Banking Blog

Finance Blogs » Banking Blog » Money classes for the military

Money classes for the military

By Marcie Geffner ·
Monday, August 5, 2013
Posted: 5 pm ET

Military service members, veterans and their families naturally face special issues and concerns in managing their personal finances due to the nature of their careers, which can include frequent relocations and periodic deployments overseas.

To help, Wells Fargo & Co., a major banking corporation headquartered in San Francisco, and the National Foundation for Credit Counseling, or NFCC, a nonprofit credit counseling organization, have introduced a new program, Hands on Banking for Military, to help service members learn more about personal finance. The program is comprised of 10 lessons on topics that range from banking to retirement planning.

The program will be offered to service people in the continental United States through nearly 700 NFCC member agencies that will teach Banking for Military classes in local communities. NFCC agency counselors, who number more than 2,200, also will offer personalized one-on-one financial reviews, including budgeting and financial planning to help service members who might be dealing with pressing financial concerns.

Wells Fargo also plans to offer Hands on Banking for Military classes and counseling sessions in nine U.S. military bases where the bank has operations.

In a statement, Brian McCullough, military affairs program manager at Wells Fargo, said that many military members and their families face unique challenges that can put them at a financial disadvantage. They deserve the right financial tools to help them manage such challenging transitions, McCullough said.

Hands on Banking for Military is part of Wells Fargo's broader effort to help active-duty military service members and veterans buy a home, transition to civilian careers and receive customized financial education, according to the bank.

Hands on Banking is a free program that teaches people the basics of responsible money management, including how to create a budget, save and invest, borrow responsibly, buy a home, and establish a small business. It does not contain links to Wells Fargo products or services, the bank said.

To schedule a class or session with a financial specialist, contact the NFCC at (855) 374-2773.

Are you a military member with financial problems? Would this banking program help you?

Follow me on Twitter: @marciegeff.

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
1 Comment
Mike Della
August 11, 2013 at 3:56 pm

Everyone needs to know how to budget and manage their money. A lot of people don't know the basics of balancing a checkbook (archaic in this day and age) and refuse to be fiscally responsible. Debt relief companies often show you how to manage money in the future so you don't end up in debt again.