<p>To the current cadets. Should new cadets going in June use the on site Pentagon Federal Credit Union, use your home town bank, or other? What is your advice?</p>
<p>I was wondering that same thing. I opened an account with the PFCU, but haven't finalized it yet.</p>
<p>Parent replying...you'll probably find all of those options being used, at least initially. Being a military family we have used USAA and PFCU for years, banking and car insurance with USAA, car financing/home equity with PFCU. Both serve service members and families well and offer easy to use online banking.</p>
<p>For cadets, starting a long term relationship with either or both is recommended. When Cow Loan time comes around, if the current set-up remains the same, cadets need to have a checking account with USAA to complete the loan transaction. </p>
<p>Since our cadet did not turn 18 until September of Plebe Year, we were co-signers on the USAA checking account which worked fine until Cow year. We were able to electronically transfer funds when needed. When Loan time came around, our cadet had to have a checking account without our co-signature so USAA set up a new account, transfered funds over from the existing account, and we were no longer in the picture. :-) </p>
<p>Whatever you decide to do, a checking account with debit card is very convenient as there is an ATM in the basement of Washington Hall. I'm not 100% sure on this (perhaps one of the cadets on the board can verify) but I believe the ATM machine is a PFCU machine. Keep in mind though that USAA will reimburse ATM fees I believe up to 10 a month, something like that, so it really is not an issue. There is a USAA Office right outside Thayer Gate in Highland Falls should they need a "live person" to speak to.</p>
<p>It doesn't really matter--I didn't sign up for a PFCU account until I got here. In fact, none of my banking stuff was done (I missed that day when I had to get an IV). I didn't end up getting paid until November. Everything works out, though.</p>
<p>i use USAA now and its legit.</p>
<p>What is the cow loan? I have seen it mentioned a couple of times during financial discussions but never figured it out. What are the specs, reason, amount, terms etc?</p>
<p>We have just come back from son's overnight visit at WP. The Asst. Treasurer told us to open a bank account in our home town so that we can transfer money into the account more easily (we are not a military family, and do not have a PFCU account).</p>
<p>Ann,
I'm sure that will work just fine. Having that ability to transfer funds between accounts has been very helpful. It's great when your cadet is having a bad day or a lonely, long, snowy weekend to email and say "Hey I just put $20 in your account, get some friends an order a couple pizzas". Since we already banked with USAA, that was the same as "home town" for us. When Cow Loan time comes around, your cadet can deal with setting up whatever is needed. Worrying about the Cow Loan at this point is really not important.</p>
<p>No matter what, you will get a PFCU savings account because your overflow from your cadet account must go in there. I used PFCU my first two years, then switched over to USAA once I got my cow loan which works so much easier. I manage my car insurance, credit card, investments, everything, all on one webpage. I would recommend opening up with PFCU just because they are so close here (right on post, 5 minute walk) so you can cash checks or do whatever you want, but look at USAA early too; you will have to have it as your primary checking account if you take the loan (it's a condition of it).</p>
<p>Thanks nova07 and ScreamingEagle. If I have this correct, it sounds as if a home based account is great for sending pizza money (too funny, that's exactly what the Asst.Treasurer at WP said), a PFCU savings account is required, a PFCU current account is great for convenient onsite banking and a USAA account is needed later if the cadet wants a cow loan.</p>
<p>Ann,
I wasn't even aware my cadet had a PFCU account connected to WP pay issues...but ScreamingEagle indicates they all do (maybe for the top-off?). PFCU was not in the "financial setup" picture for our cadet at all. Our cadet already had a PFCU share account (we are military) but I have never seen any indication that WP has access to it. I'll ask if I get a chance today....</p>
<p>We set up the USAA checking account jointly prior to Beast as cadet was not 18 until September of that year. That worked fine until Cow Loan time then USAA required the account be in cadet's name only. I can no longer do the online pizza money thing so I'm back to slipping a $20 into the mail now and then. :-)</p>
<p>I'm really curious about the PFCU thing now...</p>
<p>I know that my top off goes into a PFCU savings account, and we just got an email from the treasurer to the entire class telling us not to close that account down yet, so it leads me to think that everyone has one. I did sign up for one when I came, but I am about 99% certain that you must have the savings accoutn because your top off goes in there. Things may have changed, I dont know...</p>
<p>Well, this is interesting...and as always, information from a cadet is always the most accurate (although Screamingeagle is right...things change from class to class so it was worth asking).</p>
<p>Anyway, just asked mine and was told the top-off does go into a PFCU account for everyone. Not sure if that is the original PFCU share account set-up when our kids were young or a new one opened by WP - and my cadet did not know either (nor wanted to take the time to find out). I sure don't remember doing anything PFCU-ish with the original admissions/financial stuff, then again, I have lost of a lot my brain cells since R Day. ;-)</p>
<p>My cadet, when it's top-off time, gets the cash from PFCU or has it transferred to the USAA checking account.</p>
<p>Not sure we even need to discuss top-off at this point...it's just something else to be confused about and really has nothing to do with R Day, Beast or even the first academic year. In fact, I'd guess a lot of parents aren't even aware it happens. </p>
<p>So back to Ann...
home town account is fine. :-) Make sure it has a debit card. That's about it.</p>
<p>Great info from current cadets and parents. Thanks.</p>