Midshipmen are required to have a bank account so they can receive their pay via direct deposit. If a midshipman does not have an account already established, they are taken down to the NFCU branch in Bancroft Hall to open an account.
funtime, if parents/grandparents wish to gift their kid $$, its easier just to send them a check for them to make the deposit into their Naval Federal Credit Union accounts. Banks most often will charge fees for transferring to "outside" banks (meaning our accounts). Bank of America, for instance, charges a fee for every transfer.
Speaking of fees, Mids have the opportunity to also bank with USAA as KP2001 mentioned. I adore these folks. When Mids travel, & they will, any & all atm fees are reimbursed no matter if in the good ol USA or out of the country. They also offer a lot of benefits such as great insurances, low interests loans & credit cards, ect. Son uses USAA more than his NFCU account. An FYI though - kids at KP are not paid a stipend so they really don't utilize the NFCU for a monthly direct deposit.
Son kept his Bank of America Account as Annapolis has branches and that is where I bank so transfers do not cost us anything and they are immediate - which sometimes when off on training they do need it immediately.
His pay is direct deposit with USAA. He uses USAA for car and renters insurance along with his bank account. To make a deposit from checks, he just scans the check and transmits it electronically. It also is an immediate deposit from receipt of the electronic deposit. The only problem lies if the signature falls over the account and then you have to mail the deposit. If he needs money transfered from his Bank of America to USAA, he just writes himself a check and electronically deposits to USAA thus eliminating the fees.
I do recommend that a parent have a way to get money to your Mid quickly.
For various reasons my Mid did not like Navy Federal and moved everything over to USAA.