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Aps717
Contributor

I'd like to echo the requests for a small business banking option with USAA.  I have my checking, savings, auto, and home insurance through USAA and I'd sure like to keep my business in the family.


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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 pilot 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.

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Aps717,

 

Thank you for your comment. We value our members feedback and understand the need for small business banking. I will pass along your comments to our banking partners.

I have seen that the last post about requesting opening up a small business acount was dated as of 2015. Seeing I am about to start my own small business as an Independent Car Hauler, I want to echo that request as well as I do not want to try and find another bank which I am not familiar with. Thank you.

@BigD90, our banking team knows that small-business checking is important to some of our members. However, USAA does not currently have the infrastructure to provide members the best small business banking solution. Developing this solution would require a significant investment that would affect the value we can provide members in other areas. Our immediate goal is to find new ways to provide members with more value for their personal banking needs. Thank you for your feedback regarding this. -Colleen

Colleen (et al),

 

Read your reply about USAA not having the infrastructure for business accounts.  Not sure what that means, but I will take it at face value.

 

How about a USAA partnership arrangement with a Business Banking option--a separate bank that has a working relationship with USAA FSB including streamlined access to all accounts?   USAA already has working partnerships with florists and other services, perhaps they can be expanded to business checking.  

 

I'm sure that there are many active military families that have a home business that a spouse handles, and one where they would like to keep funding streams separated.

@IrishAI8I, thank you for your feedback. We will certainly pass this along. Please note, 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 your concerns and feedback have been shared with the appropriate teams for assistance in future updates.

Concur with these requests! Surely, this is an identified (and significant!) demand from prospective small business owners. Looks like USAA is leaving quite a bit of money on the table by ignoring these requests...just think of the suite of services USAA could offer start-ups and small businesses (financial products, legal services, marketing, coaching, consulting, accounting, etc.). Either in-house, or via partnerships with other providers, USAA could stand to market itself as a driver/incubator of veteran entrepreneurs. Moreover, if you played your cards right, this would be an opening into potential private equity investments, which would only further USAA’s value to ALL members. There’s money to be made, USAA...

Thank you for sharing your concerns with us today @Iverness, we always appreciate feedback from members like yourself who are keen on offering us ways to better serve our members in the future. I will be sure to share these details with the appropriate area. I do hope you have a good evening. -Emily

As a military spouse and a veteran, I'm considering owning a small business again. A partnership with another bank would be helpful; one of the hardest decisions is banking for a small business, especially if you know you've got an upcoming PCS move. I was checking back in to see if USAA now provided this service, and I think a partnership is a fantastic idea if it's cost prohibitive for USAA to offer small business banking. Could you poll USAA members that now have veteran-owned small businesses, as well as poll USAA members that are interested in starting their own veteran-owned small business to see if this is something USAA could puruse in the next 5-10 years? One of the reasons I had to close my business completely was because during a birth and PCS relocation and getting children settled into activities and school--the monthly service charge from my banking account wiped out all the savings while we were getting re-established. It can be very frustrating as a military spouse and veteran with a small business moving every 1-2 years. My family have been USAA members (1970s) since before I was born (& I've been one since the '80s faithfully putting my allowance from chores into my savings account as a kid), and with over 35+ moves USAA products and services has remained constant for us. Like Linuses security blanket. We hope you continue thinking and working on a solution!! 

@Devildog8, we thank you for your loyalty in trusting USAA with all of your financial needs and most of all thank you for your military service.  Our banking team knows that small-business checking is important to some of our members.  However, USAA does not currently have the infrastructure to provide members the best small business banking solution.  Developing this solution would require a significant investment that would affect the value we can provide members in other areas.  Our immediate goal is to find new ways to provide members with more value for their personal banking needs.  Thank you again for your 19 plus years of membership.  ~  Marco