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USAA for banking? No physical locations?
Posted on 2/13/20 at 5:56 pm
Posted on 2/13/20 at 5:56 pm
Recently opened a new checking account with USAA as I’ve been pretty happy with their customer service during my time in the military. However I’m already struggling with the fact they have no physical locations.
I want to move all of my money from my old checking account to the new one I opened with USAA. The problem is if I just retrieve all the funds from my old account via cashiers check and close it, USAA wants me to mail the check in to have it deposited. That’s going to be a big NO for me.
So I tried using the app and linked my previous bank account to be able to transfer to USAA. Now it is telling me there is a $5,000 limit and there would be a 10 day hold on the funds! I really feel like migrating my funds to USAA should be far easier than this. Does anyone have any solutions or suggestions? Thanks so much. Just seems to be a major PITA so far.
I want to move all of my money from my old checking account to the new one I opened with USAA. The problem is if I just retrieve all the funds from my old account via cashiers check and close it, USAA wants me to mail the check in to have it deposited. That’s going to be a big NO for me.
So I tried using the app and linked my previous bank account to be able to transfer to USAA. Now it is telling me there is a $5,000 limit and there would be a 10 day hold on the funds! I really feel like migrating my funds to USAA should be far easier than this. Does anyone have any solutions or suggestions? Thanks so much. Just seems to be a major PITA so far.
12
Posted on 2/13/20 at 6:14 pm to Bluegrass_Cat
Just migrate the funds over several transactions.
ETA: I believe they have a physical location in San Antonio. At least they did when I live in Texas.
ETA: I believe they have a physical location in San Antonio. At least they did when I live in Texas.
This post was edited on 2/13/20 at 6:15 pm
Posted on 2/13/20 at 6:33 pm to Bluegrass_Cat
I’m pretty sure those limits are federal anti money laundering type restrictions and not just USAA policy for what it’s worth
Posted on 2/13/20 at 6:39 pm to Bluegrass_Cat
Holds on funds especially on a new account is normal. It will happen even with an established account based on risk criteria.
Does USAA not offer check deposit from their mobile app? Most banks do these days. It would probably still have a hold regardless.
I wonder if the 5k limit is because it's a new account. Fidelity lets you do up to 250k.
I have been using Fidelity for banking for the last few years and ING Direct before that. Neither has physical bank locations and hasn't been an issue for me.
I do keep an account with a local bank for safety deposit box and for ATM. Though I could use Fidelity if I wanted to as they reimburse ATM fees but prefer to keep that separate.
Does USAA not offer check deposit from their mobile app? Most banks do these days. It would probably still have a hold regardless.
I wonder if the 5k limit is because it's a new account. Fidelity lets you do up to 250k.
I have been using Fidelity for banking for the last few years and ING Direct before that. Neither has physical bank locations and hasn't been an issue for me.
I do keep an account with a local bank for safety deposit box and for ATM. Though I could use Fidelity if I wanted to as they reimburse ATM fees but prefer to keep that separate.
Posted on 2/13/20 at 8:18 pm to Bluegrass_Cat
Give them a call. Their customer service is top notch. They will jump through hoops to take care of you. I honestly think it will be far easier than you think. We have banked with them for about a decade or maybe a little longer, and I absolutely love using them.
Posted on 2/13/20 at 8:29 pm to Bluegrass_Cat
It’ll cost you $20 or so but just wire it over. Not a huge deal.
Posted on 2/13/20 at 9:29 pm to Bluegrass_Cat
quote:
So I tried using the app and linked my previous bank account to be able to transfer to USAA. Now it is telling me there is a $5,000 limit and there would be a 10 day hold on the funds
I had a very large deposit to make and called USAA because it was just over my daily limit. They raised it immediately to allow the deposit and gave me partial funds access immediately while holding the rest for several days.
You may want to give them a call.
Posted on 2/14/20 at 7:02 am to Bluegrass_Cat
Lifelong USAA member. I use them for my checking, savings, life insurance and car insurance. I also have a Chase checking account for when I need to deposit cash (rarely).
Highly recommended if you can become a member. It is one of the few companies that actually pick up the phone when you call.
Highly recommended if you can become a member. It is one of the few companies that actually pick up the phone when you call.
Posted on 2/14/20 at 7:44 am to Bluegrass_Cat
I use USAA. The only complaints I have about it are cash. It is super easy to get cash from an ATM still but when people pay me in cash, it is not easy to get it back to electronic form. If you deal in cash a lot, it is very convenient to have a local brick and mortar bank.
Posted on 2/14/20 at 8:59 am to Bluegrass_Cat
My usaa daily mobile deposit is 100k. After you've had an active account for a while they raise your limits quickly.
Posted on 2/14/20 at 9:15 am to Bluegrass_Cat
You can call and get a temporary increase. They are really easy to deal with.
Posted on 2/21/20 at 9:21 am to Bluegrass_Cat
(no message)
This post was edited on 1/11/21 at 1:46 pm
Posted on 2/22/20 at 12:48 pm to Bluegrass_Cat
Have used USAA for a lot of years. Couple of observations.
They just transferred their investment arm for the second time recently. Now going to Charles Schwab. Don't know whether good or bad and don't know about fees.
Their customer service, which use to be top notch, is slipping. Had dozens of contacts with them in 2019 due to death in family of military member. Depends on who you get. A lot of reading canned statements out of training manuals. A lot of contradictory information. Even had a couple to whom English was not their native language. The department they transfer you to, because "we don't handle that here", is always unavailable. Had to ask to speak to supervisors several times. And when the supervisor calls you back you better answer or they go black.
Very disappointing compared to what they use to be. As a veteran never thought I would consider pulling everything, banking, credit cards, investments out.
They just transferred their investment arm for the second time recently. Now going to Charles Schwab. Don't know whether good or bad and don't know about fees.
Their customer service, which use to be top notch, is slipping. Had dozens of contacts with them in 2019 due to death in family of military member. Depends on who you get. A lot of reading canned statements out of training manuals. A lot of contradictory information. Even had a couple to whom English was not their native language. The department they transfer you to, because "we don't handle that here", is always unavailable. Had to ask to speak to supervisors several times. And when the supervisor calls you back you better answer or they go black.
Very disappointing compared to what they use to be. As a veteran never thought I would consider pulling everything, banking, credit cards, investments out.
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