One of the most frequent requirements in the daily life of an individual is banking, and for members of the US Military, the Armed Forces Bank extends support for a wide range of banking requirements. This bank was founded in 1907 as a family business, with a view to providing exclusive financial services to military personnel and their families. Based in Kansas City, Missouri this bank has several branches all over the United States, as well as in international locations throughout the world.
The rates are reasonable and affordable with credit and retail banking operations being carried out at locations throughout the United States. Services are available mostly seven days a week, with a wide network of ATM services and 24-hour customer service accessible through a toll-free number. Online and mobile banking services are also offered.
Services Provided by the Armed Forces Bank
Some of the services provided by this bank are checking, saving and money market accounts. The bank also offers support by way of wire transfer and check cashing services. The usual credit and ATM cards are also available, with special lines of credit offered for home equity. Customers can also make use of personal loans and residential mortgages. For Customers with special needs, business accounts and loans are also available. The Armed Forces Bank is especially well-known for special interest rates offered to military members and also for its dedicated credit cards services. Here are details of some exclusive services that provided by the Armed Forces Bank:
Checking Accounts
The types of checking accounts are:
- Simple Checking
- Select Checking
- Elite Checking
- Student Checking
A checking account with the Armed Forces Bank has a nil opening balance requirement. If you would like to earn some extra interest, there is a $25.00 minimum opening balance requirement. Otherwise, interest rates on the basis of annual percentage yield range from 0.05% to 0.10%. You get a free visa debit card, and online bill paying and mobile banking services are also free. All the types of checking accounts offer free e-statements. There can be a monthly service fee of $5.00 to $10.00.
Savings Accounts
The saving accounts available are:
- Saving Account
- Money Market Account
- Certificates of Deposit
- Student Savings
Here again, there is a nil opening balance requirement except in the case of Certificates of Deposit where it is $500.00. Standard interest rates apply for all accounts, and monthly service fees can be applied to Saving Accounts and Money Market accounts, but this is not applicable to Certificates of Deposit or Student Savings. The savings account is currently offering a .05% interest rate, where as the money market offers .03% all the way up to .25% for larger deposits.
A particularly useful facility is Certificates of Deposit, which provide a means to get a guaranteed rate of return on money that is deposited for a fixed period. The CD rates are impressive, starting at .15% for a 30 day CD and going all the way up to 1.3% for a 60 day CD. Student Saving Accounts is another great product which is specially tailored for students with special requirements such as nil minimum balance till age 23, and a free ATM card.
Business Accounts
There is a whole suite of business accounts offered to customers by the Armed Forces Bank. The main accounts available are:
- Deposit Accounts
- Business Loan Accounts
- Cash Management and Treasury Accounts
- Remote Deposit Capture
- Depository Services
In addition to all these, facilities are provided such as Remote Deposit Capture and e-Business Banking, to minimize the time spent on each transaction with a view to make the entire process for business banking customers more efficient and user-friendly.
Mortgages
The mortgages are linked to the VA, hence suitable for all cadres of the US military and their families. The categories of mortgages available from the Armed Forces Bank are:
- VA
- Federal Housing Administration (FHA)
- Conventional
- Jumbo
Business Objective of the Armed Forces Bank
Military personnel have unique requirements that go with the job they do. The Armed Forces Bank was formed with the objective of identifying those specific needs and fulfilling them. The main objective of this bank is quite simple – it is to ensure that its customers get access to banking facilities from every corner of the world. The bank further pledges to impart suitable assistance with relevant information to their customers and that every customer should be served with integrity, adding value to each transaction at all times.
How can I contact the Armed Forces Bank?
There are several methods of contacting this bank. You can call the bank on the toll-free live customer service number or through telebanking (Interactive Voice Response or IVR). Telebanking is available on a 24/7 basis. There is also an online banking technical support service which is available Monday to Friday from 0800 hrs to 1900 hrs and from 0900 hrs to 1500 hrs (Central Time) on Saturdays. All the contact numbers including those of the online banking technical support service are linked to Skype.
You can also send written correspondence to:
The Armed Forces Bank, PO Box 26744, Kansas City, MO 64196
By clicking on the links given below, you can start a dialogue for the following services:
Customer Support & Account Inquiries
Online Banking Technical Support
Report Fraud (phishing, texts, etc.)
Overdraft Protection Transfer Agreement
Opening an Account with the Armed Forces Bank
The primary requirement, of course, is that you need to be a member of the US military. You should contact the Recruit Checking Department through an email to recruit@afbank.com or by calling the toll-free customer service numbers: (888) 744-3637 x33400. Apart from the usual identification required such as your ID card, passport and so on, you will be informed of the required documents for a specific account that you wish to open. You will also be informed of the application procedure, and given forms that need to be filled in.
Final Overview
Like all major banks, the Armed Forces Bank too has its share of dissatisfied customers. It would too optimistic to assume that all the customer complaints get resolved amicably, because they do not. However, there are enough satisfied customers to conclude that this is a bank that works. In the words of one happy customer, Shanon of Pinson, Alabama, “I love Armed Forces Bank! My husband is active duty and we have been using this bank for 14 years! I have used other banks but this bank ranks #1 for us!”
So, we take the good and the bad. Ultimately, in retrospect, what the Armed Forces Bank offers is rock-solid stability, and it is the only bank that is specially suited to the particular needs of personnel of military personnel and their families.
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