USAA Bank customers surveyed for the business magazine Forbes say the San Antonio-based bank is the best in the nation.
Forbes announced USAA Bank as the top-rated bank in the United States on its first-ever World’s Best Banks list.USAA was ranked the best among 60 banks in the U.S. based on a survey of 40,000 customers around the world.
Working with market research firm Statista, Forbes asked survey participants to identify all banks they do business with via checking or savings accounts and to rate the banks on a number of factors, including general satisfaction and key attributes like trust, fees, digital services,and financial advice.
“We’re proud to be named one of the world’s best banks,” said Chad Borton, president of USAA Federal Savings Bank. “We continuously strive to offer the military community and their families highly competitive products and services that help them achieve their financial goals.”
In February, theOffice of the Comptroller of the Currency(OCC) – an independent bureau within the U.S. Department of the Treasury that charters, regulates, and supervises banks – filed a consent order stating USAA has failed to implement and maintain a risk management program suitable for its size, complexity, and risk profile.
USAA responded by stating it is complying with the OCC’s regulatory expectations and that it was “proactively addressing these issues and made progress enhancing systems and processes.” The bank’s agreement with the OCC does not involve a fine or require restitution to members.
Earlier this year, the Consumer Financial Protection Bureau also filed a consent order outlining violations by USAA Bank of the Electronic Fund Transfer Act and the Consumer Financial Protection Act of 2010. USAA agreed to pay $3.5 million in a civil penalty and $12 million in restitution for those violations deemed “unfair acts or practices” in the consent order.
USAA Bank is the 28th largest U.S. bank based on deposits at $71 billion (2017), according to a company fact sheet.
Only two of the “Big Four” U.S. banks made the cut onForbes’customer-rated best banks list. Chase Bank ranked 37th, while Citibank finished 51st. Bank of America and Wells Fargo both fell short of the Top 60.
Forbes also ranks the 100 largest publicly-traded U.S. banks, based on balance sheets and profit/loss statements, annually in January. Home BancShares tops that list with $14.9 billion in assets, and Cullen/Frost Bankers is in the 12th spot with $31.3 billion.
FAQs
USAA Bank ranks 28th largest U.S. bank based on deposits at $71 billion. About USAA The USAA family of companies provides insurance, banking, investments, retirement products and advice to more than 12 million current and former members of the U.S. military and their families.
Which bank is better USAA or bank of America? ›
USAA Vs Bank Of America
Both Bank of America and USAA savings accounts feature low interest rates, although USAA's accounts have fewer fees. Both banks offer CDs, although you generally need to commit to a higher balance with Bank of America to earn competitive rates.
Why is USAA better than other banks? ›
With monthly fee-free checking and savings accounts, generous ATM fee policies, an APY coming standard with every checking account, and many tools and programs created to help customers avoid overdrafts and meet their financial goals, USAA offers a complete package of good banking practices.
What is the best bank in America? ›
What are the top 10 banks in the United States?
- Chase Bank.
- Bank of America.
- Citibank.
- Wells Fargo.
- U.S. Bank.
- PNC Bank.
- Truist Bank.
- Goldman Sachs.
USAA reviews from consumers often praise the company's low prices, but there are reports of poor customer service and a slow claims process, too. USAA's NAIC rating is 2.27, which means it has received more complaints than the average car insurance provider.
Is USAA a top company? ›
USAA lands at the No. 1 spot of our Best Car Insurance Companies of 2023 and Cheapest Car Insurance Companies of 2023 ratings.
Why does USAA have an F rating? ›
The failing grade is due to two stated reasons. The first is that the company agreed this year to a $15 million settlement with the U.S. Consumer Financial Protection Bureau over how USAA's banking arm mishandled thousands of personal checking accounts.
What is happening to USAA? ›
In March 2022, the federal Financial Crimes Enforcement Network hit USAA Bank with a $140 million fine, alleging it failed to adequately monitor for potential money-laundering activity. The feds also penalized USAA Bank two other times since 2019 over alleged violations of banking laws.
Why is USAA so good? ›
They offer many premium services as standard for all accounts. These include free checking and savings accounts with no minimum balance fees, free checks, free rewards debit card, free overdraft protection, free web bill pay, and much more. In addition, you will find these great services: No ATM Fees.
Who is USAA's biggest competitor? ›
260 Customers rate USAA's Product Quality Score a 3.7/5, which ranks it 1st against its competitors.
- 1st. USAA. 3.7 / 5.
- 2nd. Progressive Insurance. 2.9 / 5.
- 3rd. MetLife. 2.9 / 5.
- 4th. Allstate. 2.9 / 5.
- 5th. GEICO. 2.6 / 5.
- 6th. State Farm Insurance. 2.5 / 5.
A++ financial stability rating: AM Best gives USAA an A++ rating, which is its highest rating, and means the company has a superior ability to meet its ongoing insurance obligations (in other words, it's likely to be able to pay insurance claims).
Which people use USAA bank? ›
USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their families.
Who is the number 1 bank in America? ›
1. JPMorgan Chase. Chase Bank is the consumer banking division of JPMorgan Chase. It currently has more than 4,700 branches and more than 16,000 ATMs.
What are the top 3 banks in America? ›
List of largest banks in the United States
| Rank | Bank name | Total assets (billions of US$) |
|---|
| 1 | JPMorgan Chase | $3,773 |
| 2 | Bank of America | $3,072 |
| 3 | Citigroup | $2,381 |
| 4 | Wells Fargo | $1,877 |
81 more rowsThe Safest Banks in the U.S.
