USAA Bank is the Texas-based banking component of the United States Automobile Association, a privately held financial services company offering an array of insurance, banking, investment, and lending products and services. The company’s target market and membership field is limited to members of the U.S. military and their immediate families. The company also has a history of superior credit and service ratings, in addition to its repeated recognitions by major publications for being one of the best companies to work for.
On its personal banking side, USAA Bank offers deposit and loan products to serve its members savings and lending needs. Checking, savings, Certificate of Deposit (CD) and IRA CD accounts are available, as well as auto, home, and personal loans. USAA’s checking accounts feature a free checking option that offers free mobile deposit, BillPay, funds transfers to and from any bank, and zero liability for unauthorized charges. The bank also has a secure checking account option that comes with a monthly fee in exchange for identity theft protection services and a World MasterCard debit card. The savings account offering has no monthly service fee and comes with a debit card that can be used at any ATM nationwide. Transaction fees garnered from non-USAA ATM partners are reimbursed up to a certain amount each month. The savings account also features free funds transfers and tiered interest rates that grow as the account balance reaches certain thresholds. Both the checking and savings account offerings come with USAA’s financial management software, MoneyManager, which helps track expenses and map out a budget.
Certificates of Deposit (CDs) and IRA CDs are also available and can be opened in term lengths ranging from 1 month to 7 years. CDs come in three forms: Variable, Adjustable Rate, and Fixed Rate, which allow for additional deposits, a one-time rate adjustment, and no additional deposits, respectively.
USAA Bank online banking provides a secure and versatile web-based system through which members can manage their deposit accounts, as well as other accounts they have with USAA. The Internet platform makes it easy to accomplish tasks like Bill Pay, mobile deposit, and funds transfers. USAA MoneyManager is the bank’s proprietary financial management system that gives members the ability to track their spending and budget. USAA’s mobile banking system consists of a mobile optimized website and mobile banking apps to make banking from a smartphone or tablet device easy and convenient.
USAA Bank was originally established as a federal savings bank with the FDIC in 1983 and is headquartered in San Antonio, Texas. The USAA group began after a group of Army officers insured one another when they could not obtain auto insurance due to their “high-risk” stereotype. Over 60 years later the banking component of the insurance company was started. USAA Bank serves its members through a limited number of financial service centers located across the country, as well as through online and telephone banking representatives.
When I joined USAA in 1963, it was a highly select Military Officer only organization. Over the decades this insurance company grew and grew and grew to include dozens of services including banking and membership became available to nearly anybody who is breathing. They just opened membership to ROTC cadets and believe it or nor, to 'any person who ever was in the military and has an honorable discharge.' Next, I anticipate 'anybody who has ever seen a John Wayne war movie'. Oh, and of course as membership selectivity has lessoned, fraud has gone up. Now, we get to the REAL REASON members are treated like dirt. It's 'politically correct' to treat all equally. Thus, the deadbeat dads, the scammers, the con artists and, of course, legacy members of nearly half a century are all equal. Oh, brother!
Sadly, USAA Bank has become a bank like all other mediocre American banks. That means young, inexperienced bank officers who have little, likely no, military background or Federal service experience whatsoever. And these same cookie-cutter robot employees foster the failed banking industry 'we must grow' philosophy (pimped by their managers) that largely destroyed the entire U.S. banking industry including USAA due to greed, bad risks, bad loans and a collapsed housing market. So, who takes the brunt? Certainly nobody in banking got punished or fired. Again, who takes the brunt? Why, the loyal bank customers, who else!
My beef? Now using a great 'deposit by phone' capability I find checks deposited must be HELD until the bank gets the actual money from the institution on which the check is drawn, then the funds are placed in my own USAA account for use. Thus, we are back to the mid-19th Century banking mechanisms. In a word, those who have a record of integrity for decades must suffer waiting along with the deadbeats. The bank overcompensates for their industry mis-management of non-regulated loan policies of the recent past and now takes no risks or gives any latitude whatsoever to honest members. Thus, the ' politically correct' mantra prevails so as not to offend those who abuse the capabilities of rapid 21st Century banking.
Would I recommend USAA to anybody anymore? No! Never! I would suggest getting a hometown bank within blocks of your physical residence. Faraway bureaucratic institutions invariably lose their sense of mission and their raison d'etre. They come to view the customer as 'the enemy' and this is USAA today.
