USAA also has USAA Savings Bank and has had since the early 80s. The bank coincides with the insurance company criteria in that not just anyone can bank or be insured with them---military only, etc. Extremely elite if ya ask me--should see the working digs.
AHEM!The CHILDREN including ADULT children of USAA members can use the services provided by USAA. The fact there are NUMEROUS financial institutions that provide services based upon member's occupational field makes USAA NOT so "elite".66 Federal Credit Union is ANOTHER such organization with employer association requirements.
It's an extremely well run financial organization. It's open to current and former members of the military and their families (not very restrictive or elite - I've been a customer for over 40 years). Their HQ in San Antonio is pretty posh - but no more so than other financial companies.
This opens up a huge can of potential problems. Think about fraud. Someone could scan the check for deposit, then run to a local bank, and cash it again. Then it clears the check writers account twice. If someone isn't great about checking their bank statement, they get zapped. USAA is putting way too much trust in their customers. I wonder how long they "hold" the money before you can use it.
Having worked at USAA as a contractor, I can promise you, they will not create any processes that put them or their clients at risk in any way, shape or form......PERIOD.The are the most conservative, risk averse company I've ever been associated with in my 30 years in the business, and that includes Plano based EDS, back when Perot owned it.They are an excellent organization and are totally devoted to their customers. Their client list is a Who's Who of names from our US Military(Example, Colin Powell).
Why would this open up a can of worms? I believe that current USAA members are not as criminal minded as other banks members from non military families and they would not "scam" a bank like some WT here in Wise County :)
Shut up SquareHead!!!
Actually, the banking services are open to anyone. The restrictions do not apply as they do with the insurance side of the house.USAA member and husband of an employee.
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