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San Antonio’s USAA Bank receives failing grade from bank regulator
Published: October 5, 2020
San Antonio-based USAA Federal Savings Bank has received a failing grade from a bank regulator over evidence of “discriminatory or other illegal credit practices.”
The Office of the Comptroller of the Currency lowered USAA Bank’s overall Community Reinvestment Act performance evaluation rating from “satisfactory” to “needs to improve” after uncovering evidence of 600 violations involving customers.
The CRA, enacted in 1977, requires regulators to assess a bank’s record of helping to meet the credit needs of the community, including in low- and moderate-income neighborhoods.
The OCC found evidence of 546 violations of the Servicemembers Civil Relief Act, including failure to provide protections to military reservists as the act requires, wrongful repossession of vehicles and the filing of “inaccurate” affidavits in default judgments in civil court cases.
The act provides protections for service members in the event their military service impedes their ability to meet financial obligations. Among other things, it protects them from default judgments.
The regulator also found evidence of 54 violations of the Military Lending Act relating to collection of past due amounts from members. The act protects service members and their families from lending practices that could pose a threat to military readiness and hurt service member retention.
“We are committed to serving every USAA member with excellence and in accordance with all applicable laws and regulations,” USAA spokesman Matt Hartwig said in an email Monday.
“The rating by the OCC does not reflect our ongoing commitment to lend to and invest in local low- and moderate-income communities,” he added. “Our mission calls us to help ensure the financial security of all our members. We have higher expectations of ourselves and are focused on restoring our CRA ratings to previous levels.”
The OCC oversees all national banks and federal savings associations. It is an independent bureau of the U.S. Treasury Department.
USAA Bank had about $100.8 billion in assets as of June 30, which places it among the 35 largest banks in the country.
The OCC completed its evaluation of USAA Bank last year, but the findings were released only last week. The bank is a subsidiary of insurance and financial services giant USAA, which has about 13 million members made up of current and former members of the military and their families.
Kenneth H. Thomas, a Miami banking analyst who is president of Community Development Fund Advisors, said USAA Bank’s CRA evaluation was “rare” and “surprising” because only 2 percent of green dot moneypak fees receive a failing grade.
USAA gets an “A” for its ubiquitous television advertisements to bring in members of the military as customers but gets an “F” for compliance with regulations, Thomas said. The ads tout that it’s “doing right by its members.”
“They’re spending a lot of money on TV ads, huge amounts of money,” he said. “They need to spend a lot more money in the area of compliance. We’re in banking. We’re the most heavily regulated industry in the world. That regulation means you’ve got a license, and as part of that license, you’ve got to go along with the compliance laws. They’re just not doing a good job of that.”
The violations were “especially egregious” because of the number and those who were affected — members of the military, Thomas said. The bank needs to be held to a higher standard, he added.
“It’s not just a big bank — it’s a big bank that takes care of our military,” he said. “We always talk about vulnerable populations now. This is a very vulnerable population not just because there are a lot of minorities, (but many are of) low to moderate income. For that reason, we have to be extra careful in dealing with them.”
Blue Star Families, a nonprofit organization that supports military families, conducted a survey in 2018 that found enlisted servicemen and servicewomen experience financial barriers, including lower wages than the civilian population. That hurts their ability to save for emergencies, manage debt and qualify for loans. The survey, sponsored by USAA, was mentioned in the OCC’s report.
The failing grade marks the latest black eye for USAA Bank.
Earlier this year, as the federal government sent stimulus checks to Americans as a small financial cushion during the widening coronavirus crisis, USAA Bank kept portions of the checks deposited into some how do you deposit cash into usaa account accounts that were overdrawn or had negative balances.
Criticism of USAA Bank’s harsh stance erupted on social media after news reports, leading the bank to reverse course. It said it would allow members with negative account balances to access the full amount of their stimulus checks. For members with overdrawn accounts at the bank, it said it would postpone collection for 90 days from the how do you deposit cash into usaa account the stimulus check was deposited.
Last year, the bank had two run-ins with regulators, including the OCC.
In January 2019, about two months before the CRA evaluation of USAA Bank, the OCC issued a cease-and-desist order against the bank for “engaging in unsafe and unsound practices.”