USAA is one of the best banks I've done business with. I've used USAA for more than a decade.
Their customer service, ACH transfer service, free check-printing for life, and refund of ATM fees charged by other banks make them one of the best.
USAA offers CDs rate that are very good.
I have also used non-banking products offered by USAA such as Mutual Funds, Annuities and I'm very satisfied.
USAA has become no better than all of the other Monster mega-banks. They actually denied my REFI after they took the $350 application fee. They did this the day before closing. They termianted the loan because my wife was ill and could not sign papers. Once she recovered as was able to sign, they would not allow her to sign. SHE HAD BEEN ILL FROM DAY ONE, THEY KNEW THIS. Even though I have a Court order Guardianship giving me authority to sign, USAA denied the loan. They did this the day of the scheduled closing.
They have grown to the point they a no better than monster mega BANK. With the limited locations USAA offer, it is better to use a local bank.
Oh not to mention the Rewards programs was cancelled.
Why have USAA bank-?
USAA is a fantastic bank, as long as you just want somewhere to keep your money, get a credit card, and pay your bills. However, if you want to get loans, stock, bonds, etc, it isn't so easy. Many of the products are available only to Armed Forces members.
I have had some problems in the past, such as my bank account amount changing from day to day due to different exchange rates. But overall, it wasn't too much of a hassle.
I recommend this bank for anyone who doesn't care about additional services and they simply want a bank with minimal fees.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 USAA Bank had $450.8 million in non-current loans and owned real-estate with $6.19 billion in equity and loan loss allowances on hand to cover it. This gives USAA Bank a Texas Ratio of 7.28% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for USAA Bank experienced no significant changes from 7.54% as of March 31, 2013 to 7.28% as of March 31, 2014, resulting in a positive change of 3.37%.This indicates that the balance sheet and financial strength for USAA Bank has had no significant changes in recent periods.
In the past year, USAA Bank has increased its total deposits by $3.35 billion, resulting in 6% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth USAA Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. USAA Bank has $65.81 billion in assets with $6.19 billion in equity, resulting in a capitalization level of 9.41%, which is average.
|FDIC Certificate #||32188|
|Assets and Liabilities|
|Equity Capital||$5.50 billion|
|Loan Loss Allowance||$686.78 million|
|Unbacked Noncurrent Loans||$447.66 million|
|Real Estate Owned||$3.14 million|
|Historic Data - March 2013|
|Equity Capital||$5.07 billion|
|Loan Loss Allowance||$801.62 million|
|Unbacked Noncurrent Loans||$447.66 million|
|Real Estate Owned||$3.71 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.83%|
|Return on Assets||1.12%|
|Return on Equity||13.2%|
|Interest Income||$662.63 million|
Always verify rates and promotions with the bank or credit union. We are not USAA Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.30%||$50k||-||USAA Performance First Savings|
|1.11%||$95k||$175k||5 Year CD - Jumbo|
|1.11%||$95k||$175k||7 Year CD - Jumbo|
|1.11%||$175k||-||5 Year CD - Super Jumbo|
