Cash in checking for plebes at USNA

run4fun75

run4fun75

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Jan 29, 2018
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how much cash should plebes have in their checking account before I day? I read $3,000.
 
Where did you read that?

You can walk into I-Day with zero money and be fine. That said, I'm sure it helps to have a bit of money for the summer -- nowhere near $1,000 let alone $3,000. I don't think plebes get much MidStore time during PS so there's no place to spend their money except maybe the baseball game, if they get to attend one. During Ac Year, it's nice to have "walking around money" for MidStore, Dahlgren and going into town. However, there are more than a few plebes who come from impoverished backgrounds and show up with zero. Remember, plebes will be paid. They don't see a lot of that money in the first year, but it's more than enough to get by.

You may be confusing this with the requirement years ago to bring money on I-Day for the ACE loan. That requirement no longer exists.
 
My son spent about $20 during plebe summer, although he did have more than that in his account. The only place they go off the yard is the Bowie Bay Sox game about a week before PPW. At the game they can purchase snacks.
 
Is there any advantage on having the plebe do their banking with a local (Annapolis/NavyFederal) bank? Where seems to be the preferred location to keep their money?
 
Navy Federal is on the Yard and a great place to have an account. It is worldwide .
 
Don't worry, plebes will open Navy Federal accounts and can also open USAA if they choose. More info will come :)
 
Navy Fed is on the yard and that makes it very easy. Most Mids will use Navy Fed while at USNA. Most officers will add USAA eventually. They are great but there isn’t an ATM on the yard (there is out in town). They won’t spend much money in the summer. Baseball game and necessities at mid store. I think USNA in the PTR recommends $100 or so. The PTR will also have info on the ACE loan.
 
My DS set up a Navy Federal account last month with $100 in it. He has another credit union account that he can transfer funds from online.
I figure he'll do that as (or if) he needs it. It's his money.
Since he's still 17, I had to file as a "joint owner" of the account, so I suppose if he called home and said "Dad, please send money", I could put some in his account.
There would be a fee, however! :)
 
Having access to a few dollars makes plebe year more bearable. They do not need $1000s of dollars but having some spending money is a good idea. They will run up the orders at Amazon when the school year starts. We have a joint account and I can add money if they ever need anything.

You may be thinking about the initial deposit that is requested as part of the admissions process. That is used to offset the initial cost of items issued during plebe summer and the academic year.
 
explain more about the initial deposit please. Haven't gotten that far yet, but would be good to know. Thanks
 
A USNA may have to chime in with the exact details but basically the academy request an initial deposit to offset the cost of issue items, uniforms, computers, books, etc. It was $2,000 the last few years at USMA. If the cadet is unable to make the deposit before reporting their cadet pay will be reduced for until the amount is paid.

All cadets have a cadet account that is used to pay for required items at the academy. Money goes in and out each month. The account is designed to cover everything that is needed over the four years starting with the initial issue all the way to uniforms need when they are commissioned.
 
It's completely "free" meaning you don't need to bring money with you, however there is money held back from a Midshipman's monthly pay to cover gear issue. This is straight from the usna.edu website under "Tuition".

https://www.usna.edu/Admissions/_files/documents/BUDGET-BOOK.pdf

Scholarships can be applied to defray the cost of equipment, uniforms, etc., and I would recommend this if you can.
 
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USMA 1994 said:
A USNA may have to chime in with the exact details but basically the academy request an initial deposit to offset the cost of issue items, uniforms, computers, books, etc. It was $2,000 the last few years at USMA. If the cadet is unable to make the deposit before reporting their cadet pay will be reduced for until the amount is paid.

All cadets have a cadet account that is used to pay for required items at the academy. Money goes in and out each month. The account is designed to cover everything that is needed over the four years starting with the initial issue all the way to uniforms need when they are commissioned.
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USNA hasn’t done that for many years.
 
There is a Yard Card which is re-loadable debit/gift card that works like cash to be used for purchases at participating locations throughout the Naval Academy Yard including retail store locations, coffee bar and dining locations, Bancroft Hall vending machines, textbooks, and other stuff. All you need is your Midshipman's alpha code, to electronically add to the balance of the Yard Card (With AmEx, Visa, or MC).

On the USNA website, search for "Yard Card". There is a FAQ.
 
Opening a Navy Federal account as a parent made life much easier for us as we can simply transfer funds into our Mids accounts. The closest branch is a state away, but it is all done online now. Their small checks get deposited there too on a monthly basis which makes it easy for them given that they are right on the yard.
 
I think run4fun75 is referring to USMA, they still require a funded bank account before Beast.
 
Get Navy Federal and keep Navy Federal. There's no USAA branches overseas. I've seen Navy Federal on Army, Air Force, and Marine Corps bases around the world. In some countries they do currency exchange as well, and they have better rates than the native banks.
 
nuensis said:
Get Navy Federal and keep Navy Federal. There's no USAA branches overseas. I've seen Navy Federal on Army, Air Force, and Marine Corps bases around the world. In some countries they do currency exchange as well, and they have better rates than the native banks.
Click to expand...
DS has been looking into the Schwab high-yield checking account because of the overseas benefits and ATM fee rebates. Their required brokerage doesn't even look painful. He will still get NavyFed but is exploring other options.


https://www.schwab.com/public/schwab/banking_lending/checking_account
 
It's not about foreign transaction fees or ATM rebates. It's about a Japanese or Korean ATM even accepting your debit card. It's about being able to go to a physical branch and handle power of attorney issues on the spot. There's nothing like being in Yokosuka and having your bank tell you that you need to go to a branch to handle something, and the nearest branch is in Hawaii.
 
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I opened my NFCU account when I first went into the service - 35 years ago. They have been great.
 
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