USAA Bank’s internal controls and information systems did not comply with certain guidelines, the OCC determined. The bank also failed to implement and maintain a “Risk Management Program” equivalent with its size and risk profile.
That action followed by days the Consumer Financial Protection Bureau directing the bank to pay a $3.5 million penalty and $12 million in restitution to settle charges that it violated banking laws.
The bank failed to honor customers’ stop-payment requests on electronic fund transfers and had reopened customers’ previously closed deposit accounts without their authorization, the CFPB found.
The bank and the consumer protection watchdog agency entered into a consent order to settle the matter. The bank did not admit or deny the agency’s findings in agreeing to settle.
USAA Bank’s CRA evaluation wasn’t all bad. Its lending levels reflect an “excellent responsiveness” to credit needs in its assessment area, the OCC found. The bank ranked how do you deposit cash into usaa account the top 1 percent of all lenders in originating home mortgage loans.
But the OCC concluded that USAA Bank’s geographic distribution of consumer loans was “poor” during the evaluation period in 2017 and 2018. The proportion of vehicle loans in low- and moderate-income communities was well below the proportion of such households in those areas, the OCC said.
San Antonio Express-News
San Antonio’s USAA Bank receives failing grade from bank regulator
By: Patrick Danner
How do I deposit cash into USAA?
Deposit at an ATM All you need is your USAA ATM/debit card – there’s no deposit slip or envelope required. You can use our ATM Locator to find one that takes your type of deposit. Cash and check deposits are generally available the next business day.
What ATM can I use for USAA?
Members of USAA get free access to a nationwide ATM network that includes more than 65,000 Allpoint, MoneyPass and PNC Bank ATMs. Plus, USAA will refund up to $15 per month in usage fees when customers use other banks’ ATMs.
How do I get a USAA ATM card?
To request an additional ATM/debit card for yourself or other users, call us at 210-531-USAA (8722).
Where can USAA members withdraw cash?
Use your credit card to get cash from your credit limit. USAA cardholders can easily access cash via an ATM withdrawal or at a bank branch. Despite the simplicity of the process, this is an expensive transaction with high app t mobile tuesday and interest that accrues from the date of the transaction.
Can I use my USAA debit card at any ATM?
Yes. Just complete a transaction with your PIN at any ATM, and your card will be active. To find one of our ATMs and avoid service fees, you can use the USAA Locator.
Can I deposit cash in a USAA ATM?
USAA ATMs. For your convenience, you can also make deposits at select USAA ATMs. There’s no deposit slip or envelope required. Deposits at USAA ATMs are always free.
Can USAA deposit at any ATM?
You cannot make deposits at non-USAA ATMs. When you how do you deposit cash into usaa account a non-USAA ATM outside of the USAA preferred network, including ATMs outside of the United States, you may be charged surcharge, usage or other fees by the ATM operator or network.
Does USAA have bank locations?
Currently located at 21 locations around the country, USAA financial centers offer certain limited banking, insurance, investment and retirement functions, plus a convenient place to put USAA ATMs. Even with 21 locations, 85% of USAA members live outside the areas serviced by USAA financial centers.
Is USAA a good bank?
USAA is highly successful, nicknamed America’s good bank for a reason. USAA serves our country’s past and present military members including their families with checking and savings services, loans, retirement savings, investing services, insurance, and other benefits.
Where is the USAA office located?
USAA is headquartered in northwest San Antonio in Texas state of the United States. The headquarters occupies 286 acres of area in the largest single-occupancy office building in the world, exceeding the size of The Pentagon which is the headquarters of the United States Department of Defense.
Where can I find USAA Bank?
How to find USAA Federal Savings Bank Branch/Financial Center Near Me. Visit to official website at www.usaa.com. At the bottom of the homepage, you will get the link of “Find a Financial Center”, click on it. Read the note on the webpage, and you will have list of Financial Centers displayed on your screen.
How do I contact USAA banking?
While 800-531-8722 is USAA’s best toll-free number, there are 7 total ways to get in touch with them. The next best way to talk to their customer support team, according to other USAA customers, is by calling their 800-531-6095 phone number for their Customer Service department.
Are you curious to know how to deposit cash USAA-approved? There are a couple of ways on how to accomplish that, but they might be a little risky. Note that you would need your USAA routing number for this.
