USAA VS NAVYFED

[UncleB]

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@darkfrosty wrote:

UncleB .. that is what I am thinking about doing .. switching my direct deposit over to USAA and then setting up a push to chase to get the fees waived. How do you go about doing this? and do you think Chase will see this as a direct deposit ?

One thing that I dont like about USAA is no business accounts.

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It's super-easy to set up with USAA... you just enter the routing and account numbers, and they send a couple of low-value (under $1) 'test deposits', and once you see those on the other account (usually a couple of days later), there's a place on the USAA screen for you to verify the amounts.  Once this is done, you can 'push' or 'pull' money at will.  There are limits but it's much higher than I'll ever need (I think $5000 a month, or something like that - and I believe if you are a true 'high roller' they can even work with you on that). 

I'll also add that when I've 'pulled' money from Wells, USAA gives me immediate credit for the first $800; the amount over that takes a couple of days longer, but that's still much better than other banks I've used that make you wait a few days for any of the funds to be available. (The amount they give you immediate access to might be account specific based on history, I'm not sure...).  My 'push' transactions to Wells are credited (by Wells) the next day if I initiate the transaction with USAA early in the day.

As for if it will work the same way for Chase, the only way to know for certain is to give it a try (I've not read any feedback specific to Chase one way or the other).  I didn't know if it would work at Wells until I gave it a go, and it's been working like clock-work for a couple of years now.  If you do decide to give it a try, be sure to let us know now it works out!

(I agree that it's lousy that USAA doesn't do business accounts... that would seem to be the only area their banking falls short of being truly 'full service'.)

[shinedown87]

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@darkfrosty wrote:

UncleB .. that is what I am thinking about doing .. switching my direct deposit over to USAA and then setting up a push to chase to get the fees waived. How do you go about doing this? and do you think Chase will see this as a direct deposit ?

One thing that I dont like about USAA is no business accounts.

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I have been pusing and pulling the same $500 between USAA checking and Chase checking for years in order to waive the monthly fee on my Chase account. Works great, no issues whatsoever. 

[pizza1]

I think the real question here should be, are you eligible to be a member at one or both of these establishments? That will decide everything right there.

[elim]

That USAA transfer is pretty nice.  Also, you can basically drag (up to your entire limit) cash from your CC to your checking account. Then drag that to another bank. All done instantly and without ANY fee.   Free cash.  The only other card that comes close to it's cash ability is Barclay Ring (but ring will cost you $3 and only allow partial limit).

So if emergency arises I can quickly have 10k In cash in my pocket from that card alone.  I hope to never have to use it but it's there.

Yes i'm aware you will pay interest on cash but, if you need it, it's a free withdrawal and same low APR as your CC.

[UncleB]

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@elim wrote:

That USAA transfer is pretty nice.  Also, you can basically drag (up to your entire limit) cash from your CC to your checking account. Then drag that to another bank. All done instantly and without ANY fee.   Free cash.  The only other card that comes close to it's cash ability is Barclay Ring (but ring will cost you $3 and only allow partial limit).

So if emergency arises I can quickly have 10k In cash in my pocket from that card alone.  I hope to never have to use it but it's there.

Yes i'm aware you will pay interest on cash but, if you need it, it's a free withdrawal and same low APR as your CC.

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+1

That's actually my emergency plan... take no-fee cash advance from USAA Visa to checking, then immediately pay it off with no-fee balance transfer from NFCU. I would incur a few days worth of interest (until the balance transfer was processed) but it would be minimal, and again, we're talking "emergency" here.

It truly is the best of both worlds... entire credit line available for cash, and NFCU's low rate. 

(Once again, I owe a huge thanks to the folks here for making me aware of NFCU... until I became active here I wasn't familiar with them, and I made their eligibility window by a period of months (via active duty brother who is being discharged in a few months.)

[CraigHwk]

I love USAA because it gives me a "Mint" style overview of all my other accounts and credit cards.  Having a few myself, it's nice to see everything on one page without having to use Mint.   Maybe NFCU has this as well, but I don't know since I don't use them.

Also nice getting my paycheck a day early.

[Anonymous]

I absolutely, positively love USAA! Don't know about Navy since I'm not eligible to join. 

[wantmoremoney]

I love USAA also! They treat you like somebody! I have only been with Navy Federal for about 9 months and it seems like they hate me! They won't approve me for any credit card no matter what my score is and the fact I do not have any baddies! I don't know what triggered the dislike for me but oh well I will stay with them to see if things change with time! And its ok because I use USAA for everything! My checking, savings, cd's, auto and home insurance! Love em! Love em!!

[Anonymous]

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@Gmood1 wrote:

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@Anonymous wrote:
NFCU for me. USAA turns me off because of the annual redemption of rewards, opposed to NFCU's instant rewards. USAA is great for insurance!

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Just a FWIW, USAA cash rewards are instant. I've benefited more from USAA on a saving money stand point. Customer service is outstanding! Their auto and home insurance rates have no peers.

NFCU is more generous with CC SL's from my experience. Just utilize both, each has its strengths.

update= just requested my 6 months limit increase this morning on USAA. SL $7k now $14K.

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Sweet! They also started me at $7K. Was the CLI a HP or SP?