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Author: Lurker1999 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308543  
Subject: OT: USAA eligibility changes Date: 7/20/2006 12:54 PM
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Quietly and without any announcement to existing customers as of 6/30/06 USAA will no longer open new bank accounts to non-military affiliated individuals. Their product discounts for rental cars, FedEx have also quietly disappeared from their website for non-military affiliated members (who are not technically "members" according to them anyway).

Link to the Fool post on the Online Banking board: http://boards.fool.com/Message.asp?mid=24341938

Much more detail, rumors and such at FatWallet: http://www.fatwallet.com/forums/messageview.php?start=0&catid=52&threadid=508254
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Author: LaraAmber Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232410 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 1:26 PM
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Makes perfect sense to me. It was probably becoming a pain for USAA to track the options for a non-members vs. members.

Lara Amber

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Author: JMurray40 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232417 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 1:42 PM
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Does this include children of military personnel? Does this mean that I would not actually be a "member"?

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Author: aroneous Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232420 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 2:01 PM
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Existing account holders can open new banking accounts and use all the banking services - you just have to call in to do it, rather than do it on-line.

Still not eligible for insurance products unless military, though.

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Author: LaraAmber Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232423 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 2:09 PM
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Does this include children of military personnel? Does this mean that I would not actually be a "member"?

Dependents are members. Just like a credit union, USAA had their rules for membership. They were allowing people who didn't meet that criteria to join the banking services, since they were separate, and the banking services were organized as a bank, not a credit union. I have a feeling it was causing too much confusion and so they stopped it.

As long as you are eligible for regular membership, you are a member. If you are current military, retired military, married to someone in the military, or if your spouse or parent are/were members, you are eligible for membership.

Lara Amber

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Author: JMurray40 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232425 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 2:29 PM
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Thanks for the info.

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Author: Lurker1999 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232431 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 3:24 PM
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As long as you are eligible for regular membership, you are a member. If you are current military, retired military, married to someone in the military, or if your spouse or parent are/were members, you are eligible for membership.

That's also not quite correct. You now have a year after your separation/retirement from the military to join USAA. Otherwise you also not eligible any more.

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Author: mastiffmama Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232432 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 3:26 PM
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You now have a year after your separation/retirement from the military to join USAA. Otherwise you also not eligible any more.

If you are a current member, are you allowed to remain a full member if you separate before retirement? In other words, will they drop our car insurance policy, and will they allow us to xfer homeowner's insurance to a new house even after DH has separated?

mm

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Author: Lurker1999 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232433 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/20/2006 3:32 PM
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If you are a current member, are you allowed to remain a full member if you separate before retirement? In other words, will they drop our car insurance policy, and will they allow us to xfer homeowner's insurance to a new house even after DH has separated?

As I understand it, once you're a member you're good for life. If you've never dealt with USAA before however and are active military and then retire/separate you have only a year before you are no longer eligible.

I'd suggest you call USAA to check but if you've read part of the Fatwallet thread a lot of the CSRs were releasing conflicting information. But I think the general sense I get is that if you were ever insurance eligible and had an insurance product with them you're ok no matter what your status is with the military in the future.

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Author: jtallenmd Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232452 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/21/2006 1:58 AM
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I was under the impression that children of military personnel were eligible for associate membership, but not regular membership.

My understanding is that associate members are eligible for all banking and insurance products, but their children are not eligible to become members. In other words, grandchildren of military personnel would not be eligible for membership unless they are eligible through some other route.

I tried finding it on the USAA website, but I couldn't find anything that gave specific details.

Am I wrong?

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Author: LaraAmber Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232458 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/21/2006 9:54 AM
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I got my membership through my father, and never once say the word "associate" attached to anything I received. My spouse was then able to join through me.

I believe our children will be able to join, since it doesn't say "child of miliary member" but "child of USAA member".

Lara Amber

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Author: jlplummer2000 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232790 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/25/2006 7:02 AM
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Children, ex-spouses and such are members in the CIC (Casualty Indemity Company) portion. Servicemembers are Regular member's and as such have a subscriber Savings Account (SSA). (equal to dividends in the company) At the end of the year Members (who have full privledges)may see deposits in the SSA. members of CIC may get a check. (This reflects any savings throughout the year from payouts and such because they are a member owned company I believe. I was a member of CIC from 1982-until the late 90's through my father, but once they allowed enlisted full member status I was converted to the "regular" company. USAA was an Officer community only company prior to 1997 since it was founded by officer's. Officer's and thier dependants only were eligible for membership. USAA decided to open up to the enlisted in the late 90's. Of course enlisted had to have a certain rank and length of service to qualify in the beginning.

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Author: jlplummer2000 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232791 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/25/2006 7:08 AM
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Only children of military members have "full privledges" (insurance, etc) Others I believe will only be eligible for Banking services. No one has ever been able to compete with their insurance quotes for me. They are the best in my book. Just last week my car door blew shut breaking the window. in 1 hour authorizations were waiting at the repair shop and rental agency. My father has been a member since 1956. I recommend USAA to all eligible military personnel. It is "One Stop" shopping. better than the Navy FCU.

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Author: jlplummer2000 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 232792 of 308543
Subject: Re: OT: USAA eligibility changes Date: 7/25/2006 7:17 AM
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"My understanding is that associate members are eligible for all banking and insurance products, but their children are not eligible to become members. In other words, grandchildren of military personnel would not be eligible for membership unless they are eligible through some other route."

Granchildren are eligible.
From the website:
"USAA's membership is nearly evenly divided between those who have personally served in the military, and their grown children and grandchildren."


Also I believe that because USAA is not a pubicly held company it can form it's own eligibility criteria.

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