How online banking preserves and protects… your military credit

Sure, time is a valuable asset, and most of today's banks offer online services that make the most of your limited time to devote to managing your military finances.  And high interest accounts can make the most of your military salary. But there is one more valuable asset of your military life that your bank can help you expand and protect: your credit rating while you're in the military.

You may not realize it, but online banking can help to maintain and even increase your good credit rating. And your credit rating can be as good as gold: it can serve you not only today, when you're in the military, but in the future, when you need loans to start new ventures. Keep in mind that when you're ready to buy a house for your military family, the best mortgage rates are reserved for those with the highest credit scores. When you're looking for a new car, your auto loan rate is partly determined by your credit rating.  Your numbers count for a lot.

Military families need smart banking services to watch over their credit rating, while they tend to other aspects of a busy military lifestyle. Top-level online banking services that can support your credit rating, starting with online bill pay.

The time and money savings of paying bills online really adds up, especially if you have a hectic military life...and who in the military doesn't? Just arrange to make payments with the simple click of your mouse, arranging either one-time or recurring payments of bills on dates you specify.

Now for the hidden benefit of online bill pay: it can help protect your good credit rating, which will serve you in your military career and afterwards.

If you're on military deployment and your family is overwhelmed, they could face difficulty making monthly bill payments on time. But making late payments not only incurs late charges for today, it risks your valuable credit rating for the immediate future. Your bank can help, with the online service of ACH Draft Acceptance to ensure your consistent and timely bill payments.

As a nationwide funds transfer system, Bank ACH facilitates direct payments from your account to other financial institutions. Late payment charges become a thing of the past. Thank goodness.

How about bounced checks? How embarrassing...and damaging to your credit rating. Another valuable bank product to protect your credit rating: Overdraft Privilege.

With Overdraft Privilege in place, you never need to worry about overdrafts to your personal checking account, because your bank provides complete protection in that department.  Rather than returning items unpaid, a good bank may pay the items up to the Overdraft Privilege limit.  This discretionary service will generally have a limit and an Overdraft Item/Insufficient Funds fee may apply - but your credit rating, your payments and your financial reputation are protected, vital things you'll need while you're in the military and afterwards. Overdraft Privilege becomes especially important if you are on military deployment and unable to deal personally with bank mishaps.

One last tip: you can check up on yourself by requesting a free credit report from one of the big three bureaus every four months. You may also be eligible for a free military credit report.

Your credit rating is your credit card: it gives you access to products and services at the best interest rates, to support your most comfortable military lifestyle. Don't overlook it - make sure your bank is on the money with their online services.