Edit by Moderator: New Thread Started. Here
This thread contains a lot of information about USAA and their products and services. If there is anything you feel should be added, changed, or deleted, please send me a private message or put it in the Quick Summary.
GENERAL INFORMATION
Website
USAA
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.
Routing Number
314074269
Eligibility Requirements
Property and Casualty Insurance: To get property or casualty insurance from USAA, you have to have a military affiliation.
Banking: To open a bank account, you must meet one of these requirements:
1. have a military affiliation
2. be a current bank customer
3. be a resident of Bexar County, Texas (San Antonio)
PRODUCTS AND SERVICES
Checking
- 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)
- Only Visa and Mastercard accepted for opening deposit
- $25 to open
USAA Savings
- No minimum or average balance requirements
- No monthly service fees
- Tiered interest rates depending on balance
- $25 to open
Performance First Index Account
- No minimum or average balance requirements
- No monthly service fees
- Tiered interest rates depending on balance
- $10,000 to open
First Start Savings
- No minimum or average balance requirements
- No monthly service fees
- Tiered interest rates depending on balance
- $1 to open
- Available to persons 17 years of age and younger
Credit Cards
Those without a military affiliation might pay higher interest rates and may not be eligible for credit card rewards programs.
Other Account Features
- No ATM fees on the first 10 non-USAA ATM withdrawals each statement cycle ($2.00 each after that)
- ATM surcharge rebates of up to $15.00 per account per statement cycle
- Real-time online banking
INTEREST RATES
The first column shows the current rates; current rates are in effect through the date at the top of the first column. The other columns show previous rates so that you can see a trend in rates.
Checking
08/10 ---- 06/15 ---- 05/25 ---- 05/18 ---- 04/27 ---- 04/20 ---- 04/13---- Tier
0.00% --- 0.00% --- 0.00% --- 0.00% --- 0.00% --- 0.00% --- 0.00% --- Under $1,000.00
0.15% --- 0.15% --- 0.15% --- 0.15% --- 0.15% --- 0.15% --- 0.15% --- $1,000 and over
USAA Savings and First Start Savings
08/10 ---- 06/15 ---- 05/25 ---- 05/18 ---- 04/27 ---- 04/20 ---- 04/13 ---- Tier
2.85% --- 2.75% --- 2.75% --- 2.50% --- 2.50% --- 2.50% --- 2.50% --- $0 to $999.99
3.65% --- 3.56% --- 3.56% --- 3.30% --- 3.30% --- 3.30% --- 3.30% --- $1,000.00 to $4,999.99
3.75% --- 3.61% --- 3.61% --- 3.35% --- 3.35% --- 3.35% --- 3.35% --- $5,000.00 to $9,999.99
3.90% --- 3.71% --- 3.71% --- 3.45% --- 3.45% --- 3.45% --- 3.45% --- $10,000.00 to $24,999.00
4.15% --- 3.87% --- 3.87% --- 3.61% --- 3.61% --- 3.61% --- 3.61% --- $25,000 and up
Performance First Index Account
08/10 ---- 06/15 ---- 05/25 ---- 05/18 ---- 04/27 ---- 04/20 ---- 04/13 ---- Tier
2.22% --- 2.22% --- 2.22% --- 2.22% --- 2.22% --- 2.22% --- 2.22% --- $0 to $9,999.99
4.80% --- 4.51% --- 4.43% --- 4.34% --- 4.29% --- 4.25% --- 4.22% --- $10,000.00 - $24,999,99
5.06% --- 4.77% --- 4.69% --- 4.60% --- 4.55% --- 4.51% --- 4.48% --- $25,000.00 - $49,999.99
5.17% --- 4.88% --- 4.79% --- 4.71% --- 4.66% --- 4.61% --- 4.58% --- $50,000 and up
CDs and IRAs
The CD and IRA rate levels are too numerous to list all of them here, but the rates are very competitive, generally ranging from 3.50%APY to 5.25%APY, although the rates change often.
OTHER INFORMATION
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.
ACH transfers into a USAA account requested before 8:00 p.m. Central Time will be used to pay checks the same night.
ACH transfers involving non-USAA accounts are limited to an aggregate $5,000 per day, including future/scheduled transfers.
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.
Transfers from one account to another are immediately available in the destination account.
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.
You can often pay next day, often as late as 6-7 pm Eastern time, which is beyond their official cut-off times.
Software
USAA allows direct download of account information (credit card, checking, savings) from:
- Microsoft Money
- Quicken (yes, Quicken is supported)
- Yodlee
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.
Miscellaneous Information
- USAA uses their own "security verification system" - not sure if that means ChexSystems, identity verification through a credit report, or what.
- You cannot make deposits at a non-USAA ATM.
- If you are not a U.S. citizen, you may be asked to send in identification before the account(s) can be opened or you receive your membership number.
- USAA's Touchline (automated telephone banking) is voice-driven.
- USAA's Quick Post deposit method allows members to send checks overnight via UPS for posting the next day.
