One thing that makes USAA stand out is the fact that two of its three checking accounts bear interest. This account is set up to be as convenient and inexpensive as possible. USAA also offers a checking account specifically geared to minors under the age of Parental controls allow parents to:.
Parents can decide whether or not to request a debit card with this account. It does not come standard as it does with the Classic Checking account. As with the regular checking account, Youth Spending allows you to opt into free overdraft protection with a linked credit card or savings account.
When your child turns 18, the Youth Spending account automatically becomes a Classic Checking account. Instead, it allows you to earn cash back through debit card transactions. You get 10 cents on each qualified purchase, and the amount is added to your rewards balance within one to two business days.
There is no limit to the amount of cash back you can get, and you can redeem your rewards at any time, in whole dollar increments, provided that your account is in good standing. The ATM policy is not quite as generous with this account. It offers the same overdraft protection as the other two checking accounts. USAA says that it expects the account to be available in additional states at a later date. You can purchase these CDs in terms ranging from 30 days to seven years, although some of the shorter terms are not available for the standard CDs.
USAA has a number of credit cards on offer, with a variety of perks to meet the needs of its customers. Whether you are looking for a rewards card offering points plus bonuses , a cash-back card, or a card with an annual percentage rate APR as low as 6.
In addition to the above banking products, USAA has a large menu of products and services for its members. Excellent customer service has long been what USAA is known for. You can reach a customer service agent by phone at least six or, in some cases, seven days a week; the specific days and hours vary depending on which department of USAA you need to contact. The website also offers online chat with a virtual agent anytime you need help. As a financial institution serving a transient population, USAA has always been on the cutting edge of financial technology.
In , USAA bylaws were revised to allow officers in the National Guard and the military reserves eligible for membership, as well as military dependents.
Members from these groups soon made up a large part of the company's business. A centralized training and education facility was developed during this time, and the company moved from its overcrowded offices to a new building, situated on acres in northwest San Antonio. This facility became the world's largest private office building.
With tennis courts, picnic tables, four cafeterias, and a company store, it was designed to enhance employee satisfaction on the job. The company also instituted a four-day work week to provide its workers with more flexible hours. Along with the main San Antonio facility, USAA opened several smaller, satellite offices in areas around the country with large concentrations of military personnel, including Sacramento, Seattle, Colorado Springs, Tampa, and the Virginia cities of Norfolk and Reston.
A second overseas office was opened in London. After an amendment in the company's by-laws, USAA finally moved to provide a greater number of services for its members. USAA also began to offer a discount brokerage service. USAA also set up a travel agency and began to offer real estate investment opportunities. Each of these new enterprises made a broader range of services available to USAA members and also contributed to the company's overall net worth.
By the early s, USAA's diversified business lines were thriving. In addition, USAA had also inaugurated a joint program with Sprint, to provide discount telephone services to its customers. USAA's attention to employee morale and training had also won praise, and it was named one of the ten best companies to work for in America.
With a loyal and well-trained corps of employees, and a smooth-running operation that ran with precision, USAA appeared well situated to continue its growth and solid financial success well into the 21st century under the leadership of new chairman and CEO, Gen. Robert T. Toggle navigation. User Contributions:. Comment about this article, ask questions, or add new information about this topic: Name:. E-mail: Show my email publicly. Human Verification:. Public Comment: characters. Customers were certainly pleased with the change.
It was a real treat when they launched their website in USAA is becoming very popular with military personnel not only because of the auto and home policies they offer. The banking and financial services are also a big drawing card. There was a period of time between September of and the Fall of that USAA did allow civilians to apply for restricted membership.
They were allowed to use the investment services and many of the bank deposit services. The property and auto insurance products, however, were not made available to anyone outside of the military or their dependents.
While USAA is not entirely unique in the way that they operate, they do provide one exceptional benefit that is hard to find for a reasonable rate anywhere else. There is no clause that cites a war exclusion in their policies. One of the most interesting things about USAA is the way that the company is structured. They are not a corporation, although they are a Fortune company.
This is one attribute that makes them different from all the rest. They qualify for inclusion because they are a group who insures one another. USAA has no stockholders to pay as most corporations do, instead, the profits are distributed to its members. This is the one constant that has remained since the company was first formed in Although much about USAA has undergone an evolution, such as the types and ranges of products and services that they provide, they have stayed true to their mission to serve milliary members and they now embrace their families and extended families as well.
Their children are also eligible for coverage and there are no age limits in force. If there is a question about eligibility, USAA offers a useful tool for determining this on their website. For a period of time in the past, there were some other classifications of professionals who were granted eligibility. Over time, USAA has honed in its focus upon military members and as a result, some people who were previously eligible in the past may no longer be.
They offer the website assistance for a fast and easy determination of eligibility. Perhaps he should look to USAA for advice. USAA isn't a model for an entire economy. But it is an example of technical innovation and thinking outside the box. We desperately need more of that. And more good banks as well. Skip to content Site Navigation The Atlantic.
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