The Ultimate USAA Bank Thread, version 2.0, updated 4/18/07

DaveHanson said: Last month, it was pretty clear that I received interest on funds as of the time I initiated ACH deposits, rather than the lesser amount that would result if interest came only on collected funds.

This month, that's not clear...credited funds seem a little low for that.

Can anyone else check their new performance first balances and see what they find?

I'd also appreciate any links to a good average daily calculator (online, excel add-on, whatever) so that this could be computed more easily.

I thought mine was low also. However, I realized that in Feb I received 34 days of interest, for March it is only 28 days of interest between statements so my interest was 82% of Feb's interest because there were less days between statements

nymgiants said: I thought mine was low also. However, I realized that in Feb I received 34 days of interest, for March it is only 28 days of interest between statements so my interest was 82% of Feb's interest because there were less days between statementsGood point...I was factoring in for that though.

Does your statement seem to be giving you credit for funds when deposited? Or is there too little difference between deposit and collected date for that to impact you?

DaveHanson said: nymgiants said: I thought mine was low also. However, I realized that in Feb I received 34 days of interest, for March it is only 28 days of interest between statements so my interest was 82% of Feb's interest because there were less days between statementsGood point...I was factoring in for that though.

Does your statement seem to be giving you credit for funds when deposited? Or is there too little difference between deposit and collected date for that to impact you?

It is difficult to tell as this month was the end of my extra 1% bonus rate. I usually make ACH deposits on friday so they they don't get debited on the other end until tuesday. It does appear to give me interst from the date deposited still,though I did not do the math. I had a lot of activity this month so it will be difficult to confirm for sure, but I'll try.

If I go by the running balances that show on my statement, then they did count the funds the day I initiated the transfer

Has anyone else had good luck reallocating btwn USAA cards? I have a $20k limit on their MasterCard, and just got a 0% offer for their USAA Rewards Amer1can Express (12 months), with no BT fee and no convenience check fee. Seems silly not to take this one, although it would be my first 0% offer.

DaveHanson said:
Does your statement seem to be giving you credit for funds when deposited? Or is there too little difference between deposit and collected date for that to impact you?

I called USAA recently on this issue since unintentionally one of my external account was incorrect so the ACH fund was included in the balance right away but then was debited out 3 days later. CSR told me that interest would be accrued only when the fund is collected (ie. transfered to USAA from the other institution). My statement did reflect this for this month. In the past, the institutions that I pulled the funds from (into USAA) would only take 1 day, this one happened to take longer so that was how I found out. In this, USAA is different from my other institutions, CapOne and HSBC among others for instance would not reflect the fund deposited in the balance until they collect it.

stfs said: CSR told me that interest would be accrued only when the fund is collected (ie. transfered to USAA from the other institution).... In this, USAA is different from my other institutions, CapOne and HSBC among others for instance would not reflect the fund deposited in the balance until they collect it.Not sure I follow: interest only when collected, yet DIFFERENT from CapOne and others who offer interest only on collected funds?


CoastieRob, thank you very much. I didn't realize that you hadn't received the AMEX yet, but that this was a pre-approved offer to you for an AMEX account. Did it come by snail-mail, or was it there when you logged in? If the latter, how did you find it?

I'm guessing that this is being offered first to P&C elligible folks like you, which would explain my not seeing anything.

DaveHanson said: ot sure I follow: interest only when collected, yet DIFFERENT from CapOne and others who offer interest only on collected funds?

I believe stfs is saying that USAA is different in that your balance reflects the date the transfer was initiated (as opposed to the date the funds were collected). Collecting interest only when funds are collected would be the same as CapOne, etc.

For those with a USAA credit card that's not being used much (if at all), and who do 0% BT, watch your mail.

I recieved a non-discript letter today offering savings at the gas pump. I believe it did say USAA somewhere on the envelope (forgive me, I threw the envelope out in the trash, before figuring I should post it here!) Recognizing the format, I opened it up and sure enough burried in the fine print was a no fee 0% APR BT offer until May 2008!

My wife got a similar one last year related to taxes. Thinking USAA's M.O. would be to potentially offer these unsolicited I took out a card last October and waited. At the time I only got a $5k credit limit. Tonight, I went online to request a credit increase, put in my monthly income and got upgraded to $30k without a credit pull!

I have a feeling this may be a "wide" offer, as the mailing seems professional, not unique, and they went out of their way to find an average gas price to reference to reach the magic "save 7 cents a gallon" teaser.

The moral is to 1) think about getting a credit card, 2) look over all your USAA regular envelopes closely. The envelop said NOTHING about 0% anywhere on the outside.

P.S. I'm still waiting (and hoping) I'll get a 0% new AMEX card offer in the mail sometime like my wife did as well, but it hasn't happened in the 6 months i've had the Platinum MC I just got the offer on. Also, FWIW, I originally got membership via marriage and my wife and I aren't military, so still hope they are offering good deals for "regular" members!

DaveHanson said: lhendricks92 said: I believe stfs is saying that USAA is different in that your balance reflects the date the transfer was initiated (as opposed to the date the funds were collected)I can confirm that they used to do it this way, but there are reports that they have changed since then. Hopefully these are wrong...can you confirm that this is what you meant, lhendricks92?

Dave, I've run some calculations on my statement this month, and it APPEARS that USAA paid interest on the date of transfers, not the date funds were collected.

