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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 7:02 pm to gpburdell
quote:
Does USAA not offer check deposit from their mobile app?
USAA member since 2007 here. Yes, they have mobile deposit.
Posted on 2/13/20 at 7:45 pm to jclem11
They do have mobile deposit, just a $5K limit. Someone had mentioned to me just wiring the entire amount from my old account to my new one so that may be an option.
Posted on 2/13/20 at 8:09 pm to Bluegrass_Cat
There is always a 10 day hold on my checks over $5k. Pretty sure its an antiterrorism/money laundering measure.
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 9:00 pm to WPBTiger
Corp HQ off 10E south of 1604. I don't think they have physical locations anywhere - hence the $0 atm fees.
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 2/13/20 at 9:31 pm to Bluegrass_Cat
quote:
They do have mobile deposit, just a $5K limit.
I just checked my daily deposit limit on USAA’s mobile app. It is set at $100K. Not sure if it because I have been a long time customer or some algorithm that they use.
Posted on 2/13/20 at 11:22 pm to Will Cover
quote:
I just checked my daily deposit limit on USAA’s mobile app. It is set at $100K. Not sure if it because I have been a long time customer or some algorithm that they use.
My mobile deposit limit at Fidelity is 100K too. I'm sure it's based on a variety of factors.
Posted on 2/14/20 at 5:53 am to Will Cover
Mine is $100k too.
Posted on 2/14/20 at 6:00 am to TheWiz
Have used them for years. It does require quick search if depositing cash into ATM.No major issues and good customer service, although slipped alittle to me in past few years.
I also use Capital One and Chase. Out of the three, Chase is clear loser in all regards.
I also use Capital One and Chase. Out of the three, Chase is clear loser in all regards.
Posted on 2/14/20 at 6:10 am to Matt225
Called them. Limit was $5k due to it being a new account and no deposit history with them. Makes sense. Appreciate all the input!
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 7:43 am to Will Cover
quote:
I just checked my daily deposit limit on USAA’s mobile app. It is set at $100K.
This.
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 7:46 am to gpburdell
quote:
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.
USAA has the fastest releases of any bank I have used. They never put a hold on any of my mobile deposits, transfers, etc. In fact, they post my friday paychecks on the thursday before. I don't get how that happens by it does the same thing for my brother.
I think this hold situation has to be related to initial deposits or something.
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