Bank accounts

Sad, I remember the days when max SGLI available was $50K. Now the default is $400K. Try getting that through private insurance.
 
The thing to check on with any coverage for a military member, DD or DS included, is whether the employer group policy, family policy or individual policy has a war clause, combat zone exclusion or military pilot or other occupational exclusion (you can guess what those are).

Many of the Reserve and Guard officers I met over the years found their civilian employee group life would not cover them per the exclusions above. They went with the usual group of insurers known to underwrite the military, so as to have an additional personal policy. I realize I am not sure how SGLI applies to active Reserve and Guard.
 
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Sorry to bring up another question, but are there any benefits of USAA over other banks? I'm 18 and already have an existing checking account back home. I just want to save the trouble of opening an entirely new account somewhere else. Thanks
 
Sorry to bring up another question, but are there any benefits of USAA over other banks? I'm 18 and already have an existing checking account back home. I just want to save the trouble of opening an entirely new account somewhere else. Thanks

The banks and credit unions who cater to the military - USAA, NFCU, PenFedCU and similar - understand deployments and the very mobile lifestyle of active duty people. With a USAA ATM card, you can use any ATM, get the fees rebated back to you up to a certain amount each month - more than covers a normal number of ATM visits. Since many military folks use these institutions, it's easy with their apps to transfer many money around. USAA offers pre-deployment checklists and phone counseling which help you get set up for deployment, ensures bills are auto-paid, helps you determine who can get access to your account, puts security alerts and updates on your account when you are deployed OCONUS in strange places, and so on.

These companies have had decades of dealing with the military lifestyle, and have been trendsetters in building powerful mobile apps, reducing or eliminating various fees, and offering away-on-deployment services.

The credit unions are known for offering excellent low-interest auto loans.

It's up to you - see how you do, with the home bank, observe and talk to others who use one of the ones who focus on the military market.

And, to open a new bank account at one of these, it can usually be done online or over the phone. You apply for an account; you get assigned an account number. You are asked for, say, a $25 deposit, and whether you want that done electronically. You say yes, and you supply your other bank account number, that bank's routing number (it's on your checks) and confirm you authorize the new bank or CU to go get that $25 electronically. They get it and deposit it in your new account. You then request paper checks, ATM card, whatever else. You are up and running. You will download their mobile app. You set up your alerts, profile and security settings. You can set up your military pay from DFAS to go to new account and new bank/cu routing number. You can set up web bill pay as needed. You can keep your old account, and even set up recurring transfers from old to new, or clear it out entirely and close it.

See one of the related USAA threads for how to set up initial membership. They are an Association with eligibility rules.
 
Guess what? Pretty soon, you won't be "BACK HOME". So the REAL QUESTION should be, what can YOUR BANK do for you, when you are hundreds or thousands of miles away from "HOME"? How can they help you when you're overseas? What kind of loan and savings rates can they offer you.

You wanted some benefits of USAA:

1. Takes literally 5 minutes to set up an account with USAA
2. Takes less time then that, to have your pay go to them
3. While they do have some branch offices, most of their business is done online or on the phone; as such, they allow you to use ANY ATM MACHINE in the world, and they will REIMBURSE you for the fees.
4. They were built by/for the service of military members. (You won't get better customer service. Especially if you need financial help when deploying)
5. They give cadets a starter loan UP TO $36,000 at an interest rate of 0.75%. Paid back over 5 years. You'll NEVER get close to that rate for a loan.
6. USAA has about the BEST Insurance rates for military members. My car insurance (3 cars) went down $240 a year vs many years with GEICO; and my Home Insurance went down $450 a year vs GEICO.
7. Rates and insurance, etc. get even better the more you bundle. I have savings, checking, credit cards, car, and home insurance. If you had also a car loan, mortgage, investments/IRA/etc, or a number of other services, you can maximum your savings and such even more.
8. Best customer service. Can do most anything you want online; including transferring money to-from the USAA account to any other account. But if you need to talk, you can call them. They answer immediately and APPRECIATE you and your military service.
9. Excellent car buying service; assists in pre-qualifying you, finding you the car you want, discount price on cars,

I could go on. Look; I'm a Dinosaur. I've had bank accounts, checking accounts, and other financial institutions for about 45 years. I still currently have 4 bank accounts. Some for my military pay; some for my current job; etc. But our USAA account is where most of our spending comes from. Credit cards, insurance, etc. They are a great bank. Have been around for a very long time; specifically for the military members. Highly recommend. You will not get this service from Wells Fargo, Chase, or even the mom/pop credit union/bank in your home town.
 
After several days of contacting USAA I still seem to be having some difficulty setting up a new checking account with them. The first call I had went very well, and I got all my primary information set up, and the USAA representative helped me scan in my acceptance letter and drivers license. He then told me it would take several business days to process the information, and then I could give them a call back to confirm my account since I am only 17 (but turning 18 within 45 days).

However, I gave them a call back today and I was informed by one of their representatives that my proof of military service (acceptance letter) was denied, and that I need to send in a commissioning program contract? Is anybody else having this same problem?
 
After several days of contacting USAA I still seem to be having some difficulty setting up a new checking account with them. The first call I had went very well, and I got all my primary information set up, and the USAA representative helped me scan in my acceptance letter and drivers license. He then told me it would take several business days to process the information, and then I could give them a call back to confirm my account since I am only 17 (but turning 18 within 45 days).

However, I gave them a call back today and I was informed by one of their representatives that my proof of military service (acceptance letter) was denied, and that I need to send in a commissioning program contract? Is anybody else having this same problem?

