Photo By Master Sgt. Matthew Keeler | Sgt. Jerry Evans, military pay chief for the 9th Financial Management Company, 22nd...... read more read more
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CONTINGENCY OPERATING BASE BASRAH, Iraq - The 9th Financial Management Company, 22nd Human Resource Company, 3rd Sustainment Brigade, 103rd Sustainment Command (Expeditionary), help service members set up saving deposit plans to save money during their deployment at Contingency Operating Base Basrah, Iraq.
“For deployed service members, this is a guaranteed way to save money and make money, “said Spc. Evelin Taylor, financial specialist with the 9th FMC, and a Grand Prairie, Texas, native.
Only service members who are deployed are eligible to enroll in the Savings Deposit Program, and only those soldiers on active duty may sign up for automatic withdrawal from their Leave and Earning Statements, said Taylor.
Money stored on an Eagle Cash card is transferred into the account almost like a deposit. The difference is that there is a way to extend the limit of an Eagle Cash card to enter more into a service member’s account.
“The limit on the Eagle Cash card can be raised to higher amounts by a financial specialist, for SDP purposes,” said Spc. Lashonda Wilson, a financial specialist with the 9th FMC, and a Bronx, N.Y., native.
The limit on the Eagle Cash card helps prevent the loss of money if a card becomes lost or stolen.
“Any money on a lost card is gone,” said Taylor.
For National Guard and Reserve soldiers, it could take up to 90 days before the SDP amount appears on an LES, said Wilson.
“So it’s extra important for those soldiers to keep their receipts to make sure that the amounts that they deposit are reflected in their accounts,” said Taylor.
There is a limit to the amount of money that a service member can deposit into his or her account at any given time.
“The max amount of two pay periods combined is the highest amount that you can deposit during a given month,” said Taylor.
There is important information on how interest works on an SDP.
“Service members should not be afraid to lose money when considering opening an SDP,” said Sgt. Jerry Evans, military pay chief with the 9th FMC, and a Huntsville, Ala., native. “Ten percent annual interest is guaranteed.”
When opening an SDP, it is important to understand that the money that is deposited is not readily available like a savings plan.
“A service member cannot remove their money on a daily or monthly basis,” said Taylor. “It would be a one-time, single withdraw of all funds.”
It is critical that service members understand that interest is only applied to a certain amount of money.
“For an SDP, the 10-percent interest is only applied to first $10,000,” said Taylor. “Anything else deposited into the account would be considered extra.”
There are bonuses for service members to keep their money in SDP accounts after they return home from deployment.
“If a service member keeps money in their SDP for 90 days after they redeploy, an additional 2.5 percent is applied to their account,” said Taylor.
For service members looking to open up savings accounts while deployed, the SDP is a beneficial plan to consider.
“For service members, it’s the best way to save money and make money,” said Evans.
| Date Taken: | 11.28.2010 |
| Date Posted: | 12.12.2010 14:06 |
| Story ID: | 61801 |
| Location: | CONTINGENCY OPERATING BASE BASRAH, IQ |
| Web Views: | 213 |
| Downloads: | 1 |
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