In this article, I will show you two methods for withdrawing money from your checking account electronically. After reading this article, I am sure you can have an idea of the best way to deposit cash USA approved without any problem at all.
First, let me explain the process of getting money into your US bank account through a debit card. You can use this method to deposit cash USA approved if you have a credit card with a US bank. To use your card, you have to have a certain amount of money in your account before it can be used. Usually, the maximum amount of money in your account is around $1000 or more. Otherwise, you won’t be able to use your card to withdraw cash.
Now let’s go over how to deposit cash USA approved through a debit card. When you are at the website of your bank, simply look for your checking account. It usually displays your account information in a tab. Clicking on the tab will bring you to a page where you can type in your payment information.
When you type in the amount of cash that you want to withdraw, it will then send the amount to your bank account. This may require you to provide your banking information such as your Social Security number, routing number, etc. Make sure that you provide only the information that is necessary to deposit the cash. Otherwise, you might end up having a dispute with your bank and you might not get the cash.
Another option for you to learn how to deposit cash USA approved is by using a prepaid debit card. This is an electronic debit card that you use in place of a regular credit card. You can load money onto the card using funds from your checking account or your savings account. The way this works is that you load the cash onto the debit card, which you can then access by swiping your debit card. This process is similar to paying with cash, except you avoid having to mix your cash and your credit cards.
Some banks also offer direct deposit, which is really just another way to deposit cash. A direct deposit should be transferred directly into your bank account within a few hours, and you can then use your deposited cash as you see fit. The advantage to this is that you don’t have to worry about mixing your cash with your bank account information and you can access your cash at any time that you want.
Another way to learn how to deposit cash USA approved is to use your paycheck stub to make a deposit into your account. It is important to remember that this must be done when you get your next paycheck, not before. Your payroll clerk may not be able to give you this option, so you may have to find a company that does this for you.
If you still need more help, there are companies out there that specialize in helping people learn how to deposit cash USA approved. These companies have been processing transfers for people for a long time, and they have perfected the process to where you only need one application to get approved. They do all the paper work for you and the only thing you have to do is deposit your money into your bank account using your debit card. It is a much simpler process than most people realize, and how do you deposit cash into usaa account can lead to significant savings. These types of cash advance companies are easy to find online and most of them have no fees to apply for.
USAA Federal Savings Bank Review: Fee-Free Checking for Military Personnel
Reviews / Banking
Our Take: From fee-free checking to home and auto insurance, USAA Federal Savings Bank (or USAA Bank) might be the only financial institution you need. If you qualify for membership, you have access to everything the bank offers.
- Breadth of Products
- Customer Service
- Opening Deposit Requirements
How did we calculate this?
- Wide variety of products and services
- No minimum balance requirements
- Affordable opening deposits
- Wide range of CD terms
- No high-interest savings account
- Annual percentage rate for checking account below the national average
About USAA Federal Savings Bank
What started in 1922 as a way for 25 Army officers to insure their vehicles is now a fully integrated bank with more than 13 million members. Headquartered in San Antonio, Texas, USAA Federal Savings Bank (or USAA Bank) generated nearly $36 billion in revenue in 2019 and has assets totaling almost $219 billion. Additionally, GOBankingRates has ranked it as one of the Best Online Banks of 2021 as well as one of the Best Checking Accounts of 2021.
USAA Federal Savings Bank Products
USAA Bank offers several bank and insurance products for its members. Here’s a quick look:
|Product or Service||Features|
|Certificates of Deposit|
USAA provides interest-bearing and non-interest-bearing checking accounts as well as savings accounts, CDs and loans. There also are checking and savings accounts for kids and teens. Keep reading to learn more.
USAA Federal Savings Bank Checking Accounts
USAA offers two checking accounts, each with no minimum balance requirements or monthly service fees. The USAA Cashback Rewards Checking pays cash back for qualified debit card purchases. Balances in a USAA Classic Checking account earn interest on balances of $1,000 or more. A Youth Spending account is also available to help kids learn how to manage money.
