One of the forms in my appointee kit requires me to link a bank account for direct deposit. I have the option to link an existing account or start an account with one of the two banks on base. What are the benefits of using one of their banks? Additionally, if I were to open an account with one of their banks which one would be the best option?
Bank accounts
- Thread starter Trent1210
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Both the Armed Forces Bank and the Air Academy Federal Credit Union have branches located on base. The Bank actually has a branch in the cadet area, while the Credit Union's branch is in the community center (several miles away). If you want the convenience of actually visiting the branch in person then consider the Bank. The Credit Union does have ATMs in the cadet area, however.
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Glad to see they changed the banking requirements this year. Last year, even if you had another account, the appointees had to sign up for direct deposit and open an account with AFB for their initial pay deposit, then they could close it and select another account for their pay. This was a lot of unnecessary hassle for the cadets. DD had a USAA account long before she started the Academy, and switched her pay to them once she could. She has been very happy with USAA since she can deposit checks by taking a picture on her phone and sending it. We can also easily deposit extra funds into her account as well.
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With USAA, you can use any ATM, and ATM fees are rebated on a monthly basis, up to a max of $15 (as I recall) a month and 10 withdrawals. The reason I can't recall is I have used my USAA ATM card all over the country for years at all kinds of ATMs and never incurred a fee that wasn't completely rebated into my account in the monthly statement. Google "USAA Service Academy cadets and midshipmen." I can't recall the last time I needed to do business in an actual branch. I do most on phone app or laptop. Checks are easily deposited via phone. Even if cadets start with another bank or CU, it's easy to switch down the road.
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Go with USAA--for everything: banking, car insurance, renters insurance--and later on home insurance and your IRA and your investment accounts. You will be delighted--and it is a bank that is set up for you to NEVER enter into one of its branches and do everything on line, through an ATM, or on your smart phone. I have been a USAA member for almost 30 years--and have never been in a branch office. Delighted.
Last, they are set up to help you if you deploy, if you are stationed over seas and need to not have US car insurance but might wish to ensure a rental car on US trips ($5 per year, actually)...and when my beloved died they called me, gave me a special number to call so I would not have to deal with someone not prepared to deal with a military widow/bereaved person, they peppered my mail box with helpful literature--so they are especially prepared to take care of your future military family...I cannot stress how important that is.
Last, they are set up to help you if you deploy, if you are stationed over seas and need to not have US car insurance but might wish to ensure a rental car on US trips ($5 per year, actually)...and when my beloved died they called me, gave me a special number to call so I would not have to deal with someone not prepared to deal with a military widow/bereaved person, they peppered my mail box with helpful literature--so they are especially prepared to take care of your future military family...I cannot stress how important that is.
KTMDad
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In addition to all of the benefits listed above for USAA, it is easy for Cadets to reimburse each other electronically since so many of them have USAA. So if someone is making a food run, they don't have to worry about having cash. They just transfer money electronically.
Christcorp
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As others have said, USAA all the way. My son and I transfer money back and forth all the time between our accounts. I still have him on our family cell plan, and he pays me twice a year for his portion. I saved $300 a year on my car insurance vs Geico and another $400 a year for my house insurance. Plus, as an officer, I think you get some other benefits that us lowly enlisted don't get. Either way, USAA is great.
So can my DS open an account at USAA before he heads off to the academy? Neither my wife or I or any family member is qualified to join USAA.
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CaptMJ may have some helpful words for this. But, from our experience, even though DD had accounts already since DH and I are prior AF, it was a bit of a hassle convincing them she qualified on her own as a new appointee. USAA wanted a set of orders, LES, etc.
I was wondering the same thing. We go out next week for the appointee tour and was thinking about going into the branch office to open up an account. Maybe with the appointee letter they will?
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Hay Cap, looks like you have almost as many likes as posts! Must have been that cookie recipe, or the places to eat in MD!
@Capt MJ is clearly one of the all stars of SA forums.
sa2021
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My DS was able to open an account at USAA this past Saturday as a Cadet Candidate. We went to a branch but I think you can do it online too. Great customer service.
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With the appointee letter the USAA financial center (branch) should be able to open the account. There are branches in Colo Springs, Annapolis, Highland Falls.
USAA is closing many of its financial centers (branches) this spring, emphasizing digital platforms. The three above will stay open.
Check here for a location, and don't delay
https://www.usaa.com/inet/pages/usaa_financial_center?akredirect=true
I don't think it can be done online, since the SSN cannot be verified as a military member yet. Hard to set up a log-in without that critical first step.
I am awaiting feedback on the specific USAA number to call. They can usually get creative and take a scanned or photo version of the appointee letter. I hope to have that number this week. My USAA contact, a USMA grad, understands it all.
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Thank you so much for that information. We will be in COS next week! We will take her appointee letter and hopefully we can get this taken care of ahead of time!! Thanks again.
We plan on going to the branch in COS. Thank you for the information!!