PlebeWannaBe

Hey! I was just looking at all of these organizations to join in our PTR and I was wondering if anyone had advice as to which things we should sign up (and pay) for?

- Navy Federal Credit Union: is this the best, or only, bank to join?
-Alumni Association - should we do the deal where they take monthly out of your pay?
-US Naval Institute- what are the benefits really? Are they worth it?

I realize that a lot of this has to do with personal preference, I was just wondering if anyone has any suggestions?
Thx!

xchefmike

Navy Federal Credit Union. (NFCU) Located on every Naval base and more important immediately the only bank located in bancroft hall your new home.
Been a member for 25 years, good service great rates.

Alumni Association.
Best place to have a future voice in the policies and traditions of USNA. good discounts and a good place to keep track of classmates and a great price when you consider the long term amortization of your upfront fees in comparison to the private schools alumni associations.

US Naval Institute.
you get 2 magazines and the articles are written by your future peers and leaders. Good place to get "current events" and professional reading assignments as a student. plus fringe benefits are good.

Join it all and if it is the money you are worried about you will never miss what you never saw.

PlebeWannaBe

great! thanks for all of the advice!

NativeTexan

Look at USAA for banking too - many like it better than Navy Federal. Keep in mind you can do both!

Whistle Pig

Can you offer thoughts on why one would want accounts at 2 different banks? What bennies? Thanks

peskemom

Well let me tell you what we did. For Plebe year, our Plebe had a Navy Federal account. We have a branch near us, and it was great so we could move money around very easily to support her. She had ATM access right there on the yard and for a Plebe that's all the chance one would have to get to cash from a banking institution.

At the end of Plebe year, as we parents made attempts ( round 5 for us, as she is the babe of our gang) to move her to financial independence, she got a USAA credit card. You apply online. USAA is awesome for military folk and their first credit card for midshipmen comes with a 500$ credit limit. Then each year, as the mid draws more salary - they raise the limit. Now as a Youngster it's up to 1000$, and soon with her 2/c salary if she requests it, it can be higher. She began the process of building her credit by charging small things on the USAA card, and then setting up external transfers between NFCU and USAA to pay for them. Just about 3 months ago she decided she also wants a USAA debit card - the real benefit of a USAA debit card is that there are NO ATM fees anywhere in the world. Ah ha! She is heading to Jordan in 12 days with Block One Language training for Arabic - so she wanted to have that in place before then. Sooooooo, she opened a USAA bank account - then set THAT one up to receive external transfers from NFCU to fill up that fund. All the USAA stuff is done online. In our family we always set this up as joint accounts with a parent on the account - so that we at least can deal with stuff if need be. Our basic policy is merely to be the backup, while the young adult is the heavy lifter.

So for the moment she is juggling a NFCU debit card, NFCU savings, NFCU checking, USAA credit card and USAA debit card. Hmmmmm - probably a bit of overkill, but maybe other parents have even better ideas.

But for Plebe year, NFCU was a really easy option.

As far as joining the Alumni Assoc. ----it really is a matter of personal preference. Here in San Diego County there are tons of activities that this group hosts - and if one gets the 'Navy bug' you could have your entire social life involved 12 months a year with all their amazing events! I don't know about other areas, so you might wait and see how valuable this group is for you. The one reason to join no matter what is that a membership helps their operating budget, scholarships, etc.

Hope this helps answer your question plebewannabe.

USNA1985

NFCU can't be beat for banking while a mid -- and beyond. It's super convenient and, b/c it's a credit union, has no pesky fees like most banks. You can get a credit or debit card, loans and most things a bank can offer that you'd want as a mid or jr. officer.

Most military folks pick up USAA primarily for car insurance (at least initially), which is always highly rated. Of course, it also has banking services with few if any fees, and many then take advantage of those as well.

I think many military and former military folks use NFCU and USAA in some sort of combination, depending on their needs. Thus, I'd suggest starting out with NFCU for your basic banking needs b/c it is right there and very user-friendly. When you become a firstie and get that car -- and are starting to look at investments -- that's a great time to look into USAA.

PlebeWannaBe

Thanks so much for all of the advice! I think I'll go with the NFCU for plebe year and then see from there. As far as the Alumni Assoc- I guess it would never hurt to be in such a great social network?

Whistle Pig

This is a no brainer for plebe-to-bees joining the Alumni Assn. And btw, if $$ allows, parents too should join the Alumni Assn as Associate Members. Yearly, 4 year packages, and life memberships available.

NativeTexan

My mid found USAA to actually be more convenient than Navy Federal. USAA reimburses all ATM fees so he has no costs to him when he is off the yard and needs to use the ATM. The only benefit he saw in Navy Federal was while he was on the yard and since he didn't have that much need for cash on the yard he didn't find that all that much of a benefit. (He uses his Yard Card where he would have used cash on the yard) As we live in an area without Navy Federal ATM's etc - when on leave he was racking up too much money in ATM fees. He also wanted to keep his "independent" bank (a bank with branches throughout the US - he decided that 3 was to many so has ceased using Navy Federal but did keep the account open with $5.00 so that he could consider it for his 2nd class loan.

He also liked the fact that he has everything with USAA - renters insurance, his car insurance, a CD, and a few other small investments.

grad/dad

I have always found NFCU rates for loans to be better than those at USAA. Also, you will find a NFCU office just about anyplace the Navy will send you, in and out of conus, including Diego Garcia. I actually joined NFCU in 1973 while I was in Hong Kong. (Needed a little extra cash for the great deals). USAA and NFCU are bothgreat, but remember NFCU is usually headed by retired Navy Flag Officer and and the overwhelming majority of the board and supervisory committee members are retired or active duty Navy and Marine Corps personnel

jpr_fire2gold

I really like what I've heard/researched so far about NFCU, I am definitely signing up....

2012mom?

My daughter has been a USNI student member for a year, and even as a high school senior, she has been reading Proceedings cover to cover as soon as it arrives. The student membership only includes Proceedings, but it was very inexpensive, and well worth the cost, in her opinion.