News: Cash card saves time and money
Story by Spc. Monte Swift
Maintaining cash on the battlefield can be a hassle. It can also be expensive without the proper management steps.
The 376th Finance Management office offers several services from check cashing to savings plans and pay issues for service members and civilians supporting Third Army.
"We know that if a service members pay is correct, they can focus on their job and don't have to worry about financial needs and support back home," said Capt. William Hill, the commander, 376th Financial Management Company.
The finance office is also the place where servicemembers and civilians can get the Eagle Cash Card. The cash card offers a convenient alternative to cash and saves the military hundreds of thousands of dollars a year on costs associated with shipping U.S. currency.
"The cash card is saving tax payers a lot of money by reducing the amount of currency that needs to be flown to the battlefield," said Hill. "It prevents currency from getting mixed into the local population where it can be used in black-market activity and counterfeiting. It also protects the Soldier from fraud."
The cash card also offers service members several other benefits.
Since it is tied to a bank account and can be loaded with cash through any Eagle Cash Card machine on post, the card works a lot like a debit card. It works at any Army and Air Force Exchange Service, vendor or fast food locations on post and eliminates the need to receive and accumulate loose AAFES change.
"The Eagle cash card is a big push. Every servicemember, civilian and contractor should have it," said Hill. "The card is safer because there's no need to carry cash that can be lost. If a cash card is lost, it can be canceled and the remaining balance can be uploaded to a new card."
The finance office can also assist in setting up the Savings Deposit Program which allows servicemembers to put up to $10,000 into an account and earn 2 ½ percent quarterly, which is more than most banks in the U.S. The program is open to service members deployed at least 30 consecutive days, however the money must be withdrawn within 90 days of returning from the deployment region.
For questions concerning the Eagle Cash Card, Savings Deposit Program or any other pay issue, contact the local finance office on post. The 376th Finance Company is located inside the Post Exchange in Zone 1 at Camp Arifjan.