Cadet Banking Options??

[Impulsive]

Since everyone here seems to indicate USAA is the best way, we will likely get him at minimum a second account there if for nothing else, the perks. I was thinking of Navy Federal, but we (DW and self) are already USAA members so we can probably get both twins set up easily. Does anyone know if cadets have the option of "splitting" direct deposit between institutions?

 

[Capt MJ]

Since everyone here seems to indicate USAA is the best way, we will likely get him at minimum a second account there if for nothing else, the perks. I was thinking of Navy Federal, but we (DW and self) are already USAA members so we can probably get both twins set up easily. Does anyone know if cadets have the option of "splitting" direct deposit between institutions?

With both USAA and NFCU, you can set up a recurring transfer on set dates, so if Direct Deposit is going to one, it can be further divided and directed to the other.

The military member can also set up military allotments (auto pay deductions) to go to various things, but I’ve had mine for so long I’ve forgotten what rules apply and what types of things can be set up for allotment. Your DT (dear twins) won’t have the time or access to figure that out for quite some time. First step will be to have the entire Direct Deposit going where they want.

Take a look at your USAA banking menu - I have some internal and external auto transfers set up, all very easy.

 

[Impulsive]

Thank you once again Ma'am....You are always so helpful and nice about things. We will speak with our Credit Union here and see what they tell us regarding access in NY and up north in general (our credit union is local to Florida). If they have any doubts or concerns we will immediately get them both set up with USAA Bank accounts and get their deposits going there.

 

[OldRetSWO]

Thank you once again Ma'am....You are always so helpful and nice about things. We will speak with our Credit Union here and see what they tell us regarding access in NY and up north in general (our credit union is local to Florida). If they have any doubts or concerns we will immediately get them both set up with USAA Bank accounts and get their deposits going there.

I'm sorry and don't mean to intrude but why would you involve your local credit union? This is about your new CADET and what is BEST/EASIEST for HIM/HER. In a bygone era, we all went to the local bank near USNA (and USMA) and set up checking accounts. For just about all of us, it was our first time having a checking account but it was an important part of learning how to be an adult. YOU SHOULD NOT DO THEIR BANKING, let them do it as they need to be able to help their troops with it in the future. When my son went to USNA, as it happened, we already had our USAA accounts but he set up his own - not a satellite account of ours. Many banks make it easy to electronically transfer money to other accounts at other institutions and I've always been able to transfter funds to my son's USAA account as well as my other kids/family member accounts at other banks (including Navy Federal and Pennfed).
.
Bottom Line, I can't conceive of a case where it is better for a mid or cadet to keep their money at Podunk savings in Hometown USA instead of someplace easy for them to access at/near West Point, USNA, etc. Now keeping a separate savings account for whatever reason is a different story but they need to have an account where THEY can conveniently access it for their pay and money they use while at school.