By DPA
Basra (Iraq) : A debit card has been helping the US Navy and its sailors to better manage the cash exchange on board its ships around the world, and it has also been a boon to security.
Navy Cash evolved from the ATM-at-Sea programme, in which the US Navy began installing ATMs on board its ships in 1988. The latest cash programme began in 2001.
The plastic card, which utilizes both chip and magnetic strip technologies, reduces the need for bills, coins, checks, and money orders, according to US Navy officials.
One of Navy Cash’s key benefits is administrative simplification, reducing the workload involved in disbursing cash.
“Navy Cash is easier for sailors and for the disbursing office,” said Disbursing Officer, ENS Patrice Hall, aboard the USS Enterprise (CVN65).
ENS Hall’s battle group is the latest to enter the Gulf region. It joined the US Navy 5th Fleet command on Aug 1 and has since begun supporting operations in Iraq.
“We have fewer personnel, less paper work, and less cash on board. Everything is done electronically,” she said.
ENS Hall said another key benefit was security, as neither the disbursing office nor the sailors had to bring large amounts of cash on board.
PS3 Benjamin Tinsley, also assigned to the Enterprise disbursing office, pointed out that there are monetary benefits for taxpayers and the Navy beyond the direct savings made by adopting Navy Cash.
“Instead of us leaving port with roughly 80 million dollars, we now leave port with three million. This means our money could be sitting in a bank accumulating interest,” said PS3 Tinsley.
There are more than 100,000 active members using Navy Cash, which is about 30 percent of enlisted US Navy personnel, and another 20,000 Marines using a similar scheme, according Naval Supply Systems Command (NAVSUP), which oversees the programmes. As of August this year, 114 US Navy ships have been integrated into Navy Cash.
The USS Enterprise, the first nuclear-powered aircraft carrier to join the US Navy in 1961, was the third aircraft carrier to implement Navy Cash in April 2005. So far seven US aircraft carriers have joined and at least four more are set to implement it in the future.
The cards allow sailors to buy items on or off the ship without having to carry cash. Sailors and Marines can transfer funds to and from their Navy Cash accounts and personal bank accounts as needed and can have their pay deposited directly into these accounts.
The US Army and US Air Force have their own version of the programme, entitled Eagle Cash, since 1999. It can be found on about 60 US military installations in 10 countries around the world, including Afghanistan and Iraq.
Submarines do not have disbursing office and will not adopt the programme.
The card uses a computer chip (e-purse) to store value for purchases on board and a magnetic strip for debit purchases and ATM account access, where cardholders can withdraw money or make purchases wherever MasterCard is accepted.
Sailors and Marines can transfer funds to and from their Navy Cash accounts, e-purse and personal bank accounts as needed. To date, over 197,000 Navy Cash cards have been issued.