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
USAA is so cheap because the company is the largest insurer of the military community, and that volume allows USAA to offer more competitive rates. USAA has more than 6% of the total private-passenger insurance market, despite only offering coverage to service members.
Where does USAA rank on Fortune 500? ›
SAN ANTONIO – For the first time, USAA appeared in the top 100 of the FORTUNE 500 ®, ranking No. 100 in the annual list released this morning. “Our commitment to members is the key to USAA's success,” said USAA CEO Stuart Parker. “Since 1922, we have had the honor to serve America's military community.
Which insurance company has the highest customer satisfaction? ›
USAA. USAA is the best insurance company in our ratings. According to our survey, USAA customers report the highest level of customer satisfaction and are most likely to renew their policies and recommend USAA to other drivers. USAA also has the lowest rates in our study, beating the national average by 35%.
Who bought out USAA? ›
USAA is owned by Charles Schwab Corporation after it was acquired in July 2019 for $1.8 billion. The deal with Charles Schwab Corporation was finalized on May 26, 2020.
What company bought USAA? ›
What Does USAA's Investment Business Sale Mean for You. USAA sold its investment businesses to Victory Capital and Schwab in July 2019 and is now a Victory Capital Investment Franchise.
Winner: Navy Federal
You'll earn a higher interest rate through the Navy Federal Credit Union Share Savings Account than with the USAA Savings Account. It also lets you create individual savings goals, which may be ideal if you are looking for budgeting tools. On Navy Federal Credit Union's secure site.
Is USAA still a good company? ›
USAA received an overall satisfaction score of 82 out of 100 by a pool of its customers in a NerdWallet survey conducted online in June 2022. To put that in perspective, the average score among seven insurers was 77, and the highest was 82.
Is USAA good at paying claims? ›
USAA is good at paying claims compared to the average insurance company, according to J.D. Power's latest claims satisfaction survey. USAA scored 890 out of 1,000 for their claims process, compared to the industry average of 873 out of 1,000.
How is USAA doing financially? ›
In its 2021 annual report, USAA said membership increased slightly, still serving more than 13 million members, and that revenue climbed 3%, including in insurance premiums and real estate operations, though it fell for the sale of loans. Net income was $3.3 billion, down from $3.9 billion in 2020.
Is there a class action suit against USAA? ›
USAA agreed to a class action lawsuit settlement to resolve claims it failed to include sales tax in total loss payments to Ohio policyholders.
What is the best military bank? ›
Best military banks and credit unions of 2023
- Navy Federal Credit Union: Best for 12-month share certificate.
- Pentagon Federal Credit Union: Best for interest checking.
- Andrews Federal Credit Union: Best for rewards checking.
- Security Service Federal Credit Union: Best for 15-month share certificate.
Who can join? Our products and services are open to current and former military and their spouses. Children of USAA members can join, too.
Is USAA best for military? ›
USAA: best discounts and cheap rates for military members
If you plan to store your car while deployed, USAA is the clear winner. USAA offers discounts of up to 15% if you keep your vehicle on a military base. There's an additional 60% discount if you're deployed and store your vehicle in a safe location.
Is it hard to get USAA? ›
No, it isn't very hard to get a USAA credit card because USAA offers cards even for people with bad credit. One of the easiest credit cards to get from USAA is the USAA® Secured Visa Platinum® Card. This card has a $0 annual fee and it is a good option for people that want to build credit.
Is USAA more expensive? ›
We compared quotes from multiple auto insurers and concluded that USAA's rates are well below the average for most drivers. For full coverage, USAA's annual premium is 38% cheaper than the average across all insurers, while the company is 42% cheaper for minimum coverage.
With its headquarters in San Antonio, the USAA has the largest single-occupancy office building in the world, an office complex bigger than even the United States Pentagon.
Has USAA ever had layoffs? ›
2, 2023 Updated: Feb. 2, 2023 2:50 p.m. USAA Federal Savings Bank recently laid off 130 employees in its mortgage group. USAA Federal Savings Bank has laid off another 130 employees in its mortgage group, a result of the slowing national housing market.
Is USAA a conservative bank? ›
"USAA is not publicly traded. And we take a conservative approach to managing our members' money." Highly profitable while conservative with lending, and not publicly traded, the United Services Automobile Association is a model for the financial services industry.
Is USAA a Fortune 500 company? ›
USAA | 2022 Fortune 500 | Fortune.
Can non military use USAA Bank? ›
Our products and services are open to current and former military and their spouses. Children of USAA members can join, too.
Is USAA accepted everywhere? ›
Outside of the 60,000 USAA ATMs in the US, customers can use any other ATMs in the US, and any ATMs abroad. The 60,000 network ATMs do not have any service fees associated with them.
What does USAA specialize in? ›
USAA overview. USAA is a full-service mortgage lender that specializes in financial products for current and former members of the military and their family members. The company was founded in 1922 and is headquartered in San Antonio, Texas. Since its founding, USAA has originated more than 1 million home loans.
Who owns USAA now? ›
USAA is owned by Charles Schwab Corporation after it was acquired in July 2019 for $1.8 billion. The deal with Charles Schwab Corporation was finalized on May 26, 2020.
