Good bank while in Service

[Riper Snifle]

I just wanted to know what bank people here would recommend having an account with while being in the Service. The obvious question is with regards to availability, while being in the Service I expect to be moved around the country, (as well as the world), and what bank is the most accomodating. I am thinking of opening an account with the Marine Federal Credit Union, as it seems an obvious choice. Any thoughts or suggestions on the matter? Thank you in advance.

 

[Jay]

Usaa

 

[Gatordev]

And/or Navy Federal CU.

 

[skidkid]

USAA, cant beat their checking account, for loans it seems as though NCFU is a tad better

 

[webmaster]

I have accounts at both USAA and NFCU.

USAA:
- an internet bank, with no brick and mortar offices/banks unless you are in San Antonio.
- no ATMs, but they reimburse you for any fees that you get hit on using other companies ATMs. I don't believe I have ever gone over that reimbursal amount.
- Excellent customer service across the board, banking, credit card and insurance. They have the automated phone system, but they have the option to go straight to a representative (I HATE the systems that put you in limbo!!). My wait times for them have always been very short.
- Insurance claims that I have done in the past (auto) have gone very smoothly.
- Excellently designed website, and I particularly like the extra security features they have been adding. Robust support for products like Quicken, and of course the defacto online bill paying.
- VERY quickly will lower your rates if you are deploying. In fact, I have been asked by THEM a couple times on the phone, "Are you deploying, oh ok, we will lower your rates"...

NFCU:
- Great loan rates, and I would agree that they tend sometimes to beat USAA.
- Brick and mortar branches at most bases (NAVY/MARINE). I find it useful to have an NFCU account for local check cashing and depositing any checks I might have.
- HORRIBLE waiting in line around pay days, avoid the branch like a plague.

Just some of my thoughts.

 

[invertedflyer]

If you ever drive around TBS, you see a bunch of brand new sports cars and raised trucks... It seems that getting a USAA loan as a freshly minted butterbar is a good deal. Any Info?

 

[webmaster]

Yes, USAA has the career starter loan, low interest, if I recall correctly it was like $25k, not sure what it is now. I could not find any direct info on their site, though it did refer to it a couple times. There is also the NMAA loan for what, 1.9% APR? Those were the only two that I took advantage of when I got commissioned.

Older thread talking about same thing: Navy Federal vs. Marine Federal

 

[Harrier Dude]

I agree with John. I have both USAA and NFCU accounts. NFCU holds my mortgage and I do all of my banking with USAA (along with insurance, which makes lfe easier during moves and crises like car wrecks, etc.).

I'd strongly advise against Marine Federal Credit Union.

When I was a 2ndLt at TBS, I was suckered into their program because of their proximity to O'Bannon Hall (actually on the premises). That, and their low interest loan for new Lts. It worked well while I was at TBS, but the minute I moved to P-cola, problems arose.

First, to get account information, you had to use their horrible phone system. Talking to a person took an act of God. A complete hassle.

Second, when I moved to Corpus for primary, I lost my box of checks. They told me I would have to physically come in to one of their branch offices to get more. The closest one was in Virginia. After a short and heated argument regarding the feasibility of driving to Virginia to get more checks, I fired them and went to USAA.

Later on, when the government shut down (1995), I was worried about whether or not we'd get paid. I called USAA to check my balance, and they told me that USAA was planning on paying all of us AD people if the government didn't and recoup their money on the backside. This may very well have been BS (it didn't end up happenning anyway), but I liked the sentiment.

I tried to get a mortgage through USAA, but as noted above in other posts, their loans aren't very good in terms of rates or availability. NFCU has more than made up for it.

If I had to choose between the two, I'd probably go with NFCU and just keep my insurance with USAA. You won't really go wrong with either bank, though.

I wouldn't go to Marine Federal to make change for a $1.

 

[mmx1]

I just signed up for the USAA career starter loan, it's currently 2%, 25k, 60 month term. I didn't think about the deposit aspect and might sign up with a third bank with branch coverage. A lot of people have recommended Bank of America because of their coverage; any experiences with them compared to NFCU?

 

[Harrier Dude]

A lot of people have recommended Bank of America because of their coverage; any experiences with them compared to NFCU?

They are the evil dark-hearted b@stards who own the government travel cards and should all burn in hell.

Then again, I may be just a tad biased by my experiences with them in that regard.

 

[webmaster]

A lot of people have recommended Bank of America because of their coverage; any experiences with them compared to NFCU?

I agree with Harrier Dude.... BoA sucks ass, and you should stay as far away from them as possible. Just my two cents.

 

[skidkid]

Yes, very bad experience with BofA as a young 2ndLt, all the fees will eat you alive. You really cant beat USAA with the ATM reimbursement and the most understanding when it comes to deployments etc.

 

[mmx1]

Well that settles it; the only thing I was missing from my Citibank/USAA/ING combination was a physical place to deposit checks. Though this Deposit@home feature looks interesting.

 

[invertedflyer]

USAA has on-line banking then correct?

 

[skidkid]

USAA has on-line banking then correct?

Yes, and I have been able to do all my banking for 10 years without setting foot in a bank with no problems,