Bank account at WP

J

Joshy992

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Joined
Feb 14, 2022
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What’s the best to set up a new bank account before I go to USMA? Is there a good bank there I should join? What do most cadets do? Right now I have a savings account run by my parents, but I want to switch that money to my own checking account and savings account. Thanks.
 
I strongly recommend that you join USAA and establish at least a checking and savings account. Use this for your Dept of Defense direct deposit. It will serve you well for any future car loans, car insurance, renters insurance, etc. You may need to provide a copy of your admissions letter and may need to talk to more than the first person. You will want a debit card (you don't need the Corps Card or anything like that.)

You have plenty of time and USAA does all of these things virtually. Like many I have been a client/member my entire adult life and if they have branch offices--I don't know where they are and have never been in one...
 
Last week we opened USAA account for my DS. it just took less than 15 minutes online and then on phone. super easy.
 
DrMom said:
I strongly recommend that you join USAA and establish at least a checking and savings account. Use this for your Dept of Defense direct deposit. It will serve you well for any future car loans, car insurance, renters insurance, etc. You may need to provide a copy of your admissions letter and may need to talk to more than the first person. You will want a debit card (you don't need the Corps Card or anything like that.)

You have plenty of time and USAA does all of these things virtually. Like many I have been a client/member my entire adult life and if they have branch offices--I don't know where they are and have never been in one...
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@ Dr Mom

Will new cadets have choice where they want to send their stipend money ? Is PenFed must ? or we can juts have USAA
 
So you will have an account for some of your USMA required deposit like stuff that you may never understand. In previous class years it was PenFed and you are walked through that at school so don’t worry about it now. However you can pick your personal bank account to receive your direct deposit (Army monthly stipend). I would make that USAA.
 
We are a bit old school. For plebe year DS used his account at our small home town bank and uses his bank card for most purchases. It is also convenient for us to deposit funds when he needs money. He will eventually open a USAA account, but for us and DS using the hometown bank during plebe year worked fine.
 
DrMom said:
So you will have an account for some of your USMA required deposit like stuff that you may never understand. In previous class years it was PenFed and you are walked through that at school so don’t worry about it now. However you can pick your personal bank account to receive your direct deposit (Army monthly stipend). I would make that USAA.
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Strongly agree.
 
Then, if we do not have a bank account yet and we can't make one because we are under 18, how can we fill out the direct deposit form that we need to bring to R-day?
 
So yesterday I actually got a debit card in the mail from PenFed, I did not sign up for it. Is this for the cadet trust fund? There was no explanation with it.
 
Joshy992 said:
So yesterday I actually got a debit card in the mail from PenFed, I did not sign up for it. Is this for the cadet trust fund? There was no explanation with it.
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I also got a debit card too from PenFed. I didn't sign up for it. All I know is I will probably not call the number because I don't know about it.
 
crumblethunder187 said:
Then, if we do not have a bank account yet and we can't make one because we are under 18, how can we fill out the direct deposit form that we need to bring to R-day?
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As someone under 18, you may have an account, I believe both checking and savings, with a parent joint on the account, at Banks and credit unions. Are you sure you don’t have one? Grandparents” birthday checks or transfers to an account with your name, with a parent also in the account to take care of depositing when you were little? My parents had a savings account in my name with my dad on it. That’s where all gift checks and cash gifts went. When I went off to college and turned 18 there, Dad took himself off the account. My parents had taught me about budgeting early on, and how to endorse and write paper checks (then), reconcile monthly account balances and manage my own bank accounts.

When your name is on an account, you then have an account number and bank/CU routing number (unique electronic identifier) to put on your military Direct Deposit form.

You can start out with hometown bank and later close accounts and transfer balances to another bank or CU, as many do. But - you have to tell the govt where to deposit your pay!

USMA does something with PenFed credit union that I don’t know much about. I am mostly familiar with USNA, which doesn’t force you to have an account with any particular financial institution. Perhaps some USMA current cadets, recent grads or other alumni or current parents can clarify.
 
I'm hoping these default banks at the SA's are better than Fort Sill National Bank we were all forced to use at Parris Island. Or as we called it, Fort Steal since you got nickle and dimed to death with fees.
 
crumblethunder187 said:
Then, if we do not have a bank account yet and we can't make one because we are under 18, how can we fill out the direct deposit form that we need to bring to R-day?
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Have your parent open joint account with you and get a bank card issued for your use. You may need a voided check for direct deposit information. I'm a little fuzzy on details since DS and his mom took care of this part. DS did not turn 18 until the middle of beast,
 
Capt MJ said:
As someone under 18, you may have an account, I believe both checking and savings, with a parent joint on the account, at Banks and credit unions. Are you sure you don’t have one? Grandparents” birthday checks or transfers to an account with your name, with a parent also in the account to take care of depositing when you were little? My parents had a savings account in my name with my dad on it. That’s where all gift checks and cash gifts went. When I went off to college and turned 18 there, Dad took himself off the account. My parents had taught me about budgeting early on, and how to endorse and write paper checks (then), reconcile monthly account balances and manage my own bank accounts.

When your name is on an account, you then have an account number and bank/CU routing number (unique electronic identifier) to put on your military Direct Deposit form.

You can start out with hometown bank and later close accounts and transfer balances to another bank or CU, as many do. But - you have to tell the govt where to deposit your pay!

USMA does something with PenFed credit union that I don’t know much about. I am mostly familiar with USNA, which doesn’t force you to have an account with any particular financial institution. Perhaps some USMA current cadets, recent grads or other alumni or current parents can clarify.
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Thank you! I will read the link as well, and I will probably start out with hometown bank.
 
Capitalone 360 is a great online option. I did that for my son. I personally use them for last 20 years. Everything is online. Never visited a branch. Also did USAA for direct deposit for my DS. Not sure how PenFed works for USMA, holding on that. If needed my DS will open PenFed around R day
 
USMA*DAD*2026 said:
Capitalone 360 is a great online option. I did that for my son. I personally use them for last 20 years. Everything is online. Never visited a branch. Also did USAA for direct deposit for my DS. Not sure how PenFed works for USMA, holding on that. If needed my DS will open PenFed around R day
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More than likely your son already has a PenFed account opened by USMA. Into that account will go his book money etc. In the near future, USMA will deposit funds for your New Cadet to buy and pay for not only his books for school but numerous other items like Top-Off (Changeable...), meal money, some swag for families, stuff like that.
 
DrMom said:
I strongly recommend that you join USAA and establish at least a checking and savings account. Use this for your Dept of Defense direct deposit. It will serve you well for any future car loans, car insurance, renters insurance, etc. You may need to provide a copy of your admissions letter and may need to talk to more than the first person. You will want a debit card (you don't need the Corps Card or anything like that.)

You have plenty of time and USAA does all of these things virtually. Like many I have been a client/member my entire adult life and if they have branch offices--I don't know where they are and have never been in one...
Click to expand...
So you get your USAA account setup before arriving at the Academy ? Only thing needed is the appointment letter ?
 
YES! Exactly. You may need to call more than once to hit the right agent who understands but it should be quick and easy.
 
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