4 ms·
Is USAA considered a bank or credit union? Either way, they're easily the best financial institution in the US. They are amongst the most tech savvy because the
by scurvy 11y ago
Is USAA considered a bank or credit union? Either way, they're easily the best financial institution in the US. They are amongst the most tech savvy because they only have a branch in San Antonio, yet their customers are deployed around the world. For those that don't know, USAA was originally setup only for military personnel and their families. Military families get screwed on credit and insurance because they are frequently moving. Their insurance rates were sky high, despite military bases being relatively low crime. So USAA stated offering insurance as a response. It's also non profit as they send you a rebate check every year for premiums minus losses.
It's a fantastic company that does great things because they want to help people, not grow huge profits. They were among the first to do ATM fee refunds (use any ATM), they never charged fees for using another ATM, were among the first with scanned check deposits, then smartphone camera deposits.
If you're eligible, you really should be using USAA. I prefer them even to the local SF credit unions.
Edit: I guess they are both a bank and insurance company.
- itsmillertime4u 11y agoThey have a branch here in the DC area also, but the can't handle any money there, and are there for more of a presence to help with financial wealth planning.
- linkregister 11y agoTo provide some balance regarding praise of USAA, they also push unnecessary and predatory "overdraft protection" and require an opt-out to binding arbitration. Some of their business practices as of the last three years have been converging with that of the big American retail banks. Some retail banks have made enormous strides in catching up to USAA's great internet and phone banking. It would be great if someone were to include some information about their executive compensation plan to see how their incentives are aligned in comparison with the large retail banks. Their insurance rates are very competitive and their customer service is stellar. There is a branch in Annapolis, Maryland across the street from the Naval Academy. Just as the Washington, DC branch, they don't handle cash but have a full-service ATM outside.
- scurvy 11y agoWhat is the overdraft protection? The only stuff I've seen links a credit card to your checking account, and there is no charge. Or has that changed?
- linkregister 11y agoThe friendly default is to allow a backup checking or savings account to handle the overdraft. However, upon creation of new accounts in the past 2-3 years, they offer the predatory BoA-style overdraft protection. It's opt-in, so I imagine very few customers choose it. Still, I was dismayed to see it even being offered. It is completely out of place with the rest of the USAA offerings.