Assumptions:

1) Nominal rate of 5.10% (should be about right if the APY is 5.22%)
2) Interest accrued daily (but only compounded monthly).
3) Balance dates on my statement reflect date of transfers, not when USAA actually collected funds.

I'd be happy to send you my spreadsheet if you want to check my math.

-L

DH, would you - or anyone else - be willing to explain best strategy to achieve $50k in CL with USAA?

I have only insurance with them but no other products. Thanks.

My wife and I have been members for years and find ourselves slowly giving USAA more and more of our business as time goes by. They have the best customer service I've ever experienced with any banking or insurance company, not to mention the best auto insurance rates I've ever seen.

I wanted to point out an unpublicized benefit USAA has for new military officers and Warrant Officers. USAA offers a 'New Commission Loan' for new officers within a certain timeframe prior to and after their commission or appointment. I may be off a little bit, but I believe it is a year before to a year or 18 months after the date of commission/appointment, and I believe it is up to $25k at 2% interest. Sounded great to me, but I found out about it too late, so hopefully some new officers will see this thread. You need to contact their loan department on the phone to discuss the details and apply, as I could not find it on their website or in their literature they mail out.

OUCH!

Friday 6:07 p.m. MDT: Is anyone else getting this message: The account list displayed is incomplete due to some accounts being unavailable at this time. If you have questions please call 1-877-276-0128 during the following hours: Mon - Fri 7:30 a.m. to 10:00 p.m., Sat 8:00 a.m. to 6:00 p.m, Sun 1:00 p.m. - 6:00 p.m. (9:903)

All my accounts are showing up though. Another web upgrade perhaps?

My checking and saving have the same error message, but AMA seems fine, no error.

I got that error message about half an hour ago, but just now I logged in and it wasn't there.

sbsake said: USAA EMPLOYEE COMMENTS

Wow I nearly applied to some IT Security positions there a three or four years ago. Glad I didn't now. Even accounting for the fact that Internet forums tend to attract complainers, the number and consistency of the stories is eye opening.

Has anyone who is not P&C eligible gotten a 0% balance transfer?

notMinnesota said: From all the friendly and helpful voices i've heard on the other of the phone line, they don't sound disgruntled. They don't sound like they are faking it. But CSR positions might be different than IT, where I would have put some faith in the fact they were one of Computerworld’s “100 Best Places to Work in IT” (1999, 2001-2006). At least they are consistent.

Respectfully, I think you're drawing a false conclusion. When I was younger, I did a brief stint in a call center that was a total sweatshop. However, I guarantee you my customers would never know that from how I treated them. Really, it's not their fault and the vast majority of customers are nice people. I agree with you that those employees are remarkably consistent in their complaints. However, it's hard to determine what percentage are actually dissatisfied. It may be higher than you might think considering most dissatisfied employees wouldn't have the nerve to post or don't even know about that forum's existence. I think it's a better picture of why members get inconsistent or inaccurate information from one CSR to another--lack of upper-level communication, lots of changes and high turnover.

BTW I have always got very good service from the CSR's. But, I think I'm a low maintenance customer to most companies and very rarely have any issues with any CSR's.

RadagastMOD said: Has anyone who is not P&C eligible gotten a 0% balance transfer?

LOL I'd pass out from shock if that has happened. I would love that or even a low-interest BT option, but don't really have any problems that it hasn't happened (I kind of think that those in the military *right now* should be able to do this). I don't understand, however, why rewards aren't available to non-P&C. I would make a lot of use out of my card then and sure others would as well. I think it would bring in more $ for USAA.

microd said: notMinnesota said: From all the friendly and helpful voices i've heard on the other of the phone line, they don't sound disgruntled. They don't sound like they are faking it. But CSR positions might be different than IT, where I would have put some faith in the fact they were one of Computerworld’s “100 Best Places to Work in IT” (1999, 2001-2006). At least they are consistent.

Respectfully, I think you're drawing a false conclusion. When I was younger, I did a brief stint in a call center that was a total sweatshop. However, I guarantee you my customers would never know that from how I treated them. Really, it's not their fault and the vast majority of customers are nice people. I agree with you that those employees are remarkably consistent in their complaints. However, it's hard to determine what percentage are actually dissatisfied. It may be higher than you might think considering most dissatisfied employees wouldn't have the nerve to post or don't even know about that forum's existence. I think it's a better picture of why members get inconsistent or inaccurate information from one CSR to another--lack of upper-level communication, lots of changes and high turnover.

BTW I have always got very good service from the CSR's. But, I think I'm a low maintenance customer to most companies and very rarely have any issues with any CSR's.

RadagastMOD said: Has anyone who is not P&C eligible gotten a 0% balance transfer?

LOL I'd pass out from shock if that has happened. I would love that or even a low-interest BT option, but don't really have any problems that it hasn't happened (I kind of think that those in the military *right now* should be able to do this). I don't understand, however, why rewards aren't available to non-P&C. I would make a lot of use out of my card then and sure others would as well. I think it would bring in more $ for USAA.

I am just dying for AMEX or USAA to offer a 0% offer... They give such generous lines, and I hat not being able to put them to good use...

lhendricks92 said: Deposit@Home has never worked in FireFox for me. I've always had to use IE.Me too.

Update on funds availability: A different CSR this morning WAS willing to make funds available immediately. However, he says that the normal policy is 7 business days after funds are COLLECTED.

Gotta love CSR consistency.