Everyone, not saying the amount of time you have to wait is wrong or right, but you have to consider that USAA is sort of like a military credit union. You all are investors. If someone wanted to borrow money from you, wouldn't you want to make sure you weren't getting penalized because the check they are trying to cash didn't go through? I have a feeling USAA is at the mercy of the institutions that have to receive and process the checks before the money can be deposited into the USAA account. I have seen a lot of negative replies here, but my suggestion would be to go back and look at your original documentation you received when you opened your account, or review the current policies for your type of account. You may also consider setting up direct deposit into your USAA account. Just my observations. Thanks.
cramer, dont let these usaa employees who log on as customers to tell you, "everything is great", fool you. i tried to TRANSFER money from my usaa savings (money that had been sitting there for YEARS, not a check) to my kid's coverdell account and they put a 7 day hold on it (even though it left the savings account as soon as i hit send). complete bullshiiit!!! i called and after being routed around to 4 different people, the last flunkie told me, "thats our policy!". why would that be a policy???? ITS ALL ELECTRONIC. are you waiting for some midget to pick up an envelope of money at the savings counter and walk it over to the coverdell counter. this place sucks. also, good luck getting an insurance claim handled in less than 6 months, or getting your claims rep to call you back.
get out now!!
If you're talking about me being a USAA employee I'm not. I don't work for any bank or insurance company. I've just been a USAA member for 25+ years.
I would like to know about your funds transfer, Coverdell ESAs do have some requirements set out by the law that enacted them that the IRS enforces, but if your transaction met all those crieteria I would think it would be fairly quick from one USAA account to another.
Did you get any followup explaination.
Although I am one who has complained and changed my insurance policies, I will say that USAA handled my claim promptly and completely. The day after I called in the problem, there was an adjustor at my home inspecting the situation. I was given a choice of using the company of my choice for the repairs or one of USAA's. The repairs and end product left me with an entire new room, because the paint had to be matched and whole pieces of sheetrock did, too. I really feel badly for you on the rest of the post, though. It sounds as if you had a lot of things going wrong that should not have been! Your experiences with the fragmentation and people not knowing what they were doing are some of the reasons I dropped my insurance. I wish yoo well.
The answer is simple and obvious: USAA gets the interest on all funds DECLARED in there accounts for each day of the hold !
Be for real, in this day and age, it takes 24-hours to get a deposit credited to an account... NOT 7-days ! Transactions submitted for processing NLT 1400hr are "processed" by submitting an authorized transaction to debit an account a specific amount, and credit it to USAA. It only takes24-hours because of the sheer volume, and the fact that it has to be "processed" at two locations - the Debtor, and the Creditor. Stop and think how long it takes a computer to add and subtract two numbers... the only way it take longer would be if you were using an abacus.
But, combined with the fees [because the economy is in the crapper, and people are feeling it], USAA is making a hefty chunk-o-change. And they're NOT about to change, realize the impact it's happening on the individual consumer, or make an effort to give you YOUR money sooner... but they are sorry you're going through the situation.
I've been associated with them for over 10-years, because I thought and believed that they represented military servicement. As a matter of fact, I've never heard so many people say I'm sorry in such a short span of time; I would applaud their empathy if it wasn't so obvious that they are, in fact, sorry... the sorriest bank I've ever dealt with.