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 a checking account and USAA limitless 2.5% cashback VISA credit card account.
The coolest feature about checking account is when you schedule fund transfer from external account to your account, the money is available instantly (I think up to certain amount, $5000?). For example, if I have $1000 on my USAA checking account and schedule a transfer for $1000 from another bank account, the available balance on USAA is $2000 instantly. The $1000 gets debited a few days later from the external bank account.
The 2.5% cashback credit card is no longer available but USAA allowed customers who already had them to keep them. I get cashback so much faster compared to 1% cashback cards.
I do really like USAA, don't get me wrong there are minimal fees and most of my banking I've done online with them but since they've closed several of their branches I've had to open up another bank account so that I'm able to have the ability to deposit cash from time to time. I remember when I got the notice that they were closing a branch that was relatively close to my house, they said they were going to expand their deposit taking ATM access but I haven't really seen this "expansion".
Overall though if you need to withdraw cash from an ATM they have a great network that are no fee, and on the occasion you are charged a fee they will reimburse you up to their monthly cap which is nice.
Their online interface is probably the best of the banks and credit unions I do business with, and when using their bill pay payments seem to post quicker from them as compared to the credit union.
Second generation member, myself for over 45 years, we got to the point with Banking that we could no longer access our accounts via internet. We attempted to resolve this over the phone. After literally over a year of trying to get this fixed, and as nice as the USAA rep always was on the phone, no progress was ever made. Case Files were started repeatedly, promises of calls back from supervisors and elevated reps were never made. Frankly, I am flabbergasted that the institution of USAA would allow their hard-earned reputation to suffer, or to provide less than stellar service to their members, as has been our prior experience with vehicle, home, and umbrella insurances for decades. There is simply no excuse for this deterioration of professionalism. This is a leadership problem at the CEO level. The Buck must stop there. I recommend you DO NOT bank with USAA.
|FDIC Certificate #||32188|
|Return on Assets - YTD||1.27%|
|Return on Equity - YTD||13.81%|
|Annual Interest Income||$4.01B|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$81.60B$80.52B|
|Loans||Q4 2018vs Q4 2017||$46.49B$46.65B|
|Deposits||Q4 2018vs Q4 2017||$71.93B$71.14B|
|Equity Capital||Q4 2018vs Q4 2017||$7.92B$7.20B|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$773.9MM$844.0MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$378.0MM$391.5MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$2.1MM$3.1MM|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Rates for USAA Bank are currently being reviewed.
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