Anyone here use USAA?

Looks like the DOW is taking another shit today. Fears about major banks loom. I'm kind of an old-fashioned guy so I save cash. But I'm thinking of moving my stuff to USAA because my Wife has an account ( Her Dad did stuff for the military) and I figure since its for people in the military, it would be the last bank to go if this thing gets really bad. I know there's a lot of military guys here. How do you all like it? thanks.

 

I have USAA for my banking. It's phenomenal. I never have to go to the bank (not that I can... ) as I scan checks and email them for deposit.

My next auto loan will be through them.

Still working on their car insurance (200 more/year than Geico right now...)

It's a good move... but I doubt that USAA is specially shielded from any banking troubles in the market.

 

Ya,
I figured it would have some of the same problems as other banks, but surely the US government wouldn't let a bank service men use. So for me, I'm just looking for something safe. Do they do electronic transfers?

 

^^ yep, what del said. i love USAA. they're customer service is excellent and they always try to help you with everything. only downfall i see is they don't have a local bank. buts that only if you need it. i also have loans and insurance through them too.

 

I know their insurance rates are awesome (most of the time).

I lose a lot of clients to them

 

yup.... you can even add another bank's account to your profile and transfer money to it online if ya wanted to...

The bill-pay is good stuff to with them...

 

Delmarva,
I did there online quote for auto insurance and it told me based upon my 3 vehicles that it would be $1400 every six months. That was about $200 higher than my current policy with aig. So, I called them to speak to an actual person and asked her if the online quote was correct.

She informed me it was not and actually lowered the quote to $950 for every 6 months. It may be worth your while to call them on the auto insurance just to ensure you are comparing apples to apples from your current insurance declaration page form your policy. It saved me $400 every six months just for a phone call.


I have used my local credit union for banking but I will be switching to USAA banking asap. the more accounts you have with them the lower your insurance rates are. I like the idea of mail in deposits versus standing in line. I do all banking online now so I see it as only changing addresses of where I do business.

 

Thanks Gezr -- I'll try that...

I have 2 checking and 2 savings accounts with them so hopefully it'll help the next time I get quoted.

 

wowzas... that must have been a LONG time ago...

I checked in 2000 and wasn't eligible because I wasn't an E-5... lol

 

Thanks for the info guys. I'm going to check and see if I qualify to use them. I think I can because my Wife has one ( I have no clue what her Dad did). But if I can, I'm going to open another account with them. Better than plan B, which is to stuff it under a mattress!

 

more accounts=cheaper

im always trying to save a buck

 

I have USAA for banking and car insurance, they are an awesome company to deal with.

 

I have used USAA for over 10 years now and wouldn't think of going anywhere else.

The customer service is way above any place else. As a matter of fact when I was stationed on Guam we were hit by a Super Typhoon. Within a few days USAA sent a representative who set up an office on base. The only damage I had was the food in my refrigerator. I had pictures but the guy said he didn't need to see them. All he said was how much. I said $350. He wrote the check and I walked out.

Also, not only do they reimburse you for ATM fees but they also give you money each year depending on how well the company did.

Wikipedia can explain it better:

Since there are no shareholders, profits are retained for financial strength or returned to the members. Returns are accomplished through a Subscriber's Savings Account, or SSA. Each year a portion of USAA's profit is retained as "unassigned," the rest is allocated to each member's SSA using a formula based on the amount of premium the member paid that year as well as the member's SSA balance. The allocation of capital to a member's SSA account occurs early in the calendar year. Late in the calendar year a portion of the member's SSA is distributed to the member via checks or electronic funds transfer. Members with more than 40 years of membership also receive a special yearly "senior bonus" distribution which amounts to 10% of the member's SSA balance. The entirety of the SSA belongs to the member, but is only completely distributed until approximately 6 months after the member no longer has a USAA P&C policy.[18] In 2007 the distribution amounted to 4% of the member's SSA balance.

 

Everyone I know that has ever banked with USAA has nothing but praise for them. I plan on opening an account myself in the near future. In recent years membership requirements have been greatly relaxed, partially contributing to their continued success last year.

As for USAA having financial troubles, I wouldn't think you have much to worry about. I just read in the news paper a few days back where their 10,000+ employees here were given roughly 14% bonuses this year, and still continue to hire new employees. Not to mention unless you have over 250,000 in your savings account, the FDIC has your back.

 

The one downside is there are very few real branches- you have to mail checks or use electronic transfers all the time.

But that is such a small negative-to SO many positives. I doubt they are immune to financial troubles- or on a special list for gov't intervention...they are however fairly strong right now.

I invest, bank, insure, and have loans with them. Completely happy with the service...Those guys are thugs if something goes wrong with your money!!

 

I have a small savings account with a local bank that I use for cashing/depositing checks and stuff that I need a local bank for. I can then easily transfer funds back and forth to my USAA account whenever I want through the internet.

 

Cosign-my wife and I use Navy Federal if we need a check cashed ASAP or whatever.

 

I don't miss going to the bank at all...

 

Been a USAA member since '88 for all insurances & banking & never looked back. I like how its a member owned institution & how they distribute profits back to your subscriber savings account including a yearly distribution check based on your premimums. The buying services they offer are excellent & the few claims I've made over the years have been handled quick & easy despite not being local to me. Great company

 

I have done all my banking thru USAA , except this latest auto loan. Only reason was because USAA could only give me 6.47% and I got 4.6% at a different credit union, however I can just transfer my payments to the other acct automaticly , USAA is awesome, only downside is if you deal alot with cash deposits you can't do that unless you get them in a check form from a local bank or something..