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Banking
Previous | Next by elfie 05 February, 2008 - 8:03 AM

Anyone use USAA or E*TRADE for Checking and/or Savings accounts, preferably both? Any complaints or love stories?




2/5/2008 >> found_drama

so I think DTC just ate my original comment b/c I'm not seeing it here; so here's the short version:

(1) I use USAA for Checking but not Savings. But also for IRAs, insurance, and a credit card.
(2) The plan is a good one. 0.5% rebate on "check card" purchases run as credit; free checks; free deposit-by-mail envelopes; free web bill pay (and a great member services site more generally); rebates on ATM service charges... Good stuff all around.
(3) Customer service has always been awesome, too. They caught an identity theft attempt on our account about 2 years ago and stopped a gnarly situation before it got ugly.

USAA gets a big endorsement from me, for sure.


2/6/2008 >> elfie

Do you mind if I ask who you use for savings if not USAA? They've got a better rate than the bank I'm using right now, but not as good as what E*TRADE is offering.

Have you looked into USAA's Deposit@Home service at all? I'm pretty sure that since you have both insurance and a credit card, you'd be eligible.

The primary reason that I want to keep both at the same bank is that I tend to keep everything in savings and only move it to checking the two times a month that I pay bills. And having both right next to each other makes those transfers happen faster.


2/6/2008 >> C Mo

I don't use either since I work for a different bank, but my father uses E*trade and I've only heard him rave about it.



2/6/2008 >> found_drama

I don't use USAA for Savings b/c savings accounts tend to suck ass across the board. We found a a great Money Market mutual fund with "check writing" privileges through Wells-Fargo. The rate of return has been much better. It's been a while since I looked into the savings accounts at USAA but as I recall, we the made decision in part because it just made more sense (for our saving and spending styles) to do it that way. The nutshell answer to your question: uh... it just wasn't our style?

re: Deposit@Home -- I had to look that one up... We don't have a scanner so I would say THAT is the part keeping us from being eligible.

Hope that helps -- and let me know if there are other questions you have! I don't mind at all.


2/7/2008 >> elfie

FD: Since you don't use Deposit@Home, I guess my next question is, have you ever had any trouble making deposits via the mail? I don't entirely trust the USPS to get anything important from point A to point B and I'd worry about what a mess it would be if a check didn't make it to them. Do they give you postage-paid deposit envelopes or do you have to pay for a stamp for every deposit?

C Mo: You may not know since you don't use them yourself, but same questions as above... any concerns about deposits via the mail?


2/7/2008 >> muhgcee

With NavyFCU, I do all my deposits by mail, and not a single one has ever been messed up. I generally find USPS to be very reliable, and the "it was lost in the mail" excuse to be extremely implausible.


2/8/2008 >> found_drama

"...have you ever had any trouble making deposits via the mail?" No problems. I use direct deposit for my pay checks. My wife doesn't trust the direct deposit where she works (long story) and has opted to do the deposit-by-mail instead of direct deposit. Most deposits have cleared for us within 4-5 days.

"Do they give you postage-paid deposit envelopes or do you have to pay for a stamp for every deposit?" They're all postage-paid. You just log onto their website (or call) and tell them that you're running low and then they send you 10 or 20 at a time.


2/8/2008 >> elfie

USAA definitely sounds great on the convenience scale.

I really want to love E*TRADE like so many others do, but I'm going on two months now of trying to get Pie's IRA set up properly. At this point, they have her money and we have no access to it because their fax machine is a piece of shit and the copy of her driver's license I'm faxing them is either too small or too dark or they're too stupid. They fail completely on the customer service. I keep telling myself that once this is finally set up, they'll be the epitome of convenience and they're 4.4% interest rate on savings accounts will make up for any difficulties, but... arg.




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