- $25 opening deposit
- No monthly service fees
- Access to more than 60,000 preferred ATMs
- Overdraft protection
- Ranked as one of the Best Checking Accounts of 2021 by GOBankingRates
- No minimum balance required
- ATM rebates up to $15 per month
- Low opening deposit
- The 0.01%APY is below the national average of 0.04% on interest checking accounts
USAA Federal Savings Bank Savings Accounts
USAA has two savings accounts that target different types of customers. The bank also offers a Youth Savings account for younger customers. USAA Savings is a no-frills account for new customers that requires an opening deposit of only $25. USAA Performance First Savings is for customers who have at least $10,000 to open an account. Both come with automatic transfers and 24-hour account access through online banking.
- Opening deposit as low as $25
- No monthly service fee
- Mobile check deposits
- APY ranging from 0.01% to 0.35%, depending on balance
- No minimum balance requirement
- No monthly service fees
- Goal planner and tracker to monitor savings
- Best rates reserved for accounts with large balances
USAA Federal Savings Bank CD Accounts
USAA Bank offers an impressive variety of CDs, including standard, jumbo and super jumbo CDs. Here are more details:
- $1,000 minimum deposit for standard CDs
- APY of 0.05% to 0.47% for standard CDs
- Terms from 30 days to 7 years
- Interest paid monthly
- Wide range of CD terms
- Competitive rates for long-term CDs
- APY for 12-month CD slightly higher than the national average
- Early withdrawal fees apply
- Some banks offer higher APY
Because of USAA’s limited number of branches, members mainly rely on online banking and ATMs to conduct business. Here are the details:
The best way to contact USAA Bank customer service representatives is by phone. Members can contact the main customer service line at 800-531-8722 and ask for a specific department, or call individual departments directly. The bank website does not mention hours of operation.
Here’s the bank’s mailing address:
USAA Federal Savings Bank
10750 McDermott Freeway
San Antonio, TX 78288
Due to the COVID-19 pandemic, USAA’s San Antonio bank lobby and other financial centers are currently closed until further notice. Drive-through services are available Monday through Friday from 7 a.m. until 6 p.m. CT and Saturday from 8:30 a.m. until 1 p.m. CT.
Mobile and Digital Experience
USAA has a mobile app available for Apple and Android devices. The app has a rating of 4.8 out of 5 in the App Store and a rating of 4.6 in Google Play. You can download the Apple version here and download the Android version here. The app provides information about all your USAA accounts with a single login. Information is protected by a PIN or biometric access.
USAA Bank has a limited number of christmas tree in the park san jose. However, members have access to their accounts through the mobile app, online banking and more than 60,000 USAA-preferred ATMs around the country.
How To Open an Account
To open an account at USAA Bank, you must first become a member. After reviewing and approving your membership application, a representative from the bank will make service and product recommendations.
Membership is open to current and former military personnel, including pre-commissioned officers. Their spouses and children can also join.
Customer Service number: 800-531-8722
Promotions:See Newest USAA Bank Promos and Bonuses
Login:USAA Bank Login Help
USAA Bank Fees
USAA Bank does not charge monthly service fees for its checking or savings accounts, but other fees may apply. Here’s a rundown:
- Monthly maintenance fees: $0
- Overdraft fees: $29
- Returned deposit fee: $5
- Incoming wire transfer: $0
- Outgoing wire transfer: $20
- NSF fee: $29
- ATM service fee: $2 after 10 transactions
- ATM foreign transaction fee: 1% of the transaction amount
You can avoid these fees by staying away from activities that trigger them. This requires monitoring your account to make sure you have enough money to cover transactions, and using network ATMs.
USAA Bank vs. Competitors
Even if you qualify for membership at USAA, it’s helpful to compare it with other banks when you complete a USAA Federal Savings Bank review before opening an account. Here’s a look at how it stacks up against a few rivals:
|USAA Bank||Military personnel and their families who want access to a full range of banking and insurance products|
|Navy Federal Credit Union||Military personnel and their families who prefer banking with a credit union|
|Bank of America||Customers who are willing to pay higher fees in exchange for access to branches across the country|
|Chase Bank||Customers who want the convenience of a national bank and the ability to earn a bonus for opening a new account|
USAA Bank vs. Navy Federal Credit Union
Both USAA Bank and Navy Federal Credit Union offer products and services to military personnel and their families. USAA Bank offers a greater variety of products, including insurance. Navy Federal Credit Union has more branches available in the U.S. and a bigger presence around the world.
