benefit of USAA

Discussion in 'Military Academy - USMA' started by jtaylor15, Apr 24, 2011.

  1. jtaylor15

    jtaylor15 New Member

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    I am about to have my direct deposit form filled out and I what the benefit of getting a USAA account is, as opposed to just using my bank of america account.
     
  2. jasondavid92

    jasondavid92 USMA Cadet

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    No ATM fees and is needed for the Cow year loan
     
  3. USMA CME

    USMA CME Member

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    USAA has epic customer service and pretty much everyone here uses them (at least after cow year). they also have a branch here and like mentioned above they pay ATM fees
     
  4. THURL

    THURL Founding Member

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    I almost fell off m chair when I saw how low Auto insurance was for a 21 year old male with a good driving record!
     
  5. DHinNH

    DHinNH USMA 1989

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    Is USAA the only source for the loan now? We had several options "a few years ago".
     
  6. jasondavid92

    jasondavid92 USMA Cadet

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    One cadet, who is a Cow now, said that they use USAA only. He didn't mention any other banks
     
  7. jocomom

    jocomom Member

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    My entire family (parents, siblings, self, children) use USAA for everything (insurance, banking, investments, buying services, vacations). Epic customer service is accurate. They are accustomed to customers living all over the world and being on the move. Use your cadet's status to become a member yourself. You will not be sorry especially when the big rebate check arrives at the end of the year!
     
  8. DHinNH

    DHinNH USMA 1989

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    I guess I shouldn't be surprised. I wonder how much that exclusive market is worth to USAA....
     
  9. majmattmason

    majmattmason Member

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    I do not believe as a parent you can use your cadet's eligibility to become a USAA member, unless you are prior service yourself, which in that case you wouldn't need your cadet's status anyway. Navy Federal Credit Union however DOES allow for this type of membership benefit.

    But as a USAA member, I can tell you that the service and products are as remarkable as previously mentioned. We switched from Allstate after having been members for over 30 years and our auto insurance rates were cut over half, for a better policy. Hard to beat that type of offer.
     
  10. BOK

    BOK Member

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    I believe any (most) individuals can use USAA for everything except auto insurance
     
  11. DHinNH

    DHinNH USMA 1989

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    substitute "auto and property" for "auto" and you're right

    USAA membership is required for auto and/or property insurance, and membership is somewhat limited
     
  12. Capt MJ

    Capt MJ Member

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    Auto and property insurance for active duty (includes midshipmen and cadets), ROTC (call for exact eligibilities at what point during program), Reserve, Guard and veterans. Then, that member can add his/her spouse and children. It's an Association with a charter specifying membership criteria for the property policies. Bank, investments, life insurance and some other products and services are not limited. For official guidance, consult www.usaa.com or call them.
     
  13. Chockstock

    Chockstock "Forever One Team"

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    I've heard a lot of good things about USAA, which was one of the main reasons why I opened an account for myself before getting here. But I also know something that is NOT a benefit to having just an account at USAA. What is with all the PenFed atms atms at West Point? Do they have like a partnership with the school? I dont have anything against PenFed (I have an account there too) but it really unnerves me sometimes that USAA seems to be just as/more popular than PenFed and yet you can't find a single USAA atm within the school.
     
  14. bruno

    bruno Retired Staff Member

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    Why do you need a USAA ATM? USAA reimburses the ATM charges, and you can deposit on line easily with USAA (just scan the check). I've been with USAA for my insurance for 36 years and my banking since the early 80s and never had a problem doing business with them for anything. In all that time I have actually been to USAA just once - (I felt an obligation to go to the home office once in San Antonio on my way to 6 Flags just to say I had been there and made a deposit). They are a great company for a service member.:thumb::thumb:
     
  15. alparent

    alparent Member

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    We do not have any experience with banking with USAA (yet), but we have had auto and homeowner's insurance with them for many, many years. I live in Alabama and I am so impressed with their presence here after the tornados last week. They have bent over backwards to assist and help out their members. They offered phone and Internet access so we could contact family. We did not suffer major damage, but had a small claim and they were super easy to work with and very efficient. After our experience, we will be looking into their banking services. I agree with Bruno- a great company!
     
  16. Tachypsychia

    Tachypsychia Member

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    I've had usaa for 4 years. Best bank I've used. As long as you're legacy you can have usaa. My children and grand children will be able to use usaa because I'm a military member. I take full advantage of their services. I have renters insurance, motorcycle insurance (through progressive with more discounts from usaa) car insurance, a loan, several investments and credit and checking.

    Couldn't be happier with their services. Military get paid thursday at midnight (0001, as soon as it changes to Thursday) which is a full day before all other banks get the deposit. No ATM fees (you get charged, but get up to a 25 dollar rebate at the end of the month, a rewards program for spending money which is essentially free money (I've gotten about 250 in free money) and extremly good discounts on services, like cars and such.

    If you are eligible, take the opportunity to switch over.
     
  17. laxfan

    laxfan USMA 2015 Appointee

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    USAA also has some pretty good investment services. for those of you who are interested in making investments with some or your cadet pay or Cow loan, USAA is convenient because it's easy to transfer funds between your banking accounts and investments.

    Among other investments, some of their mutual funds are well rated, and they do offer CDs with "competitive rates" (haven't researched this myself, but thats what they say.)

    I already have an account with USAA through my family, and I like how easily transferring money between investments, insurance, checking, and savings is. Also, you can't beat the iPhone app for mobile banking and depositing checks; all you have to do is sign the check, take a picture of the front and back, type in some information, and you're done! the check money has been deposited to your account of choice:thumb:
     
  18. America's Finest

    America's Finest USMA Cadet

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    I've heard the exact opposite from the Economics head at USMA (Economics PhD). He said USAA is great for everything except investments. They aren't the worst, but there certainly are way better options. Then again, that's just one opinion.
     
  19. laxfan

    laxfan USMA 2015 Appointee

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    I would agree that they aren't the best. However the professor was most likely making a blanket statement about all of the investment services at USAA. That being said, several of their mutual funds made Kiplinger's Top Ten Lists this year, they are well managed and have great returns, their expense ratios are below average, They have great customer service, and are very convenient.

    So not the best over all, but a smart consumer can probably have some USAA investments in their portfolio that do pretty well. But the professor is also right, USAA is probably not the best option if you're looking to have all your money in one company :thumb:

    I'd be interested to see what others think about USAA investing.
     
    Last edited: May 7, 2011

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