Direct Deposit Question

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jaejae

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Apr 20, 2023
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Hello, I'm currently trying to submit all of my documents for West Point but I'm a little confused on the direct deposit form. I don't have my own bank account yet and only have some savings in cash. Should I be opening my own personal bank account prior to filling out this form? Or does West Point create an account for me and send me information to fill out the form? And if I am opening my own account, does it matter what type of account (savings or checkings) and what type of payment I select?
 
jaejae said:
Hello, I'm currently trying to submit all of my documents for West Point but I'm a little confused on the direct deposit form. I don't have my own bank account yet and only have some savings in cash. Should I be opening my own personal bank account prior to filling out this form? Or does West Point create an account for me and send me information to fill out the form? And if I am opening my own account, does it matter what type of account (savings or checkings) and what type of payment I select?
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Open a checking account. If you can ask your parents or an adult anyone who has held a job has filled out a near identical form
 
While you can open a checking account anywhere, it may not be a bad idea to see what banks and/or credit unions have branches at USMA. I'm sure many here will be glad to offer that info. Even though it is becoming more common to do everything online or via an automated phone service, it's still nice to be able to actually talk to a human being in person. Especially for a first-time account holder.
 
brewmeist said:
While you can open a checking account anywhere, it may not be a bad idea to see what banks and/or credit unions have branches at USMA. I'm sure many here will be glad to offer that info. Even though it is becoming more common to do everything online or via an automated phone service, it's still nice to be able to actually talk to a human being in person. Especially for a first-time account holder.
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Thank you! I'll keep that in mind :)
 
Visiting the base with DS, we found two banks on site, both at the PX, PenFed and USAA. Usaa doesn’t have any staff on site. There are phones to call in at their “bank” to do your transactions. There is a Chase bank in town. But you would definitely have to hitch a ride to get to the bank.

Penfed has cashiers at the PX. You can sign up for a penfed account online which is what we’re doing so if I need to transfer money to his account, I can.
 
jaejae said:
Hello, I'm currently trying to submit all of my documents for West Point but I'm a little confused on the direct deposit form. I don't have my own bank account yet and only have some savings in cash. Should I be opening my own personal bank account prior to filling out this form? Or does West Point create an account for me and send me information to fill out the form? And if I am opening my own account, does it matter what type of account (savings or checkings) and what type of payment I select?
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I strongly recommend opening a bank account/ checking account by calling USAA and explaining that you are an incoming cadet. It is worth the phone call. (Also, never heard of USAA? They are the bank designed to support service members and their families...in ways that you cannot imagine like special rental car insurance for use in the US if you are stationed overseas, a special line to call when a family is in distress, NEVER having to visit a branch in person--ever; taking a picture of a check to deposit the money...etc.) Again, you never have to go into a USAA bank for anything, it is designed to be done remotely. (I think they send you a signature card in the mail when you start a new account but otherwise, everything is on the web or on their app.) Again, strongly recommend....then once you have your account you can submit your direct deposit form.
You have a lot of time to consider the options, so don't feel rushed.
 
I second USAA. Their insurance rates are not necessarily the best, but they understand the military,
 
I have been a life-long USAA member but beware their interest rate payments for savings, checking, CDs, etc are awful as are their mortgage loan rates and origination fees. Credit card rewards are average at best and they use American Express which has limited vendors that accept it. Plus AMX is a really activist company which is great if you want to help finance some causes that I personally find more than a little problematic. Also, with an 18yo kid, my coworkers have told me car insurance is WAY cheaper through places other than USAA. My senior rater switched to Geico which shocked me but I'll look into it.
 
DrMom said:
I strongly recommend opening a bank account/ checking account by calling USAA and explaining that you are an incoming cadet. It is worth the phone call. (Also, never heard of USAA? They are the bank designed to support service members and their families...in ways that you cannot imagine like special rental car insurance for use in the US if you are stationed overseas, a special line to call when a family is in distress, NEVER having to visit a branch in person--ever; taking a picture of a check to deposit the money...etc.) Again, you never have to go into a USAA bank for anything, it is designed to be done remotely. (I think they send you a signature card in the mail when you start a new account but otherwise, everything is on the web or on their app.) Again, strongly recommend....then once you have your account you can submit your direct deposit form.
You have a lot of time to consider the options, so don't feel rushed.
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Okay, I've been seeing that a lot of people are recommending to go with USAA! So I'm able to open an account online? I'm new to "adulting" so this is a bit confusing for me.
 
jaejae said:
Okay, I've been seeing that a lot of people are recommending to go with USAA! So I'm able to open an account online? I'm new to "adulting" so this is a bit confusing for me.
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Google “USAA and Military Academies”

That is a good place to start your research. Many military people use them for various financial services, as they are geared to military, AD, Guard, Reserve, veterans, military families. Started in 1922 by a group of Army officers as a mutual property insurance company. It’s grown a bit…

Their charter requires them to only offer membership to the uniformed services. Membership can be passed downward from the original uniformed member in the family.

