armed forces bank

Armed Forces Bank is one of these banks that are best for serving financially for both military people and civilians. Yes, we are talking about a bank serving more than a century.

A financial institution like this one should have all the financial facilities, services, and products that make everyone’s financial life easy and smooth.

It promises the best services to everyone through checking accounts, money market accounts, mobile banking, loans, credit card facility, and many other services.

Without any hidden terms, this bank ensures hassle-free banking for everyone. Interested to know more about this bank? Then here we go.

Picture: Armed Forces Bank
Picture: Armed Forces Bank

What is Armed Forces Bank?

Armed Forces bank is a family-owned institution that offers a variety of banking and financial services. AFB started its financial journey in 1907. This bank offers both online and mobile banking for everyone.

That’s how people can reach all the services of this bank. It is the 13th largest bank in the state of Kansas. This bank headquarters is right now in Fort Leavenworth. In the whole nation, this bank is the 840th largest bank.

Now they have more than 317 employees and are increasing the area of services with this team. To reach everyone, they also opened 27 branches in key zones of the United States of America. Because of the quality services, this bank got an A+ rating.

Picture: Homepage of Armed Forces Bank Website
Picture: Homepage of Armed Forces Bank Website

Key Information You Should Know About This Bank:

Before taking the decision a person must know every detail about the concerned bank. For this bank, you might also need to know some key information. We’ve mentioned all of them that can help you to decide a better way.

ParticularsRemarks
Websitehttp://www.afbank.com
IndustriesBanking, Financial Institution
Company Size300+
HeadquartersKansas City, Missouri
TypePrivately Held
Location1111 Main Street Suite 1600 Kansas City, Missouri 64105, US
Founded dateJanuary 1, 1907
Operating StatusActive
Legal NameArmed Forces Bank, N.A.
Company TypeFor-Profit
Contact Emailinfo@afbank.com
FIDC Certificate4666
Primary RegulatorOCC
Return on Assets – YTD1.33%
Return on Equity – YTD8.78%
Annual Interest Income$31.8MM

What About its Health Grade Component?

Do you know how to judge a bank’s health stability and its upcoming future? Yes, you should know about all the financial parameters that can influence overall services. We’ve collected all the information that you need. Take a quick look at them.

ParticularsQ4 2021Q4 2020
Assets$1.23B$1.18B
Loans$603.2MM$568.3MM
Deposits$1.03B$987.9MM
Equity Capital$186.0MM$184.8MM
Loan Loss Allowance$11.4MM$14.3MM
Unbacked Noncurrent Loans$2.3MM$5.1MM
Real Estate Owned$250.00K$500.00K

What Are The Kew Product Armed Forces Banks Offering?

Undoubtedly, this bank offered not only the usual checking, savings, and online banking but also focused on the needs of the customer. That’s why this bank became a full-services bank and gained the trust of everyone. Here is the list of their full range of financial services given below. Check it out.

Checking & Savings:

  • Digital banking
  • Compare Checking Campaigns
  • Access Checking
  • Elite Interest Checking
  • Recruit Access Checking
  • Student Checking
  • Business Checking
  • Savings Account
  • Premier Money Market
  • Student Savings
  • Certificates of Deposit
  • Premier Money Market & CD IRAs

Lending & Credit:

  • Personal Military Loan
  • Auto Loan
  • CD Term Loan
  • Home Equity Line of Credit
  • Visa Credit Card
  • Credit Builder Secured Visa Credit Card
  • Business Loans

Mortgage:

  • Compare Mortgage
  • VA Loan
  • Conventional Loan
  • FHA Loan
  • Hero Loan
  • Jumbo Loan
  • Refinance

Treasury Management:

  • ACH Origination
  • Remote Deposit Capture (RDC)
  • Zero Balance Account (ZBA)
  • Merchant Processing
  • Wire Transfers
  • Check Positive Pay
  • ACH Positive Pay
  • Bill Pay
  • Credit Card
  • Debit Card
  • Business Line of Credit

Business Product:

  •  Business Checking
  • Simple Business Checking
  • Business Interest Checking
  • Business Credit Card
  • Business Term Loan
Picture: Be a happy customer

What Are the Pros and Cons of Armed Forces Bank?

Choosing a community bank for regular banking is a big decision. It impacts lots of financial parameters. So, before considering a bank like this one, you must know what the good and bad sides are. Let’s find out some of these.

Pros:

  • For the military, people, especially those who are active or retired can get hassle-free services like the early payment option.
  • The saving cents option lets you passively accumulate savings.
  • For the Visa Credit Card, the APR rate is low.

Cons:

  • Most of the products are fairly standard for people who are not from the military.
  • For the Credit Builder Secured Visa Card, the annual fee is comparatively higher than other services.
  • Depending on the location, the number of branches is still not enough.
Picture: Install the mobile app for mobile banking

What Are The Popular Accounts At This Bank?

Not every product is popular with this bank. Based on the rate, you can check some products. We’ve mentioned all the most used financial products based on the rate and time.

APYAccount TypesHow They Compare
0.40%5 Year CD1.80 – PenFed Credit Union 5 Year Money Market Certificate
0.15%1 Year CD0.80% – Capital One 12 Month 360 CD
0.03%SavingsAmerican Express National Bank High Yield Saving Account

Here are some other rates and requirements for savings accounts, Money Market accounts, CD, and Checking accounts are given below.

ParticularsRemarks
Savings Account$25 minimum opening balance $100 is required to waive the monthly fee Student account for students under 23
Money Market AccountsTiered interest rates based on the balance $25 minimum opening balance $10 monthly service fee
Certificates of DepositTerms ranging from 30 days to five years $500 minimum opening deposit No monthly service fee
Checking AccountsInterest-bearing and non-interest-bearing options $25 minimum opening balance Nationwide ATM access

Conclusion:

Overall, Armed Forces Bank is a financial institution that can make you knowledgeable about how to manage your wallet and your everyday financial life out there. This bank is full of surprises.

For both military and general people, it promises the best service that the best community bank can offer. Without much better services, it wasn’t possible to get the top marking for this bank.

When you choose the best product from this bank based on your situation, it will be a nice boost for your funds.

To deal with accounts from any corner of the world, this bank gives its customers full freedom by offering mobile and online banking. So, why are you waiting?

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