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.
I have been banking at USAA since I’ve been 16 years old and have had many products through them. Currently I have two credit cards, checking, savings, personal loan, renters insurance, and car insurance. I never plan on switching my primary bank as USAA has always treated me well. Customer service-wise, they have always been available and helpful to the various needs I've had. They take their time and have helped me learn how to balance my finances and what the benefits of different products are. The website and app have had various upgrades throughout the years that have made banking and reviewing my accounts easier. I have never stepped foot in a physical USAA bank and don’t live anywhere near one, but the no-ATM fees have made this variable insignificant.
The only problems I've had with USAA was the turnaround on a claim/car repairs when my vehicle was stolen. There was a huge increase in auto theft in my area, and my auto repair shop told me that many vehicles waiting in his shop were insured by USAA. The price of my insurance is a lot lower than other competitors, so I decided to stay with USAA despite this poor experience. The other area where USAA may not be "the best" is for savings accounts, their interest rates are not competitive. I have a savings account at USAA for the purposes of overdraft protection and instant transfer, but in terms of high-yield savings I have an account elsewhere (BMO Alto).
Overall, I’ve heard various horror stories about banks from friends and family members. I’m grateful to have never experienced any significant or ongoing difficulties in the 10+ years I have been utilizing USAA. I don’t plan on switching ever and I highly recommend them.
I love USAA for car insurance and checking account. However, they are not competitive with their savings and certificate of deposits. I have been with them for over thirty years and will remain loyal, I recently have transferred a vast majority of my liquid assets to higher yielding accounts at other more competitive institutions. USAA’s website and App are wonderful.
Brian Pettenger
I learned the hard way after using USAA for banking and insurance that you can't have it all. Military for 16 years before they closed my account for fraud. Couldn't log in or access my funds and after multiple yelling matches with the customer service reps I finally got a call from the CEO. My husband and I left that bank/insurance company immediately for an FCU and haven't looked back. A year after that happened they sent me a check? However they kept charging me a fee and then reported it as overdue to the credit reporting bureaus which I didn't know what was going on for months because I had closed my accounts with them. When I paid the $3 or whatever it was I told them to lose my number and close my accounts for the umpteenth time, but I found out they have no way of removing your "member ID". Still to this day both my husband and I receive correspondence from them because they still keep us as "members". We left them over 6 years ago.
After a period of poor customer service, things have gotten better... with the exception of the security department. Security didn't like one of my transactions and locked my account without notifying me. Customer service was unable to tell me what caused the shut-down. I didn't have access to my checking account for nearly two weeks. No one even bothered to notify me when the account was unlocked. When I called for the 5th, or so time, the rep noticed that it had been unlocked.
| Overall | |
|---|---|
| FDIC Certificate # | 32188 |
| Year Established | 1983 |
| Employees | 14563 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.1% |
| Return on Equity - YTD | 2.72% |
| Annual Interest Income | $2.76B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $111.7B$110B |
| Loans | Q2 2024vs Q2 2023 | $42.75B$41.84B |
| Deposits | Q2 2024vs Q2 2023 | $98.09B$98.69B |
| Equity Capital | Q2 2024vs Q2 2023 | $3.72B$2.94B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $1.55B$1.43B |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $303MM$239MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $1,000K$1,000K |
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USAA Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 10750 McDermott Freeway - San Antonio, TX 78288-0544