Hi there, I've got this question bugging me for a while. I'm considering joining the military right outta high school. I was wondering, do I need to have a bank account before enlisting? How does the payment work? Thanks in advance!
Hello! Yes, you will need a bank account once you enlist in the military because your salary will be deposited directly into your bank account. This system is known as Direct Deposit, which is faster, more convenient, and more secure than receiving a check in the mail.
When you go to boot camp or basic training, you’ll fill out a lot of paperwork, including forms for setting up direct deposit. Before you leave for basic training, it is a good idea to set up a checking account if you do not already have one.
As far as payment works, like most jobs, you will be paid on a regular schedule – typically bi-weekly or monthly depending on the branch of the military you join. Military pay is also divided into base pay, housing allowance (if you live off-base), and subsistence allowance for food. There can also be additional pay for hazardous duty, deployment, etc.
Remember to explore different banks and credit unions to find one that suits your needs, as many offer accounts specifically designed for military members, with benefits such as no minimum balance requirements, free checks, and more. Also, consider setting up online banking so you can manage your finances from wherever you are stationed.
Joining the military right out of high school is a significant decision, so ensure that you are considering all aspects, including the financial ones. Best of luck with your potential military service!
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