This thread is a continuation of the invaluable thread previously maintained by GoCowboys here. It is at his request that I "take over" as keeper of the USAA flame at FWF. All of us interested in USAA owe him a debt of gratitute for his work on this thread over the past year.
PLEASE NOTE: USAA SAVINGS BANK IS NO LONGER ACCEPTING NEW MEMBERS FROM THE GENERAL PUBLIC. As of June 30, 2006, one must either be elligible for their property and casualty insurance programs via their military service, prior service, or familiy connection to same; OR they must be an existing USAA Savings Bank customer.HOWEVER, anyone may still join USAA investments, and thereby qualify for an AMA account. See later thread entries for details.
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 reply to the thread 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 if you are elligible to do so.
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: As of June 30 2006, you must meet one of these requirements to open a bank account:
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
01/05- /11/24- 11/03- 10/19- 10/05- 08/31- 08/24- 08/17- 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 -- 2.22 -- 2.22 -- 2.22 -- 2.22 -- 2.22 -- 2.22 -- 2.22 -- 2.22 -- <$10K
4.82 -- 4.84 -- 4.83 -- 4.82 -- 4.83 -- 4.82 -- 4.81 -- 4.80 -- 4.80 -- 4.51 -- 4.43 -- 4.34 -- 4.29 -- 4.25 -- 4.22 -- $10-25K
5.08 -- 5.11 -- 5.10 -- 5.08 -- 5.10 -- 5.08 -- 5.07 -- 5.06 -- 5.06 -- 4.77 -- 4.69 -- 4.60 -- 4.55 -- 4.51 -- 4.48 -- $25-$50K
5.19 -- 5.21 -- 5.20 -- 5.19 -- 5.20 -- 5.19 -- 5.18 -- 5.17 -- 5.17 -- 4.88 -- 4.79 -- 4.71 -- 4.66 -- 4.61 -- 4.58 -- $50K-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.
MOVING FUNDS
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. These limits can be increased upon request and review by the bank. Also, larger amounts can be moved on a per-request basis by speaking with representatives or their supervisors.
I would also caution people from using USAA simply to transfer funds to and from other bank accounts. There are several reported cases of USAA closing accounts when they determine they are being used simply as "transfer accounts."
Quick Post This deposit method allows members to send checks overnight via UPS for posting the next day. Dropping off a free envelope at any UPS store before the UPS cutoff time will get funds posted the next day.
ACCOUNT OVERDRAFT PROTECTION
USAA has an industry-leading account protection feature that warrants its own entry. Basically, any USAA bank account can be "protected" by any other account at USAA OR many other accounts at other financial institutions. (Note that a particular account may be a "protector" or a "protected" account, but not both simultaneously!)
For example, as at many banks, a checking account can be set up to be protected by a USAA savings account. But in addition, that same account could ALSO be protected by a USAA credit card (with its no fee cash advances), OR a debit or credit card from another bank. Thus if properly constructed, a checking account should be almost "overdraft proof", since there can be multiple layers of protection placed on it.
Recently, account protection has gone through some evolution, as USAA has been updating their systems. As we discover more about the current mechanics of account protection, this thread will be updated accordingly.
OTHER INFORMATION
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.
Thread History
Aug 24 2006: original thread taken from GoCowboys, with slight edits and new performace first rates.
Aug 27 2006: new PF rates, "Moving Funds" section added (thanks EricGo), section added on account protection.
09/08/06: updated last two PF rates.
09/17/06: fixed typo in warning about no new applications (thanks PoodleMan). Perf first index not updated, as rates remained the same (will update upon changes.)
09/25/06: Perf first index rates still remaining the same since Sept 1.
10/11/06: Perf first index rates drop slightly as of 10/06/06.
10/15/06: Perf first index stay the same as of 10/13/06.
11/27/06: Perf first index increased on 11/3 and to a new high on 11/24/06.
01/05/07: Perf first index drops for first time since 10/06.
04/18/07: Note added that brokerage/AMA accounts still available to the otherwise non-qualified.
