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03-10-2008, 09:24 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 1,318
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USAA Teen Accounts?
Anybody use USAA's Teen credit card or checking accounts? Am thinking of setting one up -- they refund ATM fees. (Not sure if this is actually a good lesson to impart to the kids or not!) I've had so much trouble getting checking and credit card accounts for minors that I was pleasantly surprised they seem to want the business...
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03-10-2008, 09:40 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Although I have a USAA checking account, I prefer WellsFargo. We have checking, brokerage, IRAs all for free at WF. As part of this our teenager has free checking and savings at WF with a debit (not credit) card. Her allowance is an auto-billpay from our account into hers.
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03-10-2008, 10:19 AM
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#3
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Recycles dryer sheets
Join Date: May 2007
Posts: 148
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We have teen accounts for both of our kids with USAA. No problems at all in terms of account access, making deposits, being refunded for ATM fees, etc. I would not hesitate to recommend them for your kids' banking needs.
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03-10-2008, 01:14 PM
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#4
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,845
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 Quote:
Originally Posted by ESRBob
Anybody use USAA's Teen credit card or checking accounts? Am thinking of setting one up -- they refund ATM fees. (Not sure if this is actually a good lesson to impart to the kids or not!) I've had so much trouble getting checking and credit card accounts for minors that I was pleasantly surprised they seem to want the business...
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Their insurance customer service is tops. Hopefully they're up to the same standards on the banking side.
I don't know if you'll have this problem, but our kid struggled to balance her checkbook (sloppy handwriting leading to math errors) until she started doing it with Quicken. The "cool" software was also a lot more attractive than last millenium's paper.
I think it's better for a kid to carry an ATM card or a credit card than a wad of cash, especially around high-school bullies & thieves. We have our kid's credit-card limit set at $400. I just wish there was an easy way to take my name off the account when she turns 18, because she has a perfect payment record that'd be a good start on her FICO score.
Not sure there's any advantage to having a debit card, let alone putting one in the hands of a teenager.
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
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03-10-2008, 01:43 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,620
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Our two kids had USAA CC, checking accounts and savings account as teens. They are now adults and still have USAA accounts, as well as USAA insurance. Probably is a successful marketing venture for USAA.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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03-10-2008, 01:55 PM
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#6
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Recycles dryer sheets
Join Date: Feb 2008
Posts: 147
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We've had USAA checking/savings for my teen son for 3+ years. We swapped the credit card for a debit card on the checking account, to simplify things. ATM reimbursements work great and are realistic IMHO, because we get the same on our grown-up checking account.
I'd recommend USAA highly. Customer service is excellent. Web site is excellent. They are very progressive on technology, rates, features in my experience, while still being stable and reliable. More agile than most "big banks" but still have that heavweight quality.
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03-10-2008, 05:26 PM
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#7
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Recycles dryer sheets
Join Date: Nov 2007
Posts: 85
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USAA's banking capabilities are quickly catching up with their legendary insurance expertise (I'm a 39-year member looking forward to that 40th anniv.). I ER'd out of the financial services industry, and held off on moving our banking relationship to USAA. But their checking & savings products are top-tier. They offer no-fee ATM cards - but with no branches of their own, they refund other banks' ATM fees charged on your USAA debit card!
Now if they could only get their "deposit-at-home" feature to work more than ~80% of the time, life would be even better...
__________________
Those who were seen dancing were thought to be crazy by those who could not hear the music. Friedrich Nietzsche.
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03-10-2008, 05:43 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,162
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I have had two mortgages with USAA. The first GREAT. The second, the worst experience I have ever had with a company. They changed to GMAC as their originating company and it really was bad. I have had not complaint with Insurance, Banking or investing. Well, investing, I think their choice of index funds is a little lacking in diversity.
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03-10-2008, 05:44 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,620
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Quote:
Originally Posted by OldGuy
USAA's banking capabilities are quickly catching up with their legendary insurance expertise (I'm a 39-year member looking forward to that 40th anniv.). .
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Look forward to receiving a kickback of 10% of your SSA on your 40th anniversary with USAA P&C. 
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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03-10-2008, 06:15 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 49,707
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I'm two years away....
__________________
Numbers is hard
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03-10-2008, 10:04 PM
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#11
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 62
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About 9 years left for me before I can collect my senior bonus. SSA balance approaching $10K - how about you?
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03-11-2008, 07:29 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 49,707
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Quote:
Originally Posted by tiredofwork
SSA balance approaching $10K - how about you?
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About the same here.
__________________
Numbers is hard
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03-11-2008, 07:29 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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I've had nothing but good experiences with them, with insurance and banking. I don't do much investing with them, though I have a small Roth IRA and an asset management account which is all in cash right now. Surprisingly, their FDIC-insured money market fund has been yielding more than their non-insured fund (USAXX). I'd use them more for brokerage, but to my knowledge they don't reinvest dividends on stocks.
I'm not a huge fan of most of their funds -- a handful are pretty good, but most are mediocre -- but I do like the Capital Growth fund (USCGX) which has been pretty impressive, and they may have the best gold and precious metals fund on the planet (USAGX). I'll use them for these funds and maybe a little bit in a couple of other decent funds, but these seem to be keepers to me.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-12-2008, 04:18 PM
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#14
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,620
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Just checked my USAA account online and I see that I received a $450 credit on 2/23. Must be my 10% SSA senior distribution. I guess I must have about $4000 in there now.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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