USAA Bank vs. Bank of America
USAA offers a higher APY on interest-earning accounts, but these rates are only available to those who meet the membership requirements. Bank of America is a better choice for folks who don’t qualify for USAA membership and prefer having access to a larger number of branches.
USAA Bank vs. Chase Bank
Like Bank of America, Chase Bank has more physical branches than USAA across the country. It also runs promotions that give new customers free money for how do you deposit cash into usaa account an account. However, members of USAA have access to a broad range of non-banking products and services unavailable at Chase, including health insurance, shopping discounts and travel deals.
If you meet the membership requirements at USAA Bank, it’s worth a second look. You get free checking and savings accounts and an array of other financial products and services at competitive prices. Find out if you qualify for membership and open an account to access everything the bank has to offer.
USAA Bank’s mobile app is an excellent tool for managing your finances. You can use it to monitor all of your bank accounts as well as insurance and investment products.
USAA Bank FAQHere are answers to some of USAA Federal Savings Bank's more commonly asked questions.
- Is USAA Bank only for military personnel?
- Not exactly. USAA Bank membership is open to current and former military personnel as well as their spouses and children. This includes veterans and pre-commissioned officers.
- Does USAA have actual banks?
- USAA Bank has financial centers and corporate offices in the U.S., England, Germany and Luxembourg.
- How long does it take for a check to clear through USAA?
- Most check deposits are available within seven days after the deposit. This can vary depending on your credit history and relationship with the bank.
- What time does USAA release funds?
- You should have access to your money the first business day after you deposit it. In most cases, you can withdraw funds from electronic direct how do you deposit cash into usaa account and cash ATM deposits the same day the bank receives them.
- Does USAA offer free money for signing up for an account?
This article has been updated with additional reporting since its original publication.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 23, 2020.
This content is not provided by USAA Federal Savings Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by USAA Federal Savings Bank.
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About the Author
Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.
Consumer Financial Protection Bureau Settles with How do you deposit cash into usaa account Federal Savings Bank
Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with USAA Federal Savings Bank, a federally chartered savings association headquartered in San Antonio, Texas.
As described in the consent order, the Bureau found that USAA violated the Electronic Fund Transfer Act and Regulation E by failing to properly honor consumers’ stop payment requests on preauthorized electronic fund transfers, and by failing to initiate and complete reasonable error resolution investigations. USAA also violated the Consumer Financial Protection Act of 2010 by reopening deposit accounts consumers had previously closed without seeking prior authorization or providing adequate notice.
Under the terms of the consent order, USAA must, among other provisions, provide approximately $12 million in restitution to certain consumers who were denied a reasonable error resolution investigation, and pay a $3.5 million civil money penalty.
The consent order is available at: https://files.consumerfinance.gov/f/documents/bcfp_usaa-federal-savings-bank_consent-order.pdf
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visitwww.consumerfinance.gov.
USAA Bank Review
USAA Federal Savings Bank has been serving the U.S. military and their families for roughly a century. Founded in 1922, United Services Automobile Association, better known as USAA, started as an automobile insurance company but expanded to offer banking and other financial services.
As a membership-based bank catering to U.S. military members, their spouses and their children, USAA isn’t available to the general public. For those who qualify, USAA offers many products and services designed to help families manage their money, save for retirement and much more.
This review focuses on USAA’s personal banking products. The bank’s products and rates may vary slightly by location. For this review, we used New York as the primary location. Account details and annual percentage yields (APYs) are accurate as of August 25, 2021.
USAA has three checking accounts: USAA Classic Checking, USAA Cashback Rewards Checking and USAA Youth Spending.
USAA Classic Checking
This account is relatively standard so far as checking how do you deposit cash into usaa account go. Members can open a checking account with a minimum opening deposit of $25. This checking account gives you access to more than 60,000 in-network ATMs nationwide. But be careful if ATM withdrawals are your main form of banking. USAA doesn’t charge fees for the first 10 ATM withdrawals per monthly statement cycle, but subsequent non-USAA Bank ATM withdrawals cost $2 each.
The bank refunds up to $15 each month for out-of-network, third-party ATM fees. There’s a 1% foreign transaction fee for withdrawals made outside of the U.S., which applies to debit card purchases, non-ATM cash withdrawals and ATM cash withdrawals. Account holders may qualify to receive direct deposits a day early. There are also no costly monthly service fees to worry about with USAA Classic Checking accounts. You can earn interest with this account, but not much—it pays just 0.01% APY.
