USAA is an amazing bank. I feel sorry for people who have no military connection who aren’t eligible. This bank started out as a bank and insurance company for only commissioned officers and their families. As I understand it, the idea was that officers were a lower risk pool regarding car insurance. They were more educated and more likely to have vehicles in good repair, etc. But, through the years of military draw down the bank has opened themselves up to anyone that has served.
I have found them to be very responsive when there are issues at hand. I once had a rental house that had flooded due to a plumbing malfunction. I could tell I had not received the proper compensation for my claim. I just so happened to be at their Colorado Springs facility sitting on a panel for discussions with their call center employees. One of them asked me I had ever had a bad experience with USAA. I admitted that I was currently trying to solve this disparity in my insurance claim.
Next thing I knew I was being asked to step out in the hallway and a man in an expensive suit from the executive suite asked me to explain the situation. He told me he would get an answer that day. He did caution me that I may not like the answer…but, he would get it resolved that day. The next day, I had several hundred dollars deposited into my bank account. I was told it was a problem that had occurred when a claims adjuster quit with no notice and another adjuster had taken on that caseload as well as their own.
USAA has a policy where you can get two ‘2 month deferments’ over the course of a car loan. They are supposed to be 12 months apart from each other. And, of course in skipping two payments it gets added to the end of the loan. But, it has sure helped a lot of military who are transitioning out of the military and have very tight finances.
They also are a benevolent organization. I know of a non-profit charitable organization that receives $50,000 grant from USAA every year. Their customer service is amazing and the call center people seem to really care about you as a person…not just another number. Whether you are active duty or have been out 50 years, they always will greet you by your rank which for us old retirees and veterans is music to our ears.
If you are a veteran, I urge you to establish an account with USAA today.
Disclosure: I am not employed by USAA and will not experience any benefits from this article other than the royalties the article itself produces.