switch to USAA or another military-friendly provider.

The SA Disbursing people will be managing the unique fees and money stuff that only happens at an SA. There is usually a booklet/doc put out in pdf form at each SA that describes their pay, fees, etc. I bet someone can produce the link for USAFA.

The good thing is, your cadet will figure all this out as part of his taking on adult tasks and managing his own financial life. He will learn the ropes from the officers, senior enlisted and more experienced cadets around him, about what works best for his time at USAFA and later as an officer. He’ll get classes on personal financial management.

You might want to connect with your nearest USAFA Parent Club and pick some brains there. These questions occur every year.
 
Another happy USAA customer for 30 years. I also highly recommend them for insurance needs such as renter's/house/auto. Their service is phenomenal. We were on Guam when a devastating typhoon struck the island- USAA called us within a few days asking us if we had any claims and then sent representatives to the island to assist members with claims.
 
HawkeyeMom said:
Another happy USAA customer for 30 years. I also highly recommend them for insurance needs such as renter's/house/auto. Their service is phenomenal. We were on Guam when a devastating typhoon struck the island- USAA called us within a few days asking us if we had any claims and then sent representatives to the island to assist members with claims.
Click to expand...
The typhoon Poong-Soon-Ah...2002 Dec 8? We were there too....as civillians moved there only one month when the typhoon hit...we high tailed it out of there in the last flight off the island (commercial flight) with DS an infant at the time...catastrophically devastating. we didn't have electricity, atm, running water, phones...sigh~~ life experiences that made me hyper anxious and vigilant...(psycho according to my DH..lol)
I will encourage DS to research a little more and nudge him toward USAA...He might have to wait until after he receives his BFE to do that as well as make DH/self as additional signer since he is still a minor....
 
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