Comments on Fidelity Observer: USAA deposits: How it works, why it sucks

USAA Deposit mobile is only offered to members who...

2010-09-30T11:13:49.316-04:00

USAA Deposit mobile is only offered to members who have:

1) Checking or savings account, and
2) Insurance product, and
3) Credit Card, Loan or pre-qualified for one

Seems like way too much to require of the service although one can see that USAA is mitigating risk. I'd venture to say many of their members don't get to use the DepositMobile service and thus are stuck with the old way - USPS mail...

Assuming you have a scanner, you can now scan your...

2006-11-29T16:00:00.000-05:00

Assuming you have a scanner, you can now scan your checks and deposit them immediately online from the comfort of your own home. Have a look at USAA Deposit@Home. Now if that doesn't beat BofA, I don't know what does...

I agree with some of the above posts. The benefit...

2006-11-20T14:47:00.000-05:00

I agree with some of the above posts. The benefit to the consumer is a quicker deposit. It DOES actually happen to.

FYI, USAA is discontinuing this system by the end of November 2006. However, they are now allowing scanned deposits which are same day. I can scan checks into my computer and email them for deposit by 8pm. Anything after that is a next day deposit. Now you don't even have to walk to the mailbox. Please define convenient for me again!

Lastly, who is making large cash deposits nowadays? I understand if you are a business owner or something, but otherwise most people have a need to receive cash from their bank or ATM; not the other way around.

I have USAA. And I always just deposited things v...

2006-07-15T20:36:00.000-04:00

I have USAA. And I always just deposited things via the regular mail. However their partnership with UPS allows it to get posted next business day (a big deal for some people) and you get a tracking number so you know it gets there.

I've used it, and it's true to form. Deposits are in my account the very next day. It's almost like walking into a bank, but better.

For regular stuff, the old way is still fine.

Kudos to USAA for finding yet another way to help its customers.

I heart USAA.

Shaving 1-3 days off is useful for some people tha...

2006-06-25T22:08:00.000-04:00

Shaving 1-3 days off is useful for some people that need to get money into their account ASAP. I'm not one of them.

Fidelity Observer

Actually, don't the UPS deposits get shipped Next ...

2006-06-24T21:34:00.000-04:00

Actually, don't the UPS deposits get shipped Next Day Air instead of 1st Class Mail? I'd say shaving 1-3 days off deposit time is an improvement for many people.

I've responded to DC lounger over on the PF Blog mirror.

Harsh!---and unnecessarily so. Because USAA is a ...

2006-05-05T15:11:00.000-04:00

Harsh!---and unnecessarily so. Because USAA is a member-friendly nonprofit organization (for example, their insurance arm REFUNDS policy premiums whenever the insurance trust exceeds their reserves--and that actually happens quite often), you have to think beyond exactly what you "get now" from this. Basically, with this deal, USAA has found a new revenue stream (you don't think they're partnering with UPS for free do you?). This new revenue stream, in turn, reduces expenses elsewhere. Reduced expenses means more money to offer back to their members---be it lower loan rates, higher interest rates on deposits, more ATM fees refunded, you name it. Personally, I'm OVERJOYED that USAA has made this deal--not because of what the deal nets me, but because it shows me that USAA is not sitting on their laurels, and is actively managing the company. Kudos to USAA!