Reply
Moderator Emeritus
Posts: 12,475
Registered: ‎12-30-2011
0

Re: Calling all USAA Members!!

[ Edited ]

webhopper wrote:
I'm going to take advantage of my employers employee stock purchase program... I can do the stock purchase of up to 10k per year and get back 1/3 of that in cash free. But I have to hold the stock for 3 yrs minimum.

My emploeyers financial position is very strong and their stock yields a 10 cent per share income monthly.

Does anyone use a USAA brokerage account? Does it make you more likely to be approved for their credit cards? For me; reviews are good for USAA in particular and I'm only buying this single stock...

Bottom line is that I trust usaa more with my money than the other online brokerages available.

Anyone have feedback or want to share their experiences?? Thanks!

Webby,

 

Most ESPP (employee stock purchase plans, sorry) typically put the shares into an escrow account of some sort, look into the details first before seeing whether the brokerage account is immediately necessary.  At a minimum it's a two step process, where you're going to have to transfer the shares into the brokerage account, but with that 3 year clause, I can't see their allowing you to do that immediately.

 

There's some sneaky accounting reasons for that around company 401K's and ESPP's regarding who can actually claim it as an asset or a financial reserve, especially when it ties into vesting schedules.  I don't know the details and it's not really worth finding out, but there's generally an incentive for companies to keep such programs in their own  sphere rather than immediately transferring it out.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Calling all USAA Members!!


mojobones89 wrote:

idk about the whole stocks and broker area but as far as their cc's,i got approved when i open an account with them....a decent starting off limit but besides that there is nothing special about a  usaa cc....IMO


suebee123 wrote:

I have their brokerage account and IRA.  Along with credit cards and an installment loan.  They are my favorite bank.  Super easy to set up and manage.  


 


I saw they were doing EMV Chips... Are they doing this for the Affiliate CCs as well?


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Highlighted
Senior Contributor
Posts: 4,694
Registered: ‎02-23-2011
0

Re: Calling all USAA Members!!


Revelate wrote:

 

Most ESPP (employee stock purchase plans, sorry) typically put the shares into an escrow account of some sort, look into the details first before seeing whether the brokerage account is immediately necessary.  At a minimum it's a two step process, where you're going to have to transfer the shares into the brokerage account, but with that 3 year clause, I can't see their allowing you to do that immediately.

 


Right, and depending on the type of shares, the portion of the stock price where it had been "discounted" is counted as ordinary income and will be taxable regardless if the shares were to be worthless in 3 years.  There is also unique long-term and short term capital gains treatments for the shares depending if they were purchased, purchased at under market valuation or outright gifted as a bonus.

 

Not terribly complex, but it is important to realize the type of ESPP one is receiving and plan accordingly.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.