The challenge comes when it’s time to verify your eligibility for membership, as they will verify your presence in the military identification system - which you will not have until you raise your right hand and you have a CAC card in your pocket. Sometimes you can get it done in advance through the website, but I’d recommend a phone call.

Every year, we see some who can make it through the wicket before they are actually in the military, some get stuck. Many just open an account with PenFed or similar and switch over once they are a cadet. Then it’s easy-peasy.

Full disclosure, I have been a USAA member since the 20th c., and I retired from them as my first post-military career. I have been 98% happy with the banking and property insurance services I use. The 2% is the occasional annoyance. They never batted an eye insurance-wise when my AD DH and I had residences in 2 different states when we weren’t co-located, rented out a home we owned in a third state, plus cars in two states. They also insured my stuff and car in foreign countries. And - their life insurance policies, similar to other reliable financial services companies who serve the military, include no combat exclusion clause policies. That generous insurance policy your grandparents funded for you when you were a kid? It probably has a clause in it that says you are not covered if you are a military pilot or are serving in a designated combat zone or you are special warfare or participating in certain types of duty or operations…I just heard a sharp intake of breath from non-military parents, and I apologize for the injection of reality.

The good news is there are many reliable companies which know how to serve the military 24/7. They optimize their apps and mobile platforms for easier usage in situations where bandwidth is limited. Their staff gets trained in all those acronyms and understand deployments, and know how to prepare a military member with setting up bill auto-pays, listing powers of attorney and organizing who has access to an account when someone is submerged in a sub for months at a time, etc.
 
jaejae said:
Okay, I've been seeing that a lot of people are recommending to go with USAA! So I'm able to open an account online? I'm new to "adulting" so this is a bit confusing for me.
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I hope you read my post. Those recommending USAA are doing so out of habit but that company has changed since most posters joined. I'm researching Armed Forces Bank and Navy Fed Credit Union which have much better terms and representation with brick and mortar locations at many big military bases. My friends who used to use USAA are urging me to switch. Just check out the CD rates for different banks if you don't believe me.
 
JohnMcLane said:
I hope you read my post. Those recommending USAA are doing so out of habit but that company has changed since most posters joined. I'm researching Armed Forces Bank and Navy Fed Credit Union which have much better terms and representation with brick and mortar locations at many big military bases. My friends who used to use USAA are urging me to switch. Just check out the CD rates for different banks if you don't believe me.
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Not out of habit. I tried to switch but other insurance companies really don’t understand the military. I had one say it was illegal for me to live in NY but to have my car registered and driver license in TX. Got fed up and went back.
 
Many military members, especially sea service, have both USAA and NFCU. I do. Love NFCU too, joined them and USAA at same time as an ensign. As a non-profit Credit Union, they operate under different rules than USAA Federal Savings Bank and can offer better rates on many products. A CU’s sweet spot is consumer loans at attractive prices, the core reason CU’s came into existence, and regular checking/savings services. I pay bills via my USAA app on my phone (can also do from NFCU app), have some cash reserves stashed at NFCU where CD rates are higher, etc. I use them in tandem. I have various income streams going via Direct Deposit to both. I transfer money between USAA and NFCU easily. Last time I was in a NFCU branch was 2 years ago, to get something notarized. I never need to see anyone in person at USAA. As to ATMs, I either use any ATM and USAA reimburses the ATM fee up to X dollars a month (which I hever never exceeded, so have never paid ATM fees, essentially) or use the NFCU app to find ATMs they are networked with to avoid fees.

I have credit cards with both, use one for cash back and the other for travel miles. About 5 months ago, I got a call from USAA credit card services one evening. They asked me if I was at home, and did I remember the last time I used my USAA credit card. I replied it was 2 days ago at NSA Annapolis Commissary. They then confirmed I had not just used the card at a Dollar Store in Cleveland, and proceeded to shut down the card, provide me a new cc number and associates data to use touidate any auto-charge payments, and I got the new card 2 days later. I know NFCU would do the same.

Plenty of options out there.
 
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jaejae said:
Okay, I've been seeing that a lot of people are recommending to go with USAA! So I'm able to open an account online? I'm new to "adulting" so this is a bit confusing for me.
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Yes. But you have to call USAA.
 
JohnMcLane said:
I hope you read my post. Those recommending USAA are doing so out of habit but that company has changed since most posters joined. I'm researching Armed Forces Bank and Navy Fed Credit Union which have much better terms and representation with brick and mortar locations at many big military bases. My friends who used to use USAA are urging me to switch. Just check out the CD rates for different banks if you don't believe me.
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Absolutely not out of habit. I started my account as a cadet. When my husband died they gave us special rates for a year and a direct dial number for Gold Star Families. USAA is the bank for military members and families.
 
DrMom said:
Absolutely not out of habit. I started my account as a cadet. When my husband died they gave us special rates for a year and a direct dial number for Gold Star Families. USAA is the bank for military members and families.
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I'm glad you had a good experience. You assume USAA is the only bank that serves military members with special deference. You are wrong. How much did they pay you in interest this year? I'll bet barely enough to buy an extra value meal.
 
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