Military Bank
Categories: Company Management
Serving in the military can be rewarding, but it can also come with its own unique set of challenges. Specifically, it can be real hard to manage our money matters in a traditional way when we’re continually traveling, relocating, being deployed, and otherwise generally not staying put.
Luckily, military banks exist. “Military banks” are banks and other financial institutions that are specially designed to meet the needs of service members and their families.
Let’s look at car insurance as an example. When we move from one state to another, we usually have to update our auto insurance policies. Some companies charge us for this pleasure, but not military insurers. They understand that a military family might be stationed in Colorado for six months and then be sent to Florida for two years and then California for a year, and it’s kind of lame that they’d have to pay to switch their car insurance every time, so they switch it for free. They might also offer other military-friendly options, like discounted foreign transaction fees and VA mortgage assistance.
USAA is probably the most widely known military bank in the U.S. (they offer banking services, mortgage services, credit cards, investment and retirement services, auto and homeowner insurance, and a bunch of other nifty stuff for military folks and their families), but there are many others. And even if a bank isn’t strictly military only, like Chase or Wells Fargo, they might still have products and programs designed to make life easier for those who serve.