USAA Cashback Rewards Checking
With Cashback Rewards Checking, you can earn cash back rewards through debit card purchases. It offers 10 cents per qualified debit card purchase. There’s no limit to the amount of cash back you can earn, so long as your account is open and in good standing.
Like Classic Checking, you have access to more than 60,000 in-network ATMs and USAA reimburses $15 per statement cycle in third-party ATM fees. Unlike Classic Checking, this account is only available in 28 states, but USAA notes on its website that it will be available in additional states at a later date. You can see if this account is available in your state on USAA’s website.
USAA Youth Spending
For USAA members with children ages 13 to 18 years, there’s USAA Youth Spending. Similar to Classic Checking, there is no monthly service fee and it only requires a $25 minimum opening deposit to open an account. Through this youth bank account, parents can give their children limited online and mobile account access. Youth spending accounts come with a free debit card and access to the same network of ATMs. Also included with youth accounts is overdraft protection without extra fees.
Overdraft protection requires linking another USAA checking account or credit card for payment of overdrafts. Youth Spending accounts automatically convert to USAA Classic Checking accounts when your child turns 18, although you can keep it a joint account for as long as they want or until you request to remove your name from the account. Like Classic Checking, you can earn interest with this account, but not a lot—it discover bank routing number 0.01% APY.
USAA offers three savings accounts: the USAA Savings Account, the USAA Performance First Savings Account and the Youth Savings Account.
USAA Savings Account
This resembles a traditional savings account. It requires a $25 minimum opening deposit. There’s no monthly maintenance fee, and the account comes with overdraft protection with another linked USAA deposit account or credit card to fund overdrafts.
Currently, rates on the USAA Savings Accounts sit at 0.01% APY on all balances. If you’re hoping to earn significant interest with higher balances, this isn’t the ideal account for you. The account does offer some extra perks, though, like mobile deposits and a handy goal planner and tracker.
USAA Performance First Savings Account
As the bank’s high-yield savings account, the USAA Performance First Savings Account offers slightly higher interest rates than the standard USAA Savings Account, albeit with a significantly higher minimum opening deposit requirement of $10,000. While the account has higher rates, it tops out at 0.20% APY on balances of $500,000 or more, much lower than what’s available from the best online savings accounts. With a daily balance of $10,000 to $49,999.99, you’ll earn 0.05% APY.
The APY moves up to 0.06% APY for balances of $50,000 to $99,999.99, 0.08% APY for balances of $100,000 to $249,999.99 and 0.11% APY for balances of $250,000 to $499,999.99. Other than interest rates and minimum deposit requirements, this account offers similar features as the USAA Savings Account—overdraft protection with a linked USAA deposit account or credit card, no monthly maintenance fee and a goal planner and tracker.
Youth Savings Account. This savings account for kids ages 13 to 18 pairs well with the Youth Dollar tree rockland ma account. The account has no monthly maintenance fee and comes with an ATM card. Children can make mobile check deposits and get text alerts about account balances. You can give your child limited access to USAA.com and choose whether or not they can transfer or deposit money.
Currently, the Youth Savings Account earns 0.01% APY on all balances. This account automatically converts to a USAA Savings Account once your child turns 18.
USAA offers several different types of certificates of deposit (CDs). Not only does it carry Standard CDs, but it also offers Jumbo CDs, Super Jumbo CDs, Adjustable Rate CDs and Variable Rate CDs. However, regardless of which CD type you choose, USAA’s CD rates are much lower than you can find at most online banks and significantly lower than the best CD rates. The minimum deposit requirement varies depending on the CD type:
- Standard Fixed Rate and Adjustable Rate CDs: $1,000
- Jumbo Fixed Rate and Adjustable Rate CDs: $95,000
- Super Jumbo Fixed Rate and Adjustable Rate CDs: $175,000
- Variable Rate CDs: $250
There’s no shortage of CD terms available through USAA. Depending on the CD type, the terms range from as short as 30 days to as long as seven years.
Standard fixed-rate CDs range from 91 days to seven years, while jumbo and super jumbo CDs offer terms from 30 days to seven years.