Did you by chance try the 800- 531-4610? A commissioning contract usually means ROTC thpughts. Try again and escalate to a supervisor, telling them you are headed to a Service Academy with an appointment, and will be active duty on X date, which you have accepted.

Let us know how that works.
 
I was just able to get over the same hurdle with my DS on Tuesday. In our initial document submission we sent in copies of drivers license along with his notice of appointment, notice of acceptance, and form O-28. This was kicked-back and we were asked to forward a Leave & Earning Statement (which, of course, we don't have yet)... We ended up calling the team at 877.865.1994 and forwarded them a copy of his travel orders - his eligibility was confirmed the next day. His profile is setup as follows:
Military Status: Commissioning Program
Branch of Service: United States Air Force
Commissioning Program: Air Force Academy
Expected Commission Date: 05/2021​

I hope this helps.
 
After several days of contacting USAA I still seem to be having some difficulty setting up a new checking account with them. The first call I had went very well, and I got all my primary information set up, and the USAA representative helped me scan in my acceptance letter and drivers license. He then told me it would take several business days to process the information, and then I could give them a call back to confirm my account since I am only 17 (but turning 18 within 45 days).

However, I gave them a call back today and I was informed by one of their representatives that my proof of military service (acceptance letter) was denied, and that I need to send in a commissioning program contract? Is anybody else having this same problem?
DS has his checking account setup recently after faxing in his official Acceptance letter. DS made the initial application in person at the COS branch during the Mar Appointee Tour. It appears that USAA process for academy cadets could use some streamlining for improvements. My advice is keep calling them to get it done. The next rep could have it done in no time. GL.
 
IMO there is no rush to open an USAA account. Open the Armed Forces Bank account to comply with appointee directions. Later during the academic year, there will be time for your cadet to open the USAA account, direct pay to it, & close the AFB account. That's how it was done in the past & one of those "adult" things that the cadet can do on their own; let them do it at their own pace.
 
Question, is it required to open an account with one of those banks? I ask because I already have my own account with another bank aside from those two? So is that ok?
 
Question, is it required to open an account with one of those banks? I ask because I already have my own account with another bank aside from those two? So is that ok?

I can change it after basic if I want, am I correct?
 
Those that had some difficulty setting up an account at USAA, if you don't mind, shoot me a PM about the experience. I can pass the feedback on inside the bank and see if things can be improved or automated better for SA appointments.

CC hit most of the advantages of USAA over other banks and FIs. I will say that USAA is going to be far more forgiving and willing to help you through hiccups or complicated issues than the other major banks and some CUs. There are several good options and if you love your previous Credit Union and they can meet you needs, then don't feel compelled to change. Since you are eligible, you can always set up a checking account or other product since almost none have any kinds of fees and try it out to see how it compares to what you have now. If you don't like it, no harm. If you like it better, then go for it!

Disclaimer: I am a USAA employee in the bank.
 
Thanks to all who sent me private messages. I'm going to compile the feedback and share it internally. Change doesn't happen very quickly around here but I'll see if they can improve the process.
 
Figured I'd add my input/experience. Went to the appointee tour on the 19th, and on the first day I got in I drove to the USAA financial center closest to the Academy. Told them I'd like to open up an account, a representative took me back and we talked for a little bit, I told her I would be joining the Class of 2021 in June. She said since I was an appointee, I had to Skype with another employee, but the video service wasn't available. She then said that USAA wouldn't be able to set up an account until I actually entered the Academy. No big deal, I left and went on with the day. No complaints here, everyone was really nice.

Just for kicks, when I got home I went online and tried to open an account that way, because I didn't want to go through the hassle of having to switch bank accounts throughout the year. Put in all my basic information, USAA then requested documents to verify military service. I uploaded the document I got when I accepted the appointment, and was denied. Tried again, but this time uploaded the same document plus the notification of appointment as well as my travel orders. Also, for good measure I sent a quick email explaining the situation. This afternoon I got the notification that they verified military service and I'm all set to open a bank account now.

Anyways, that's my personal experience. Didn't see anything on this thread about creating an account online so I thought I'd share. Thanks to everyone on this thread for their help through the process.
 
Update- DS & I just got off the phone with USAA. They were able to go ahead and open a "New Recruit" checking account for him. I made sure they knew he was a cadet for the service academy not regular enlisting. I asked about the 45 days before 18 birthday and was told by the representative that while that is normally the case, that they make exceptions for the service academy cadets. Something that confused all three of us (DS, USAA representative & myself) was the date of commissioning question. We weren't sure whether it was his commissioning date upon graduation in 2021 or the date he takes the oath of office on 30JUN this year, though rep & I thought probably the later. She did say that they will verify this when they receive his appointment letter.
Regarding is current USAA youth savings account which is joint with my DH, we were told it can stay joint & when DS turns 18 he can call and have that switch over to a regular savings account and maintain DH as joint. This is important as we have $ put in the savings account every month with a large portion of that $ then going out into various investments & mutual funds for DS. We would like to continue this while DS is at the Academy.

Hi, who did you call? I have called USAA twice and they will not allow me to set up a checking account yet (I don't turn 18 until the end of June). I have heard others have been able to set up their account, but I've had no success
 
The checking account is the second phase of the process - have you had your military service validated so you can become a USAA member? After we submitted the request for my DS online, we ended up needing to send in his Notice of Acceptance, USAFA Form O-28, proof of identity (front and back of drivers license), and a copy of his travel orders. We worked with the team at 877.865.1994 for this phase. Once that was done, we put through an online request to setup the checking account.
 
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