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The commanding general of the 21st Theater Sustainment Command toured Community Bank facilities Feb. 15 in order to gain a better understanding of how the 21st TSC’s 266th Financial Management Center and the Community Bank financially support servicemembers and their families stationed in Europe.
During the tour, Maj. Gen. Patricia McQuistion spoke with Community Bank employees and the 266th FMC leaders on the process of procuring and transporting currency to the Community Bank branches and military disbursing offices. General McQuistion also received a hands-on demonstration of how the Community Bank processes coin and currency for distribution.
“In order to provide U.S. currency to servicemembers stationed overseas, the 266th FMC utilizes a custody account. Custody accounts are arrangements approved by the Department of the Treasury and allow U.S. Armed Forces personnel to hold U.S. dollars in Europe,” said Capt. Chris Wurst, U.S. Army Europe banking and credit union liaison officer, 266th FMC.
U.S. currency is physically held in the government’s contractor-operated military banking facility, the Community Bank, which is currently managed by Bank of America. The Community Bank maintains the custody account funds throughout more than 40 Community Bank branches and 150 ATMs located in Germany, Italy, the U.K. and the Netherlands.
The 266th FMC also utilizes the custody account to provide cash delivery to three separate combatant commands: U.S. European Command, U.S. Africa Command and U.S. Central Command at 14 military disbursing offices located in places like Egypt, Kosovo, Kuwait, Spain and Turkey, Captain Wurst said. In addition, the custody account is utilized to support the Military Overseas Banking Program via the Community Bank.
“The Department of Defense’s overall objective for the Military Overseas Banking Program is to provide full banking services that are comparable to those available in the U.S.,” Captain Wurst said.
These services are provided to active-duty U.S. military personnel; DOD civilian employees who are U.S. citizens; U.S. citizens who are employees of all other U.S. government departments, agencies, private organizations and non-appropriated fund instrumentalities carrying on functions on a DOD installation overseas; as well as authorized family members of such military and civilian employees.
(Courtesy of the 266th Financial Management Center)
