You will be redirected to the page you want to view in  seconds.

USAA to open first on-post bank

Nov. 14, 2013 - 06:00AM   |  
  • Filed Under

USAA Bank has expanded into a new arena — on-base, brick-and-mortar banking.

The Army has selected USAA, through its competitive process, to operate the on-post bank at the U.S. Military Academy at West Point, N.Y.

Hundreds of banks and credit unions have operating agreements to provide services on military installations in the U.S., but this is a first for USAA.

USAA already operates a financial center outside the West Point gates in Highland Falls, N.Y., which offers banking as well as insurance and other products provided by the financial services company.

USAA will consider other installations for on-base banking in the future, said spokesman Roger Wildermuth. The financial services company provides insurance, banking, investment and retirement products and services to 10 million active-duty members, retirees, veterans and their families.

“The very first USAA members, in 1922, were Army officers who decided to band together and insure each others’ vehicles. Now, more than 90 years later, USAA Bank will proudly serve the next generation of Army leaders and the entire West Point community that makes them exceptional,” said David Bohne, president of USAA Bank, in a statement announcing the agreement.

Banks and credit unions are chosen to operate on installations in the U.S. through a competitive process. About 100 banks are on installations, operated by financial institutions such as Armed Forces Bank, Chase, Wells Fargo, Bank of America, First Citizens Bank & Trust, and others.

One bank — Bank of America — operates the separate Overseas Military Banking Program in 10 foreign countries. That new 10-year contract began in April.

Answers by RallyPoint

Join trending discussions in the military's #1 professional community. See what members like yourself have to say from across the DoD.

More In News

Start your day with a roundup of top defense news.

VA Home Loan

Search By:

Product Options:
Zip Code:

News for your in-box

Sign up now for free Military Times E-Reports. Choose from Money and Education. Subscribers: log in for premium e-newsletters.

This Week's Army Times

This Week's Army Times

CrossFit vs. unit PT
Troops will do the training plans in a $2.5 million study

Subscribe for Print or Digital delivery today!

MilitaryTimes Green Trusted Classifieds Looking to buy, sell and connect on Military Times?
Browse expanded listings across hundreds of military installations.
Faces of valorHonoring those who fought and died in Operations Iraqi Freedom and Enduring Freedom.
hall of valorThe Hall of Valor is a searchable database of valor award citations collected by Doug Sterner, a Vietnam veteran and Military Times contributing editor, and by Military Times staff.

All you need to know about your military benefits.

Benefits handbook

Guard & Reserve All you need to know about the Guard & Reserve.

guard and reserve handbook