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4 Bumps

Banking

I have had a checking and savings account with my local bank for several years, but I'm not happy with them and would like to open an account with USAA, who I had an account with when I was a teenager. I also have an account open with my husbands bank Navy Federal, which I had to open when we purchased our house 5 years ago. Should I keep my local bank for emergencies? Navy Federal and USAA are both worldwide, but not particularly local for us, the closest physical location of USAA is an hour and half away. Which, if either, will reflect more poorly on my credit report/score: closing one long term account and opening a new one or simply opening a new account and "doing business " with 3 different banks?
The reason I want to go to USAA is because I really liked banking with them when I was younger (never should have closed that account), and I can use them for almost all our needs home owners insurance, car insurance, retirement, ect.

 
LadybugTash

Asked by LadybugTash at 4:36 PM on May. 28, 2013 in Money & Work

Level 20 (9,776 Credits)
This question is closed.
Answers (9)
  • I've dealt with both USAA and Navy Federal. One get rid of Navy Federal, horrible bank and go with USAA. Close down the checking acct from the local back but keep the savings open in case you do need to go to a local bank.
    LostSoul88

    Answer by LostSoul88 at 4:47 PM on May. 28, 2013

  • I'd opt for a local credit union.
    tasches

    Answer by tasches at 4:50 PM on May. 28, 2013

  • I personally like doing business with a local bank where, though I do most transactions online, I can walk right in and talk to a teller if a need arises.
    Ballad

    Answer by Ballad at 7:09 PM on May. 28, 2013

  • USAA is very awesome
    LostSoul88

    Answer by LostSoul88 at 4:48 PM on May. 28, 2013

  • I had problems with USAA after years of being with them. I now use local banks or at least banks that have a local branch.

    keep you local bank open at least and link it with USAA for easier depositing. You can deposit in local bank then transfer to usaa. But perhaps it was only because i lived in a state where USAA didn't offer any way of depositing cash or checks(except through mail).
    tntmom1027

    Answer by tntmom1027 at 4:53 PM on May. 28, 2013

  • I would keep a local bank for fluid cash. You might try a credit union.
    Dardenella

    Answer by Dardenella at 5:50 PM on May. 28, 2013

  • Love USAA, I don't know why you would even need to go in to the banking institution, I have never even been inside a USAA, we deposit checks online.
    cassie_kellison

    Answer by cassie_kellison at 7:40 PM on May. 28, 2013

  • At least when I was with USAA(which it has been maybe a year) you had to have a credit card with them to be eligible for scanning your checks in online.

    But that may have changed
    tntmom1027

    Answer by tntmom1027 at 9:22 PM on May. 28, 2013

  • closing a bank/savings account doesn't affect your credit score. Only credit accounts do that. USAA tends to have ATMS in CVS stores and nowadays, you can pretty much do banking completely online. I know people with USAA that bank completely online and have no problems. Credit Unions are also great to get deals on car/refinancing/personal loans. Most credit unions have additional services, such as a free notary. I have several banks to get the perks from each. Online banks, such as a Capital One 360 or Ally Bank have great interest rates for savings accounts.
    hellokittykat

    Answer by hellokittykat at 12:21 AM on May. 29, 2013

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