Bank account

We are starting to look at some banking options for DD's direct deposit. Since Navy Federal is right there on campus, do most of the cadets prefer to have accounts there, or is it totally up to the individual? Any experience with USAA? Are these really any better than civilian banks like B of A? Since they have branches practically everywhere, it seems easier to access, and we're not familiar enough with Navy Federal or USAA. How are they with online banking like paying bills? Any advice?

Also, as a minor under 18, can she somehow open an account without having one of the parents as a co-owner of the account?
 
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USCG Master

USCG 100 Ton Master
We are starting to look at some banking options for DD's direct deposit. Since Navy Federal is right there on campus, do most of the cadets prefer to have accounts there, or is it totally up to the individual? Any experience with USAA? Are these really any better than civilian banks like B of A? Since they have branches practically everywhere, it seems easier to access, and we're not familiar enough with Navy Federal or USAA. How are they with online banking like paying bills? Any advice?

Also, as a minor under 18, can she somehow open an account without having one of the parents as a co-owner of the account?
Navy Federal is great. They are located close to all USCG locations.
 

grevar

CGA Admissions Partner
5-Year Member
We (and my son) prefer USAA. USAA also provides the Firstie Career Starter Loans. Even though USAA is not on campus, with direct deposit, automatic ATM Fee refunds, etc, they are still the best in my opinion. Especially when it comes to them getting their own car insurance (much less expensive than other options we priced) and also starting a ROTH IRA and brokerage account was equally easy.
 

classof2k19

New Member
Long Story Short: Most people use USAA or Navy Federal but you don't have to.

Personally, I bank with the NC Sate Employees Credit Union because of my parents which has pretty much all the same applicable benefits as Navy Federal or USAA for me and it's way more convenient. I will probably switch to USAA once I am a firstie with a car to get insurance through them but that is still a long way away. I prefer banking with NC SECU because I already have everything set up with them. When I come home for leave there is always a bank right by me (which is when I spend most of my money), and I love they way they handle foreign currency transactions which happened a lot on Eagle last summer.
 

vmi9d3

Member
I am a 3rd generation USAA mbr (my kids are 4th gen) and highly recommend it. You don't need a brick and motor bank any longer. USAA reimburses you for ATM fees. They give discounts for being a loyal mbr. They match other bank's loan offers. Like their commercials say understand the military. Their bill pay service is great and very easy to use, same with their direct deposit, and transferring money, etc. I can't say enough good about them.
 

rjb

5-Year Member
So does Navy Federal
Yes, Navy Federal also offers a Firstie Loan and it is an individual decision which, if any, to accept. For DS this year, he chose USAA over Navy Federal because USAA had better terms (a full percentage point less) and he plans to use USAA to insure his car next year. USAA also offers a 'cadet' renters insurance product that is attractively priced.
 

E_Dad

Member
Agreed! We were leaning towards Navy Fed because there is an ATM at the Exchange - totally forgot about USAA. We just have to wait til DD is closer to 18 to enroll.
 

USCG Master

USCG 100 Ton Master
Agreed! We were leaning towards Navy Fed because there is an ATM at the Exchange - totally forgot about USAA. We just have to wait til DD is closer to 18 to enroll.
No fee, free checks, rebate $10.00 per month for ATM. All free until age 24. Plus other benefits. At Navy Federal.
 

rtp9799

Member
Agreed! We were leaning towards Navy Fed because there is an ATM at the Exchange - totally forgot about USAA. We just have to wait til DD is closer to 18 to enroll.
can enroll now ... i did it with DS about 2 months ago - he wont be 18 til end of july ... he was able to open his own at NFCU and sponsored me ... i opened an account as well so that i can instantly transfer money to him in an emergency ...
 
can enroll now ... i did it with DS about 2 months ago - he wont be 18 til end of july ... he was able to open his own at NFCU and sponsored me ... i opened an account as well so that i can instantly transfer money to him in an emergency ...
Oh wow, really? So she can open her own account now while she's still 17? We prefer that too if it's possible, but so far, we've been told (online chat, not in person) that we have to open a joint account. How were you able to do that? Did they consider him active military already? I wonder if we go to a branch in person, it might be different.
 
