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USAA to open first on-post bank

Nov. 14, 2013 - 06:00AM   |  
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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.

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