Navy Cash program keeps money moving at sea

The inner workings of a naval ship are often unknown to those who have never experienced life in the Navy. An aircraft carrier can hold up to 5,000 service members and has stores, gyms, barbers and dentists. These ships operate with their own economy, making the security of funds available to service members a top priority. Recognizing this need, the Department of Defense and U.S. Treasury created Navy Cash close to 30 years ago.

The Navy Cash program offers an efficient and cost-effective electronic cash management system for U.S. service members and contractors aboard navy ships using a stored value card. Working on behalf of the U.S. Navy and the U.S. Treasury, the Federal Reserve Bank of Kansas City, primarily through its Omaha Branch, is responsible for sustaining Navy Cash which is part of the Stored Value Card (SVC) program. Overall, the program provides support to 138 navy ships and around 192,000 cardholders in 19 countries.

Julie Nielsen, assistant vice president in the Treasury Services Division, said the SVC team takes great pride in their work and contributing to a meaningful cause.

“We see sailors and ships around the world every day on the news, we do not take lightly that we could have a small impact on their day,” Nielsen said. “Pride in our work turns servicemembers’ ordinary tasks into our meaningful contributions.”

The cards are unique because they do not require internet connectivity to operate; given the nature of the Navy’s work and the environments they operate in, this feature is critical.  At the same time, card members can use their Navy Cash card anywhere that accepts debit or credit cards and use the card just like they would normally with their own banking card. The Navy Cash card is connected back to the service members’ banking account, providing secure and immediate access to their own funds.

“Buying a drink from a vending machine or chips from a convenience store may seem like mundane tasks to us, but to those who are shipboard they provide a sense of normalcy in the most atypical environments,” Nielsen added. “Whether allowing them to make a small purchase shipboard or providing sound and secure financial peace of mind, Navy Cash supports those men and women who are defending our country.”

Paul Spencer is a technology solutions administrator at the Omaha Branch. He supports overseas members by making sure the equipment used in the Navy Cash program works correctly and is replaced quickly, when needed, no matter where the ship is located.

“I’m proud of the work I’ve done personally and collectively with the SVC program over the years,” Spencer said. “Just knowing that my small part helps military members is very fulfilling to me, and I am grateful to them all for the sacrifices they make for the country as I once did.”

Spencer is a veteran of the U.S. Army and understands what service members go through as they serve overseas. During times of unrest, he said it’s important the public knows there are people and organizations who support our military members.

“Being a veteran gives me special meaning because I know and understand what it’s like to be away from family and friends, to be stationed in a different country,” he explained.

The Federal Reserve Bank of Kansas City and the entire SVC team remain committed to ensuring access to funds is available for Navy service members in all environments and locations around the world.

For a closer look into the Stored Value Card program, External Linkcheck out this video.