USAA Federal Savings Bank
4 star rating
79 reviews Rating Details

Category: San Antonio, United States Financial Services Banks & Credit Unions Banks & Credit Unions
10750 Mcdermott Fwy
San Antonio, TX 78201
(800) 531-2265
www.usaa.com
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79 reviews for USAA Federal Savings Bank
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* USAA Federal Savings Bank
Review from Jim C.
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14reviews

Jim C.

San Diego, CA

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5 star rating
12/31/2010

The 1-star reviews about USAA's mortgage service are puzzling, and I'm guessing they're from people who don't clearly read the obvious fees (which are refunded upon funding). My process couldn't have been easier.

I had them process a pre-approval first. They faxed it to my realtor. When it expired (6 months later), since finding a home in California was so difficult, they simply generated another one. When I finally found a home, my realtor faxed them the contract. The very next morning, USAA called for the formal application process over the phone. I was given the option to lock immediately or float. Was also given a closing date one week after what the contract stated.

A few days later, I received the packet to sign and return. There were no errors on any of the documents. After this process, I'm guessing I was contacted about 5 times either by phone or email (my realtor did most of communicating). Most of this was to let me know where the loan was at--in process, sent to closing, funded. I was warned not to do anything to screw up my credit in the meantime (no large purchases, no other applications for credit).

The notary who came to my office was stunned at how simple the documentation was. The signing and stamping took about 15 minutes (I had been warned this would take 2 hours).

Had to push slightly to get the closing date a week early. Luckily, my realtor handled all of this communication. The closing didn't quite happen, but USAA did end up funding 5 days before they guaranteed they would. It was 2 days after the contract date, but the sellers were OK with that.

My backup mortgage choice (Bank of America) couldn't come close to beating the interest rate without paying for major points.

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* USAA Federal Savings Bank
Review from erin o.
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10reviews

erin o.

That's what she said

Redmond, WA

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1 star rating
12/2/2010

I wish I had read these reviews before I started the mortgage process with USAA! I have all my banking and insurance through USAA and have never had a problem, but their Mortgage Services Dept. is a different story. James Stocker, our loan office, was terrible. His response to my every question was "just sign the papers and send them back, then we'll get everything straightened out". Um, no! I want it all straight BEFORE I sign anything!

My husband and I called several times asking to speak to a manager and didn't get anywhere. On my first call, Norma, the receptionist, told me she wouldn't connect me to anyone regarding the loan because my husband and I have different last names. WTF ?! Seriously? Needless to say, we've switched to a different mortgage company.

I've been given to understand that USAA is contracting their mortgage services out to a company in Arizona. If anyone at USAA headquarters reads this- you might want to get mortgages under control. You just lost a $1, 500, 000 deal.

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* USAA Federal Savings Bank
Review from Dennis P.
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37reviews

Dennis P.

Love, pray, eat

Lakewood, CA

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4 star rating
11/18/2010

I currently bank with a great local credit union based here in Southern California, catering primarily to the educational community. I have read many online reviews of USAA Federal Savings Bank, most of them positive. When I learned that they now accept non-military people to sign up for their banking services, I decided to give them a try.

Prior to signing up for a checking account with USAA, membership with the umbrella organization needs to be established first. Once that process is complete, then you're permitted to sign up online for a checking and/or savings account.

What's so great about the USAA free checking account is that it is truly a FREE account, as in NO charges for features that many other financial institutions charge for. Among them are free checks for life (the basic ones), you can earn interest if your balance is above $1, 000, they reimburse other banks' ATM fees at the end of the month and you get prepaid, self-addressed envelopes to mail deposits. You also get rebates at the end of the statement period for using your debit card as a credit card where you have to sign the receipt, but not when you use your PIN number.

USAA FSB is considered to be an online bank as they have very few physical locations (so far, 3 in Texas, 1 in Colorado, 1 in Maryland and 1 near San Diego, CA). Being that I'm non-military, I'm not entitled to using all the other features of this particular checking account, such as the Deposit@Home and Deposit@Mobile, where you can scan checks using the proper application on the USAA website or app for the mobile phone. The checks are then deposited into the account from there as opposed to having to mail them, as I would have to.

For this reason, anyone planning to use USAA as a primary bank account should also have an account with a local brick-and-mortar bank or credit union where you can deposit cash, and from there make an online transfer of funds to USAA.

I've only had to deal with USAA's customer service reps over the phone one time, when I received the debit card and I needed to activate it. I dealt with a very pleasant man (didn't get his name) who asked me a few questions and then was able to get my card activated. Many others have also sung the praises of USAA's customer service.

For now, I still haven't decided whether I'll use my USAA account for my primary banking. I have used it here and there just to test it out and so far, so good.

If you are/ were in the military, definitely look into opening bank accounts with USAA. It might also be worthwhile to look into their insurance products, which I understand are competitive. Semper Fi!

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* USAA Federal Savings Bank
Review from William C.
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1review

William C.

Seaford, DE

1 star rating
Update - 2/22/2011

After sending an e-mail demanding that they tell me something, anything about my status, I received a call from a 'supervisor' who barely spoke English. I sent an e-mail to mother USAA with the same request, got a note back that they would respond within 72 'business' hours. That's NINE work days. I thought it was a typo. It wasn't. So, then I got nasty. Got a note that my concerns were being elevated to a member of USAA's management team and that I would receive a courtesy call as soon as possible. That was 5 days ago. BTW, my credit check had expired so they had to run a new one. I'm unsure, but I think that harms my credit score.


We have been attempting to refinance our home for nearly FOUR months. We have been told at least eight times that our loan was ALMOST complete. Their appraisal of our home is laughably low (or at least it would be if it weren't costing us extra money...). We have sent back every requested document (and there have been many...) in under 24 hours. All of our high regard for USAA, built up over 25 years+ of membership, has been destroyed. If you're considering them for a mortgage refinance, run away. Run far away.

My credit score has been around 800 for 20 years now. My home is paid off. I decided to place a mortgage against it and applied at USAA. It was a new loan for the first time on my home. USAA called it a refinance though. Never understood "refinance" because there was no loan which was to be paid off. With all the problems associated with escrow accounts, I paid a quarter of a percent more not to have an escrow account. USAA'S good faith estimate however had one block checked stating that this mortgage "has" an escrow account. Then on the next page it says the escrow account is waived. When I pointed out the checked box stating there was an escrow account and at the same time it also says it was waived, I was told that the box cannot be unchecked now. I was told That even though it says there is an escrow account, there really isn't. I said if you sell the mortgage, tell that to the company who buys the mortgage. While I pay my realestate taxes and homeowners insurance for the full year, USAA for some reason incremented my tax and insurance into a monthly payment. If there is no escrow account and if I am to pay my realestate taxes and insurance on my own, why would USAA brake the yearly rates down into monthly increments? Then, when I learned that they intended to sell the mortgage right away to GMAC and have a servicer of PPH, I had to fold saying I would not apply for the mortgage there. One reason why some people have high credit scores is that they steer clear of companies that have higher number of complaints.