Like so many of you who have posted on this theme, I too am starting a business and need a checking account, AND and small business loan. Nothing big mind you, just enough to cover the first 5 months of operations until the cashflow can cover salaries and some other overhead.
Their are government programs that reimburse banks and cover repayment risk for making first-time business loans, such as the Small Business Association's 7a Loan, Micro Loan, and state programs like the Virginia Capital Access Program and Loan Guaranty Program. Wouldn't it be great if USAA utilized these program to make business loans to it's long-term clients? It could even offer business finance and accounting mentoring in conjunction with using it's loan products.
They could even launch a mutual fund that would raise capital for these loans. We deserve a chance to serve the capital needs of our own brothers and sisters, not just S&P listed businesses.
Hard to say no to those innovative ideas...almost as innovative as one military member insuring another's car.
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I wanted to take a moment to update this thread with the announcement of the launch of USAA’s new business financing with StreetShares Inc. You can find out more about the collaboration here, or sign up here. Thank you all for your comments and participation, it has been instrumental in leading to this pilot.
KDo's, Thank you for your post and the information provided. USAA used to offer Business Checking accounts, however it was found that this was not in popular demand by the majority of our membership, therefore it actually took away from our focus on the military community. Please know that I have submitted your interest in business accounts and loans as feedback to help gauge the demand for this product again. Keep in mind, due to the volume of feedback received from members we are unable to notify each member individually if an idea or comment results in a direct change; however should the products ever become available again they will be listed on the products page. Thank you again ~Michelle
Maybe the service of small business checking and banking weren't popular with your USAA membership is because most of us didn't know it was an option! Lots of online businesses are being started literally as I type! Many of those are no doubt owned and operated by military members and retirees, including USAA members. Might be time to offer this service, again!
Totally agree with you, Ben. I made a similar comment that USAA appears to eliminate any value add programs especially those that appear to contribute any risk. It's easy to manage to status quo. During my tenure with USAA, I have experienced USAA eliminating their motorcycle insurance, claiming they partnered with a third and offer similar competitive rates. That party's rates are 30% higher than GEICO; Not listening to numerous customer posts about business services and an overall decline in USAA's industry leadership. If many of you don't know, USAA was once commended for its banking practices during the financial crisis.
Despite numerous online posts about other members asking USAA to offer business services, its appears USAA has been ignoring those requests for well over 5 years (potentially longer) claiming a lack of demand.
Veterans and their families are starting more businesses than any other demographic and out of the largest banks in the United States, USAA is the ONLY one who does not provide business services.
Time to step up USAA. At one point USAA appeared to be an industry leader much like the US military has been viewed around the world. Personally, I am disappointed at how slow USAA has been to adopt services its customers have been requesting for a long time. Why have a comment board if you are not going to listen other than to manage perception.
For those who are looking, I found Capital One to be the top choice. All the other so called bank leaders are either foreign owned or commonly engage in unethical business practices (evident by the yearly class action lawsuits against them.) I assume many have already heard of Wells Fargo's exploits of veterans deployed....
Raiden, We understand your disappointment with our decisions regarding Motorcycle coverage and business accounts. However; at this time, our guidelines have not changed. Should any changes be made our membership will be the first to know, on usaa.com. As always we appreciate your thoughts. Thank you, Jen.
I'd definitely like to see business accounts. I am so sick of outrageous fees with PNC and Wells Fargo, and if I were forced to pay fees, I'd rather pay them to USAA. At least I know I will get outstanding service from USAA.