USAA is a financial services group that offers a range of products and services, including banking, insurance, investments, and retirement planning. As a member-owned organization, USAA provides its profits to its members and offers discounts on its products and services.
One of the savings accounts offered by USAA is the Subscriber Savings Account (SSA), which is designed to protect against online fraud and safeguard members’ capital. The SSA is an attractive savings account for those who are concerned about online security and the safety of their capital.
This account offers a range of benefits, including protection against unauthorized access to funds, online activity monitoring, and fraud detection. However, there are also some drawbacks to consider, such as limitations on the number of withdrawals and the potential for account closure due to inactivity.
In this article, we will explore the USAA membership criteria, the benefits and drawbacks of the SSA, and how to use and manage this account effectively.
USAA Membership Criteria
USAA’s Subscriber Savings Account, a type of savings account that offers protection from online fraud and is subject to strict eligibility criteria for online access, can only be opened by individuals who meet USAA’s membership criteria.
USAA is a member-owned financial services group that offers banking, insurance, investments, and retirement planning. It is a non-profit organization, and its profits are shared among members.
To be eligible for USAA membership, individuals must be active or former military members, eligible family members of military members, or cadets and midshipmen. USAA membership criteria also include meeting the organization’s financial standards.
Individuals must have a good credit history and qualify for insurance coverage through USAA. The organization also requires that members maintain a certain level of activity with their accounts and use USAA’s services regularly.
USAA has strict criteria for online access, which includes the use of multi-factor authentication, and requires members to take extra steps to protect their accounts from fraud.
By meeting USAA’s membership criteria, individuals can open a Subscriber Savings Account and enjoy the benefits of flexible funding options, safety and security, no monthly fees, and excellent customer service.
Benefits and Drawbacks
One advantage of the Subscriber Savings Account offered by USAA is its flexible funding options. This account can be funded through an existing or non-USAA account, allowing for easy and convenient transfers of funds. Additionally, the account balance can be checked online, through statements, or by calling customer care, providing customers with quick and accessible information about their savings.
However, one potential drawback of the Subscriber Savings Account is the requirement to close property and casualty policies and the account to withdraw all money. This can be a hassle for customers who have multiple policies or who have been long-term members of USAA. Additionally, the amount earned from the account depends on investment portfolio, balance, and length of membership, and distributions are subject to board approval.
Despite these potential drawbacks, the Subscriber Savings Account offers safety and security, no monthly fees, and excellent customer service, making it a viable option for those looking to safeguard their capital.
Using and Managing SSA
To effectively manage and utilize the Subscriber Savings Account, customers should be aware of its investment portfolio, balance requirements, and board approval process for distributions. The amount earned on the SSA depends on the investment portfolio, balance, and length of membership.
USAA offers a range of investment options, including stocks, bonds, and mutual funds, which can be customized to meet individual needs. Customers can also choose to invest in a pre-built portfolio based on their risk tolerance and investment goals.
In addition to the investment portfolio, the balance of the SSA is also an important factor to consider. The premium cannot be withdrawn or deposited in another bank, but customers can fund the account through an existing or non-USAA account. The balance of the account should be monitored regularly, and customers can check their balance online, through statements, or by calling customer care.
Distributions from the account are subject to board approval, which means that customers may not have immediate access to their funds when they need them. Despite these limitations, the SSA offers flexible funding options, safety and security, no monthly fees, and excellent customer service, making it a recommended option for saving savings.