Adjustable Rate CDs come in four term lengths: three, four, five and seven years. With USAA Adjustable Rate CDs, account holders can adjust the rate one time during the term. Variable Rate CDs are available in either a one-year term or a 182-day term. With Variable Rate CDs, USAA can adjust the rate at any time during the CD term. Both the Adjustable Rate and Variable Rate CDs currently earn 0.01% APY.
Interest on all CDs is compounded monthly and credited to your account monthly. CDs automatically renew at maturity, unless you decide not to renew during the 10-day grace period. Like most banks, USAA charges an early withdrawal penalty if you choose to withdraw funds from a CD before it reaches maturity.
Here’s an overview of USAA Bank’s fixed rates for standard CDs.
USAA’s Jumbo and Super Jumbo CDs require much larger opening deposits and currently pay the same APY as the Standard Fixed Rate CDs.
Other Accounts and Services
As a full-service financial institution, USAA offers more than just traditional banking products. For members, USAA also offers products and services like:
- Auto loans
- Credit cards
- Investment accounts
- Mortgages and home refinancing
- Motorcycle, RV, and boat loans
- Personal loans
- Retirement accounts
- Shopping and discounts
When talking about USAA, you can’t forget about its insurance products since the company’s roots began in the auto insurance industry. Auto insurance is still available today, but USAA has significantly expanded its insurance coverage offerings. Here are some of the insurance options that USAA offers:
- Health: Medicare, major medical, dental, vision
- Mobile home
- Motorcycle, RV, and boat
- Personal property
- Renters and rental property
- Small business
Members with both a USAA savings account and checking account have how do you deposit cash into usaa account to extra tools to maximize savings. Four tools are available:
- Text Savings Tool. With this tool, USAA analyzes your checking accounts frequently to see if there’s extra money to move to savings (between $1 and $9, never dropping your balance below $100).
- Recurring Transfers Tool. Have money automatically transferred to savings whenever regular deposits are made to your checking account.
- ATM Rebates Tool. Have any ATM rebates received for out-of-network ATM use transferred automatically to your savings account.
- Tax Refunds Tool. Have a portion of your tax refund automatically transferred to your savings account.
Access on the Go
Besides an extensive network of more than 60,000 ATMs, USAA members can access their bank and investment accounts online or through USAA’s mobile app. Some of the app features include:
- View account balances and transaction history
- Electronic transfers
- Bill pay
- Send money with Zelle
- Mobile check deposit
- Loan calculators
- Digital assistant
Not only can you manage your bank accounts, but the app allows you to shop online, find travel deals, access your auto insurance card, request roadside assistance and more.
USAA’s highly rated mobile app is available for iOS (4.8 stars out of 5 on the App Store) and Android (4.6 stars on Google Play).
USAA members can also get help via phone support by calling (800) 531-8722.
- Offers full-service banking solutions
- Extensive ATM network with out-of-network ATM rebates for eligible transactions
- Bank accounts have no monthly maintenance fee
- Automatic savings tools
- Highly rated mobile app
- Valuable resource for qualified military personnel and their families
- USAA membership is limited to active and former U.S. military, pre-commissioned officers, spouses and children
- You can find higher APYs at other banks and credit unions
- USAA has very few in-person financial how do you deposit cash into usaa account across the U.S.
How USAA Bank Stacks Up
The depth and quality of financial products and services available through USAA Federal Savings Bank are tough to beat. Yet, membership is limited to current military members and veterans and their families, so not everyone can join. If you’re looking to maximize your savings through higher interest rates, you’ll need to consider other options. Most of USAA’s rates are comparable to large brick-and-mortar banks.
For qualified individuals and their families, though, USAA offers enough value that it may still be worth using for personal banking and other financial needs. USAA Bank provides extra support for military members when they need it the most—before, during and after deployment.
Frequently Asked Questions (FAQs)
Yes, USAA Federal Savings Bank is a member of the FDIC (FDIC# 32188). Its deposit accounts are insured up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
How do I become a USAA member?
You can join USAA Bank online through its website. You’ll be asked a series of questions to determine eligibility. You’ll also need to provide some personal information to verify your identity.
Does it cost money to become a USAA member?
There is no cost to become a USAA member. You must meet membership requirements to be eligible to become a member and have access to USAA products and services.
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