The USAA Banking Experience
Written: Oct 14 '00
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Product Rating:
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Pros: Few fees, ATM rebates, outstanding service.
Cons: There isn't a branch locally.
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| CardRevolt's Full Review: USAA |
I began my "banking experience" with USAA by opening both checking and savings accounts. The fact that no matter where or how often I move, I can take the same account with me is what initially attracted me to USAA, and the price was definitely right.
It's not called "Four Star Checking" for nothing.
Their "Four Star Checking" offers no monthly fees and no minimum balance requirements, and, since the only ATMs that the bank owns are in San Antonio, they rebate up to ten ATM withdrawal fees each month up to $1.50 each. The ATM/debit card is free, and they rebate .5% of the purchases made as "credit" purchases on the card (meaning you just make the transaction as you would with a credit card, not with your PIN).
They pay interest on balances over $1000, and their banking customer service is available toll free from 7:30 a.m. to 10 p.m. weekdays and from 8 a.m. to 6 p.m. weekends! None of my local banks offer me all of that with a free account.
Of course, a drawback to their singular location is that deposits must be mailed in, though they do provide postage-paid deposit envelopes upon request. Since I use direct deposit, this hasn't really been an issue.
Bonus Savings...?
The "Bonus Savings" account offers competitive interest rates, which are tiered depending on the account's balance. I can write up to three checks a month on the account, though if I ever need to delve into savings, I just utilize their funds transfer option and transfer it into my checking account. This can be done either over the phone with a service representative or an automated line as well as online.
I've signed up for their free overdraft protection, and if I ever accidentally write a bad check, the overage amount is taken out of my savings account, at no charge.
A Credit Card that beats the competition, hands down.
Needless to say, I am very pleased with their deposit services. After banking with them for some time, I decided to get a USAA credit card. They offer both MasterCard and Visa, and their credit card rates are competitive as well. USAA only offers three different credit card rates: prime + 3.9, prime + 5.9, and prime + 18.9. Currently, USAA does not raise rates for late payments or over limit balances (practices which are the norm with most major credit card issuers).
None of their cards have monthly fees, unless you sign up for their Eagle Points airline rewards program. There's a fifteen day grace period on late payments, and even then, the late payment fee is $20. I don't find their card designs to be the most attractive, but their "wildlife" card (it depicts an eagle flying over mountains) is nice; they have designs for all branches of the military.
I've never had a problem with my USAA MasterCard, and whenever I've had a question, the customer service representatives have seemed happy to help.
Yeah, but how's the online access?
USAA's website is only accessible after becoming a member. They were founded as an insurance association, and membership used to require a military affiliation. Now banking services are open to civilians (their ever so cheap insurance isn't, unfortunately), and all it takes to become a member is to call and ask. As a member, one can sign up for site access at usaa.com and check account balances, transfer funds, any apply for new accounts.
Their site is pretty simple and user friendly, and all of one's accounts are listed at once, with the balance out to the side. Further account details, such as individual transactions and payment due date, are available with one click on the account info links.
As compared to most financial websites, USAA is surprisingly fast loading for me, which is probably due to the simplicity of the site. It's not the most aesthetically pleasing, but prefer fast-loading to graphically-enhanced any day for informational websites.
As one epinioner stated, transactions are not given in "real time", but as they are available when they actually post to an account. If a funds transfer is made, however, it does post immediately.
Can you tell that I like USAA?
Overall, I am very pleased with USAA's products and services. I had the opportunity to work for them at one point and have found that the company really does care about their customers. I doubt that I'll ever switch banks again!
Recommended:
Yes
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Epinions.com ID:
CardRevolt
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Location: Oklahoma City, OK
Reviews written: 1
Trusted by: 0 members
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