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That's what they do with deposit@home. I don't think USAA cashes the checks immediately when you cash your checks online. That's why they require you to have a
by chris11 15y ago
That's what they do with deposit@home. I don't think USAA cashes the checks immediately when you cash your checks online. That's why they require you to have a line of credit with them. When you cash a check they give you an interest free loan for the amount of the check. When the check clears the loan is paid off. And if the check doesn't clear they have the ability to take the money out of the account, or they actually give you a loan to cover the check if you have drained your acccounts.
- nroach 15y agoI use deposit@home and have no formal line of credit with USAA. It may be something they're doing internally, but my only products with them are debit accounts. (My credit and insurance is done elsewhere due to non-competitive rates charged by USAA).
- chris11 15y agoYeah, I think its done internally, but according to the requirements you need to have either an active property insurance or an active line of credit, and you need to be qualified for both. So I don't know what's going on there. But I have noticed some of the bank's rates are not competitive. https://www.usaa.com/inet/pages/bank_deposit https://www.usaa.com/inet/pages/bank_deposit
- stevoyoung 15y agoYou basically have to be P&C eligible to use deposit @ mobile / home. To be P&C eligible you need to be military or spouse / child of military.