Banking Options in ROTC

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CuriousMid1001

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Sep 18, 2020
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Hi everyone, I was wondering if anyone has had experience with Navy Federal or USAA while in ROTC. I am looking at opening up a new account and getting set up with a credit card. Do we have access to those banks and programs? Later on down the line for apartments or cars it might be nice to also look at their insurance options at USAA.

Would love hear your thoughts. Thanks!
 
Lots of MIDN I know use USAA. Specifically, their intro credit card is a great way to start building credit. The card also has 0% foreign transaction fees which is awesome if you ever study abroad in college. If you open a bank account with them you can also get paid one day earlier from the DoD For your stipend. Very easy to set up online.
 
DD is a USNA mid who uses both. Has her checking account and credit card with NFCU, renters insurance with USAA, and will start retirement investing through USAA. Seems like using both is wise, depending on need.
 
Older son has NFCU for banking and USAA for insurance, both work extremely well. When stationed in Europe, NFCU worked seamlessly and USAA also proved the better option for car insurance.
Younger (MS3) son also banks with NFCU, no problem's.
 
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Join USAA as early as you can. Been a member for 50 years, best response of any insurance company I ever experienced. Have all my cars, home, renters insurance with them, plus their low interest rate charge card. Plus, its a member owned company so you get pay outs over the years and build up an account - I now get two checks a year from USAA. Unfortunately, they recently turned over their investment business to Schwabb. I liked their transparancy on investments - unlike most others. But insurance is the best.
 
Lots of good answers, but I think the OP is asking specifically if ROTC cadets can use these services during ROTC. Maybe I missed it, but haven't seen anyone answer that specifically.
 
milmomsomeday said:
Lots of good answers, but I think the OP is asking specifically if ROTC cadets can use these services during ROTC. Maybe I missed it, but haven't seen anyone answer that specifically.
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@FastFood44 said they know a ROTC mid who uses USAA and NFCU.

Add’l, looked online and they do allow membership for NROTC mids, but wanted to know more if they actually make use of it. Good to her it is available and people use it. Thanks everyone!
 
CuriousMid1001 said:
@FastFood44 said they know a ROTC mid who uses USAA and NFCU.

Add’l, looked online and they do allow membership for NROTC mids, but wanted to know more if they actually make use of it. Good to her it is available and people use it. Thanks everyone!
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Gotcha, thanks, I missed it. I was curious for my own DS in the future.
 
DoD Officer Candidate/ROTC for NFCU. USAA, I believe contracted or scholarship for ROTC cadets, but a quick phone call will help you.
 
Curiosity question. Does NFCU offer starter loans? I know USAA does, as that's when DS opened his USAA account - starter loan time. He uses USAA exclusively now.
 
kinnem said:
Curiosity question. Does NFCU offer starter loans? I know USAA does, as that's when DS opened his USAA account - starter loan time. He uses USAA exclusively now.
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They did for Son #1’s class. I remember because NFCU had their offer out for a month before USAA. NFCU offered $30k @ .75%. Lots of people signed up. When USAA came out it was $35k @ .5%. USAA held a special “refinance” night for anyone who wanted to trade in their NFCU loan for a new USAA loan. Son switched to USAA and has been with them since.

Stealth_81
 
Searching for info to help my son and ended up here.

He had been trying to open a USAA account, and checking at that, in order to obtain their career starter loan. He is having a ton of issues. And is super frustrated. Is fine with me asking “my people” (that’s y’all).

They have all his stuff. Each time he calls, they confirm. He obviously hasn’t been able to check out a brick and mortar store locked in the yard. Only phone. His stuff is a ‘high priority’. Still no resolution however.

Anyone have ideas or advice? He is frustrated (as evidenced by the convo tonight 😬). And also knows he has to deal with getting his direct deposit transferred from NFCU to USAA after (if 🙄) he is approved. So is looking at more time. As disbursing office is closed during this break also.

He has been working on this for 2 months. Doesn’t seem like it should be this hard?

Son number 2 will start working in this now. As a plebe 🤣
 
What, specifically, is USAA telling him is the hold up? Not that I expect i can shed any light on it, but I doubt anyone can without that.
 
They are telling him that they have all the documents/paperwork/application stuff that he needed to send In. That they have the required paperwork. But that it is awaiting approval (if that’s the right word?). No longer than 3-5 days for the process. But it’s been way longer than that. I am assuming some kind of underwriting approval or something? He says he has been transferred each time he called to 3 different places (departments?). Absent being involved in the call, I’m getting it second hand. But I know he has spent time and effort...and I’m wondering if anyone else has had similar problems. He follows up, they say 3-5 days, and the. Nothing happens.

We will make the call again together and see how it goes. It’s just weird that it’s so seemingly complicated. I could see him not asking the right question once or twice, but he has followed up beyond that and I would think it would Be vetted out by now. Career starter loans aren’t new.

We will make the call again together and see how it goes. It’s just weird that it’s so seemingly complicated. I could see him not asking the right question once or twice, but he has followed up beyond that and I would think it would be vetted out by now. Career starter loans aren’t new.

Maybe it’s covid related issues.
 
I expect its covid and perhaps a high volume of applications. Good idea to join the call. I know you'll act as a backstop.
 
UPDATE: Same story, calling that number as well. They had all his stuff. Everything looked good. Forms were filed by whomever at USAA appropriately.

Long story short, apparently they are moving from a manual process, to an automated one. That’s supposed to provide faster approvals (for a checking account. So he can direct deposit. So he can get the loan). And he “and a few others” were caught in that changeover and left ‘hanging’.

Sooooo....”3-5” more business days. We shall see. He has been told that before. Stated the process November 17th. HIS experience has not been a positive one. Everyone is nice, for sure. But no follow up from them. And not sure why this wouldn’t be escalated at this point. But I heard the convo, and it seems this alternate process should hopefully work.

Fingers crossed anyhow!!
 
I've been with USAA since I was a cadet. I love their customer service. Lately I'm finding their auto insurance isn't as competitive compared to other agencies. Am I the only one who's experienced this phenomenon?
 
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