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#1 ale51


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Posted 04 December 2004 - 07:30 PM

#2 markber


    1 billion bucks

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Posted 23 August 2005 - 06:17 AM

A great review of USAA banking services was posted by GoCowboys on FW.


"A lot of people ask questions about USAA, so I thought I would start this thread. When I update the interest rates, I will put the effective date in that secion. For all other updates, I will put updated information in italics until the following Sunday so that you can tell right away what was changed.

USAA's website

To gain access to the full website, you need a member number. There is no obligation, and this will allow you to see USAA's full product range. Call 1-800-531-2265.

Eligibility Requirements
To get property or casualty insurance from USAA, you have to have a military affiliation.

However, anyone can bank with USAA, even those with no military affiliation at all. Just call 1-800-531-2265 and ask for a member number to gain access to the full website.

Checking Account
- No minimum or average balance requirements
- No monthly service fees
- 1/2 percent rebate of all non-PIN purchases made with the Debit Mastercard
- ATM card and Debit Mastercard both available
- Free bill pay (no balance or direct deposit requirements)
- Free checks for the life of the account (custom blue USAA non-duplicate checks, one box per order)
- New accounts can be funded by mailing a check, by initiating an ACH transfer from another bank, or by using a credit/debit card ($500 maximum on credit/debit cards)

Savings Accounts
- No minimum or average balance requirements
- No monthly service fees
- Tiered interest rates depending on balance

All accounts include these features
- No ATM fees on the first 10 non-USAA ATM withdrawals each statement cycle ($1.00 each after that)
- ATM surcharge rebates of up to $15.00 per account per statement cycle
- Real-time online banking (most transactions, see below)

Credit Cards
USAA offers credit cards to both those with a military affiliation and those without. However, be aware that those without a military affiliation will pay higher interest rates and are not eligible for credit card rewards programs.

Current Interest Rates
These interest rates are valid for deposits received through 08/25/2005 (all rates are APY):

- 0.00% - under $1,000.00
- 0.15% - $1,000 and over

- 1.55% - $0 to $999.99
- 2.36% - $1,000.00 to $4,999.99
- 2.41% - $5,000.00 to $9,999.99
- 2.51% - $10,000.00 to $24,999.00
- 2.61% - $25,000 and up

Performance First Index Account
- 1.31% - $0 to $9,999.99
- 2.86% - $10,000.00 - $24,999,99
- 3.11% - $25,000.00 - $49,999.99
- 3.22% - $50,000 and up

(The CD rate levels are too numerous to list all of them here.)

CD rates range anywhere from 2.69%APY to 5.6%APY, depending on the term of the CD and the amount deposited. For example, a fixed 7 year CD with a minimum of $1,000 is currently paying 5.10%APY, and a 7 year CD with a minimum of $95,000 is currently paying 5.25%APY.

ACH Transfers
USAA has an ACH transfer capability which allows you to electronically transfer funds from any of your other bank accounts at other financial institutions. The service is very fast.

To set up ACH transfers to/from other accounts, you have to fill out an ACH transfer form and mail or fax it in. Once they verify the other account, all you have to do is log into your account and request the transfer. The form is only done once.

ACH transfers into a USAA account requested before 8:00 p.m. Central Time will be used to pay checks the same night and will be available for all uses the following business day.

I would also caution people from using USAA simply to transfer funds to and from other bank accounts. I have heard stories of USAA closing accounts when used simply as a "transfer account."

Online Banking
Online banking is real-time. For example, if you make an ATM withdrawal, the transaction shows up online immediately, including the location of the ATM. Likewise, if you make a Debit Mastercard purchase, the purchase shows up online immediately, including the name of the merchant.

USAA is not completely real-time yet, though ... transfers from one account to another are not available until the following morning. However, they are working on making these transactions real-time as well, as well as several other enhancements. This is usual for USAA, which is always looking for ways to improve products and services.

Customer Service
USAA has the best customer service in the business. They are one of the only institutions that consistently gets the answer right the first time. They are always friendly on the phone, and always eager to help in whatever way they can. They make you feel that they really do want your business.

Bill Pay
With Bill Pay, there are 3 different ways that a payment could be made (remember that "Payment Date" means the date you want the payee to receive the payment):

- Electronic Payment - the funds for the bill payment are withdrawn from your account on the Payment Date.
- Check Payment - funds are withdrawn when the payee cashes the check.
- "Guaranteed Funds" Check Payment - funds are withdrawn on the Payment Date.

ATM and Debit Card Rebates
The ATM surcharge rebates and Debit Card rebates are deposited into your account automatically at the end of the statement cycle; you do not have to mail in ATM receipts for the ATM surcharge rebate.

Other Information
- USAA does not use ChexSystems; they use Telecheck instead.
- You cannot make deposits at a non-USAA ATM.
- USAA does not rebate any ATM surcharges from overseas, only those incurred in the U.S.

source: fatwallet.org/t/52/508254/