Armed Forces Bank

[Flooded_Genesis]

A few months ago, I opened a personal loan with Armed Forces Bank. I had never of them before to my surprise and I was approved for a $8,500 PL. I also moved my direct deposits over as well to start building that relationship so that I could later apply for a credit card with them. If anyone has any data points with this bank they could share, I would greatly appreciate it...

[TattnallTrio]

I had a secured card with them in 2014 and didn't care for them. Their customer service wasn't good. 

[Flooded_Genesis]

Yeah I definitely dont care for their customer service. I lost my debit card a few months ago and it literally took me almost 2.5 months for them to send me a new one. They gave some excuse about not having the correct address on file which wasn't the case. They never mailed it! 

[BearsCubsOtters]

Congrats on the loan approval!

Armed Forces Bank is owned by a holding company from Missouri called Dickenson Financial Corporation (DFC). At one time, they had about 5 different banks under their umbrella. I think now they just offer Academy Bank and Armed Forces Bank. DFC loved having branches primarily inside Walmart stores. 

I have not heard much about these DFC banks here. Seem to get decent reviews online.

[Tazman81]

@Flooded_Genesis , great progress on your Fico scores from your starting point to where you are now.  Your goal score is within an arms reach away and you will be there soon.

I was curious on your interest in Armed Forces Bank.  It is not one that I have heard of, but wanted your thoughts on your pursuit of a relationship with them.  Did they have things that interested you that the other financial institutions do not offer?  i.e. more relaxed lending underwriting, possibily higher limits, or maybe it is locations?

Thanks for the input.  Always interested in learning about other perspectives on financial institutions.  Also hoping others with more experience with AFBank can jump in with more detail.

[Flooded_Genesis]

@Tazman81 So I came across AFB because I had a during covid I was in a financial and needed a PL. The company I was working with at the time made the suggestion that I reach out to them to see if I could get approved since they couldn't. The underwriting process wasn't as strenious as other banks I will say, but the customer service is horrible. Just keep that in mind if you do decide to go over there. I do plan on leaving as soon as I payoff my loan and try PenFed as I hear they're amazing and would love to see what they're all about. 

And as far as locations, they don't have any physical locations near me, however, that isn't a deal breaker for me because I do the majority of my financial transactions with them via online banking and auto withdrawals.

[Tazman81]

Thank you for the reply and info on AFBank.  It sounds like they were an immediate solution to a need that you had, so glad to hear they were able to support you.  Was a PL with NFCU not an option at the time, or it was based on the recommendation you received?  Customer Service is typically a deal breaker for me, so I will likely hold off there.

I am with PenFed, encourage others to join, and speak highly of them for the most part.  Just like with any other FI, they can have their issues with some steming from member represenative inexperience to just mixed messages internally for policy.  I currently have (or have had) the majority of their credit products including PCR credit card, auto loan, personal loan, student loan, and mortgage.  Their deposit accounts can leave some things to be desired as I wish it were easier to move funds into my Roth IRA and CDs with them, but none the less they are my main financial institution with all my primary deposit accounts and all my loan balances.  For me, that was very high on my list having everything with one FI, and PenFed offered everything I need at this stage.

Hope others can chime in with more AFBank experiences for you.

[Flooded_Genesis]

NavyFed would have been my preferred goto, however, I wasn't approved the PL with them at the time. My internal score wasn't high enough I guess. Even though I do all of my banking with them. I've had two car loans,  and currently have a CC with them and have never missed a payment with any of my accounts. So, it was definitely a setback for sure! However, I am going to try to cultivate a relationship with PenFed if possible and start making monthly deposits into that account if I can become a member!