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rtp9799

Member
We encountered the same issue online and phone ... we were originally told that I would need to be a co owner on ds account because he was under 18 ... the person that opened the accounts said ds could open his own account all by himself ... So he did ... the only issue he had was the guy signed him up for active duty checking and since he didn't have a direct deposit from govt in first 2 months they downgraded him to regular checking .... once he starts getting uscga checks ... he can have it converted back to active duty checking
 
We encountered the same issue online and phone ... we were originally told that I would need to be a co owner on ds account because he was under 18 ... the person that opened the accounts said ds could open his own account all by himself ... So he did ... the only issue he had was the guy signed him up for active duty checking and since he didn't have a direct deposit from govt in first 2 months they downgraded him to regular checking .... once he starts getting uscga checks ... he can have it converted back to active duty checking
I'm so glad you told us this. Thank you!!! The closest NFCU branch near us isn't that close, but if that could do the trick, we're going to try driving down to an actual branch before 5/1. What do you think was the reason the branch guy was able to do it for your DS when online and phone said no?

By the way, what difference did the downgrading to a regular checking make? Fees? Benefits? Is it a significant difference? Did they downgrade him immediately, or was it after two months?

So sorry... more questions... :confused2:

Did you have to bring any proof that he's going active military? Also, did your DS have any military family members that sponsored him, or did they just take your word that he's going to the USCGA?

Truly sorry for bombarding you with multiple questions. Since I'm planning to drive DD down to a branch soon, I want to have all the facts in case I have to argue. :D We really, really appreciate all your feedback! :w00t:
 

KLCman

Member
Sorry to add to the list of questions, but I'm living abroad (in Europe) and I'm going to USCGA this June.
Still trying to decide between Navy Federal and USAA.

My question is, since you must be active duty to create an account, and since I must fill out the application online, do I say that I'm active duty in the Coast Guard?
 

rtp9799

Member
I'm so glad you told us this. Thank you!!! The closest NFCU branch near us isn't that close, but if that could do the trick, we're going to try driving down to an actual branch before 5/1. What do you think was the reason the branch guy was able to do it for your DS when online and phone said no?

By the way, what difference did the downgrading to a regular checking make? Fees? Benefits? Is it a significant difference? Did they downgrade him immediately, or was it after two months?

So sorry... more questions... :confused2:

Did you have to bring any proof that he's going active military? Also, did your DS have any military family members that sponsored him, or did they just take your word that he's going to the USCGA?

Truly sorry for bombarding you with multiple questions. Since I'm planning to drive DD down to a branch soon, I want to have all the facts in case I have to argue. :D We really, really appreciate all your feedback! :w00t:
Not sure what he did / knew that was different ... we were prepared for me to co-own the account with him ... then surprised he could get his on his own ... I even said that I thought I had to sign with him ... nope
Reg checking doesn't get atm fees refunded and might have less interest ... it's not a huge difference... it took like 2 months for them to catch it ... he will just need to change it back once they start getting paid in august.
We took ds appointment letter and travel orders / authorization plus the usual id requirement stuff ... no one sponsored ds ... actually after he got his account done ... he sponsored me
Also make sure you get the $5 voucher to do your first phone deposit after 30 days
 

rtp9799

Member
Sorry to add to the list of questions, but I'm living abroad (in Europe) and I'm going to USCGA this June.
Still trying to decide between Navy Federal and USAA.

My question is, since you must be active duty to create an account, and since I must fill out the application online, do I say that I'm active duty in the Coast Guard?
Walk through the process ... I think there is a spot to select you are a cadet ... or call them to explain and let them help you ....
Also we did explain that ds would have extremely limited phone/internet access and we wanted the account set up to be able to fill out his direct deposit paperwork when he reports
 
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