USAA vs. NFCU

[Uncle Fester]

+1 for "both". I use USAA for damn near everything (banking, cards, insurance, loans). I've passed up better rates for car and personal loans in favor of USAA simply because their customer service is so freaking good and they make everything as painless as possible. They really do understand military "stuff" and won't blink twice when you tell them you need help with X because you're leaving the country for six months in 10 days (as I have).

I do keep my account active with NFCU just for the advantages of having a walk-in branch for when you need to talk to someone in person or deposit a check. USAA has a "deposit online" feature where you can scan a check and they credit your account until the actual check arrives by mail, but there's a max $ limit on that feature (only been an issue when I've sold vehicles and the like, but still).

That being said, NFCU's website isn't nearly as extensive and they don't offer as many services as USAA, but they's good people, too.

So if it's one or the other, I'd say USAA, but there's no reason you can't do both and that's what I'd reccommend.

 

[theblakeness]

NFCU also just announced an active duty checking account in which you get up to $20 reimbursed for ATM charges. And you get free checks for life. USAA reimburses for ATM fees, I can't remember the max amount and you have to pay for your checks with them.

USAA only charges you for checks if you get one of the fancy checks with backgrounds. I use USAA's plain checks and I get them for free. they even ship for free.

I use USAA for checking, savings and car insurance. Im in the process of closing down my BofA accounts and, like MB, I have another bank that I use because I need cashiers checks and I dont want to wait on USAA.

So far USAA has been phenomenal though. The customer service really lives up to all the hype.

 

[Clux4]

People still use checks? I can't remember the last time I wrote a check.

 

[FlyBoyd]

I've passed up better rates for car and personal loans in favor of USAA

Every time (with the exception of mortgage rates) I make USAA match a better rate or "I'll get the loan from the competitor." I have a 100% success rate. You get the good rate AND the customer service.

 

[phrogpilot73]

USAA also allows you to use your scanner and scan a check that you're depositing up to $10K - and it's available the minute you're done scanning it. No problem with no physical branches...

 

[HuggyU2]

I'm not familiar with NFCU, but use USAA and Pentagon Federal Credit Union. I've found PenFed to have some better services. I'm guessing they will be simliar to NFCU.
Consider using both. USAA's loan rates are not the best.

And congratulations on swearing in.

 

[SLB]

Congrats also on swearing in. USAA does have a physical bank if you happen to live in the San Antonio area, and there is a new facility in Phoenix, but I am not sure if you can actually do any banking there.

I would recommend USAA for insurance at the very least. A little story, before I was to report to API, I had an accident with my truck in an icestorm in upstate NY. USAA paid for the $400 to get it back on the road, and then I paid the $500 deductible when I got to P-cola when I took it to the approved body shop. I also got a rental car for the entire week that the truck was in the shop (although most insurance companies will do that). It was great service all around from them.

I used to be a member of NFCU, but when I moved to Brunswick they didn't have a branch. Of course about a year after I moved then one finally opened up on the base. They are also a fine institution. Nothing wrong with going with both!

Good luck,
SLB

 

[Fog]

In case anyone cares, NFCU is a credit union. As such, it pays no taxes on its earnings - even though it provides all the services of an ordinary bank. This helps NFCU & all credit unions when they compete for retail banking services with traditional banks and S&L's. USAA (an S&L), on the other hand, is a traditional [mutually-owned] for-profit corporation. It pays taxes on all its earnings just like corporations everywhere. Credit Unions were created during the Great Depression to provide banking services to the poorest areas of our nation where there were no banks. In that sense, they have long outlived their usefulness. If our Congress & new CinC really want to close a few tax loopholes, they might start out by taxing the earnings of crdeit unions. JMHO, of course.

 

[LazersGoPEWPEW]

In case anyone cares, NFCU is a credit union. As such, it pays no taxes on its earnings - even though it provides all the services of an ordinary bank. This helps NFCU & all credit unions when they compete for retail banking services with traditional banks and S&L's. USAA (an S&L), on the other hand, is a traditional [mutually-owned] for-profit corporation. It pays taxes on all its earnings just like corporations everywhere. Credit Unions were created during the Great Depression to provide banking services to the poorest areas of our nation where there were no banks. In that sense, they have long outlived their usefulness. If our Congress & new CinC really want to close a few tax loopholes, they might start out by taxing the earnings of crdeit unions. JMHO, of course.

Forgive my financial stupidity but how does the government not taxing the earnings of the credit unions affect me the average banker?

 

[Pilot123]

Forgive my financial stupidity but how does the government not taxing the earnings of the credit unions affect me the average banker?

They don't pay tax on earnings, thus being able to offer products to you at lower rates. This means lower interest rates on loans and higher rates on CD's and savings accounts.

 

[Fog]

Forgive my financial stupidity but how does the government not taxing the earnings of the credit unions affect me the average banker?

It puts your bank at a competitive disadvantage when it competes against CU's for traditional retail banking business (car loans, home loans, credit cards, etc.). Philosophically, it also means that Credit Unions profits are not providing tax revenues to pay for roads, bridges & the fancy Navy a/c we used to fly.