Academic journal article ABA Banking Journal

Banking Boot Camp: Training Soldiers to Be Good Bankers

Academic journal article ABA Banking Journal

Banking Boot Camp: Training Soldiers to Be Good Bankers

Article excerpt

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Those who serve in the military make up less than 1% of the entire U.S. population. But it is a group with big needs--especially when it comes to banking.

ABA, along with its members and other organizations, is making strides to help active and retired members of the military manage their banking and other aspects of their financial lives. For instance, ABA has worked with the army for three years on a training program that results in officers competent enough to run banking facilities at overseas bases. Ultimately, the goal is to reduce exposure to loss by training soldiers to have better control over cash handling and electronic transactions.

ABA has developed courses for soldiers to earn an American Institute of Banking Military Banking Operation Diploma. To prepare veterans for a banking career, it combines 16 courses with the army's Training with Industry internship. The Department of Veterans Affairs approved use of veterans benefits for the diploma.

"If you think about the army, there's a degree of discipline and leadership that individuals within the service have," says Jim Edrington, ABA's executive vice-president of professional development. "I think we're seeing more and more banks show some real interest here because not only does it provide for very qualified applicants to the bank, but it helps from an overall reputation, image standpoint."

In addition to offering reduced fees and specific products for military members, for example, JP Morgan Chase is spearheading a program--the 100,000 Jobs Mission--to hire veterans. …

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