Armed Forces Bank
Whether you’re stationed stateside or overseas, balancing deployments, frequent moves, and family responsibilities means your bank has to be flexible, accessible, and understand your lifestyle. Armed Forces Bank (AFB) has been serving the military community for over a century, focusing on exactly that. Here’s what you can expect when banking with them.
Armed Forces Bank History
Armed Forces Bank has a long-standing relationship with the military community. It was Founded in 1907 to provide banking services directly on military bases. Over the years, it has evolved from offering basic banking on base to providing a full range of financial services and digital banking tools.
The majority of AFB’s employees have military affiliations, which helps keep the bank closely connected to the culture and the challenges servicemembers face.
Who Can Bank at Armed Forces Bank? Understanding Eligibility
AFB isn’t open to the general public. It serves active duty servicemembers, reservists, veterans, and retired military personnel. If you’re a spouse or family member of someone in the military, you’re also eligible.
Beyond uniformed servicemembers, AFB extends membership to Department of Defense civilian employees and certain contractors who work closely with the military. To open accounts or access loans, you must prove your affiliation with valid documentation like a military ID or a Leave and Earnings Statement (LES).
Armed Forces Bank Checking Accounts
AFB offers multiple checking accounts designed with military realities in mind. For example, its Access Freedom Checking has no minimum balance requirement or monthly fees and offers overdraft protection tied to a savings account.
AFB’s Access Rewards Checking includes identity theft monitoring and travel-related discounts. There’s also an Access Investment Checking account, which pays tiered interest rates and reimburses ATM fees.
Saving and Planning for Servicemembers
AFB also offers several savings tools. Its Standard Savings Account is a basic, interest-paying place to build your emergency fund or stash money for short-term goals. But if you want to earn a bit more, the Money Market Account offers better interest rates, though it requires a higher minimum balance.
For longer-term planning, AFB offers Certificates of Deposit (CDs) that lock your money in for a set time at a fixed interest rate, which can be a solid way to grow savings steadily without risk. If you’re thinking about retirement, they also provide Individual Retirement Accounts (IRAs), including traditional and Roth options.
Loans and Credit Designed with Military Needs in Mind
Sometimes, military members need financial support beyond what’s in their accounts, whether for buying a car, consolidating debt, or handling unexpected expenses.
AFB offers Visa credit cards, including a secured option that requires a refundable deposit. This option can be a way for newer servicemembers or those rebuilding credit to establish or improve their credit history.
For larger expenses, unsecured (meaning you don’t have to put up collateral) personal loans are available and can be used for emergency bills, moving costs, or home improvements. If you’re in the market for a vehicle, AFB provides auto loans with competitive rates for both new and used cars.
Finally, the bank offers CD-Secured Loans, where you can use your certificate of deposit as collateral for a loan, which typically means lower interest rates, which can be a smart way to borrow if you have savings tied up but need cash quickly.
Armed Forces Bank Home Loans for Military Families
AFB offers a variety of mortgage products to support military members. These include:
- VA Loans: Designed specifically for veterans and active duty members, VA Loans often require no down payment and don’t include private mortgage insurance (PMI), which can make homeownership more affordable.
- FHA Loans: These loans are for those who may not qualify for conventional loans or who need a lower down payment. They often require lower down payments and more flexible credit requirements.
- Conventional Loans: For members with stronger credit profiles, conventional loans with low down payments are available.
AFB also guarantees timely service, promising to close VA, FHA, or conventional loans on time or pay you $1,000.
Digital and Mobile Banking for the Military Lifestyle
AFB provides a mobile app that lets you deposit checks, transfer money, check balances, and receive alerts. Its online banking platform integrates Zelle for quick peer-to-peer payments, which is convenient for paying friends or family without fees.
With 23 branches located on 17 military bases across the country, physical access is available on many installations. For those not near a branch, these digital banking options help fill that gap.
Customers of AFB can withdraw cash without surcharge at more than 38,000 ATMs across the U.S., thanks to the bank’s participation in the MoneyPass Network. This includes a wide range of ATMs not directly operated by AFB but still available for fee-free use under the network agreement.
Armed Forces Bank Services Tailored Specifically for Military Members
Some services at AFB are built uniquely for military life:
- Early Pay: A feature that lets you access your direct deposit funds a day early.
- Recruit Access Account: This account is made for new recruits, featuring no minimum balance requirements and free overdraft protection.
- Financial Education Resources: Through resources like its “Militarily Speaking” podcast, AFB offers practical financial advice geared toward military members.
AFB also supports military communities through volunteer work and event sponsorships. The bank engages with servicemembers on installations and participates in initiatives like financial literacy workshops.
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