|1.11%||$175k||-||7 Year CD - Super Jumbo|
|1.06%||$1k||$95k||5 Year CD - Standard|
|1.06%||$1k||$95k||7 Year CD - Standard|
|1.00%||$95k||$175k||4 Year CD - Jumbo|
|1.00%||$175k||-||4 Year CD - Super Jumbo|
|0.96%||$95k||$175k||3 Year CD - Jumbo|
|0.96%||$175k||-||3 Year CD - Super Jumbo|
|0.95%||$1k||$95k||4 Year CD - Standard|
|0.91%||$1k||$95k||3 Year CD - Standard|
|0.90%||$95k||$175k||30 Month CD - Jumbo|
|0.90%||$175k||-||30 Month CD - Super Jumbo|
|0.86%||$95k||$175k||2 Year CD - Jumbo|
|0.86%||$175k||-||2 Year CD - Super Jumbo|
|0.85%||$1k||$95k||30 Month CD - Standard|
|0.81%||$1k||$95k||2 Year CD - Standard|
|0.81%||$95k||$175k||18 Month CD - Jumbo|
|0.81%||$175k||-||18 Month CD - Super Jumbo|
|0.76%||$1k||$95k||18 Month CD - Standard|
|0.76%||$95k||$175k||1 Year CD - Jumbo|
|0.76%||$95k||$175k||15 Month CD - Jumbo|
|0.76%||$175k||-||1 Year CD - Super Jumbo|
|0.76%||$175k||-||15 Month CD - Super Jumbo|
|0.71%||$1k||$95k||1 Year CD - Standard|
|0.71%||$1k||$95k||15 Month CD - Standard|
|0.71%||$95k||$175k||270 Day CD - Jumbo|
|0.71%||$175k||-||270 Day CD - Super Jumbo|
|0.66%||$1k||$95k||270 Day CD - Standard|
|0.61%||$95k||$175k||182 Day CD - Jumbo|
|0.61%||$95k||$175k||7 Month CD - Jumbo|
|0.61%||$175k||-||182 Day CD - Super Jumbo|
|0.61%||$175k||-||7 Month CD - Super Jumbo|
|0.56%||$1k||$95k||182 Day CD - Standard|
|0.56%||$1k||$95k||7 Month CD - Standard|
|0.50%||$95k||$175k||150 Day CD - Jumbo|
|0.50%||$175k||-||150 Day CD - Super Jumbo|
|0.48%||$95k||$175k||5 Year CD - Jumbo Adjustable Rate|
|0.48%||$175k||-||5 Year CD - Super Jumbo Adjustable Rate|
|0.48%||$95k||$175k||7 Year CD - Jumbo Adjustable Rate|
|0.48%||$175k||-||7 Year CD - Super Jumbo Adjustable Rate|
|0.46%||$250||-||182 Day CD - Variable Rate|
|0.46%||$250||-||1 Year CD - Variable Rate|
|0.45%||$95k||$175k||120 Day CD - Jumbo|
|0.45%||$175k||-||120 Day CD - Super Jumbo|
|0.43%||$1k||$95k||5 Year CD - Standard Adjustable Rate|
|0.43%||$1k||$95k||7 Year CD - Standard Adjustable Rate|
|0.36%||$95k||$175k||4 Year CD - Jumbo Adjustable Rate|
|0.36%||$175k||-||4 Year CD - Super Jumbo Adjustable Rate|
|0.35%||$95k||$175k||91 Day CD - Jumbo|
|0.35%||$175k||-||91 Day CD - Super Jumbo|
|0.31%||$1k||$95k||4 Year CD - Standard Adjustable Rate|
|0.30%||$1k||$95k||91 Day CD - Standard|
|0.25%||$95k||$175k||30 Day CD - Jumbo|
|0.25%||$175k||-||30 Day CD - Super Jumbo|
|0.17%||$95k||$175k||3 Year CD - Jumbo Adjustable Rate|
|0.17%||$175k||-||3 Year CD - Super Jumbo Adjustable Rate|
|0.12%||$1k||$95k||3 Year CD - Standard Adjustable Rate|
|1.11%||$95k||$175k||5 Year IRA - Jumbo|
|1.11%||$175k||-||5 Year IRA - Super Jumbo|
|1.11%||$95k||$175k||7 Year IRA - Jumbo|
|1.11%||$175k||-||7 Year IRA - Super Jumbo|
|1.06%||$250||$95k||5 Year IRA - Standard|
|1.06%||$250||$95k||7 Year IRA - Standard|
|1.00%||$95k||$175k||4 Year IRA - Jumbo|
|1.00%||$175k||-||4 Year IRA - Super Jumbo|
|0.96%||$95k||$175k||3 Year IRA - Jumbo|
|0.96%||$175k||-||3 Year IRA - Super Jumbo|
|0.95%||$250||$95k||4 Year IRA - Standard|
|0.91%||$250||$95k||3 Year IRA - Standard|
|0.86%||$95k||$175k||2 Year IRA - Jumbo|
|0.86%||$175k||-||2 Year IRA - Super Jumbo|
|0.81%||$250||$95k||2 Year IRA - Standard|
|0.76%||$95k||$175k||1 Year IRA - Jumbo|
|0.76%||$175k||-||1 Year IRA - Super Jumbo|
|0.71%||$250||$95k||1 Year IRA - Standard|
USAA Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 10750 Robert F McDermott Fwy - San Antonio, TX 78288