USAA Classic Checking Account

USAA is a financial services company that was founded to serve members of the armed services and their families.

By limiting the customers that it accepts, USAA is able to focus on providing the best customer experience possible.

USAA offers a variety of services, including insurance, banking, investing and lending.

One of the accounts that USAA members can open is the USAA Classic Checking Account. This is a basic checking account that charges no monthly fees and comes with a few extra features.

If you’re shopping around for a checking account, this review will tell you everything you need to know about the USAA Classic Checking Account.

No Monthly Fees and Free ATMs Across the Country

The whole point of a checking account is to give you a place to store your money, while still having a convenient way to access it.

The recent rise in account fees makes it hard to justify keeping money in a checking account when banks will charge you for the privilege.

USAA does not charge any monthly maintenance fees on its Classic Checking Account, so you won’t have to worry about your balance decreasing over time.

USAA Classic Checking Account Pros & Cons

To keep more of your money working for you, USAA takes the no-fee concept further. USAA has a network of 60,000 ATMs across the United States that you can use with no fees.

If you can’t find a fee-free ATM, USAA will reimburse up to $15 in ATM fees each statement, so long as those fees are charged by ATMs in the United States. USAA will not reimburse fees for ATMs outside the country.

These two benefits mean that you’ll never pay for the privilege of accessing your own money. That lets you keep the money in the account and working for you.

The USAA Classic Checking Account is easy to open also -- requiring an initial deposit of just $25.

If you’re a new recruit to the military, even that requirement will be waived, letting you open the account with no deposit at all.

Once the account is open, there is no minimum balance required to keep it open. There’s also no monthly fee on the account, so you don’t have to worry about fees causing your balance to shrink over time.

Benefits for Military Recruits

USAA is dedicated to providing financial services to members of the armed forces. So it’s no surprise that members of the military get a few extra benefits.

One benefit is that new recruits do not need to meet a minimum deposit to open the account.

If you’re just joining the military and do not have enough money to open a bank account, USAA understands and will help you get your financial life going.

Another benefit for new recruits is that USAA can give you your paycheck ahead of schedule.

If Defense Finance and Account Services sends USAA your pay information early, USAA will deposit the funds to your account early.

When it comes to your money, there’s no reason to let it sit in someone else’s account rather than yours. This benefit can put the money in your pocket just a bit faster.

Interest Rates Are Not Impressive

Most checking accounts do not pay much in interest, instead focusing on convenience features that make the account easier to use.

The USAA Classic Checking Account is no different. You’ll earn a small amount of interest, but it is not significant enough to be a draw for the account.

Also, to earn interest, your account’s balance must be $1,000 or greater.

If you’re concerned about the return you can earn on your money, you’d be better off opening a savings account.

Overdraft Protection

Overdrafting on your checking account is one of the worse things that you can do with a checking account.

On top of seeing your balance go negative, your bank will charge you a fee for spending money you don’t have. That causes your balance to go even farther in the red, making it difficult to dig out of the financial hole.

If you open a USAA Savings Account, you can set up overdraft protection using the account.

If you would overdraft your checking account, money will automatically be transferred from your savings account to cover the expense.

The best part is that there is no fee for an overdraft transfer, so it’s a huge savings over paying the overdraft fee.

This can save you the embarrassment of having your debit card declined, or from the pain of overdraft fees causing your account balance to go far into the negative.

ATM Access

USAA has a vast network of more than 60,000 ATMs across the United States, so you’ll never be far from a place to get your cash.

Still, there are always times when another ATM may be more convenient to use.

Oftentimes, these ATMs will charge a fee for the privilege of using them. USAA wants to make sure that you can get cash when you need it, so you can get up to $15 in ATM fee reimbursed each statement.

Other Fees

The USAA Classic Checking Account does charge some other fees, though you’re unlikely to encounter most to them in your day to day life. Some of the fees that you might encounter are:

USAA Classic Checking Account Fees

Other USAA Checking Options

If you're interested in becoming a USAA banking consumer but aren't sold on this checking out, consider one of these other checking accounts also offered by this bank:

USAA Cashback Rewards Checking

If you're interested in a checking account that features cash back for purchases, then the USAA Cashback Rewards Checking is the account for you.

In addition to all of the great features USAA offers their standard banking consumers, customers of this account can earn 10¢ on every debit card purchase.

That may seem small, but if this account is your main checking account that's used for bills, recurring purchases, an everyday spending, that 10 cents per purchase will add up, and can be redeemed for some money back.

In addition to the cash-back rewards, this account includes:

• No monthly maintenance fee
• No minimum balance requirement
• No out-of-network ATM fee for the first 10 transactions

One important thing to note about this account, is that it's only available in the following states: AL, AR, AZ, CO, CT, FL, GA, HI, ID, IL, IN, KS, LA, MD, MI, MN, MT, ND, NM, NV, NY, OR, PA, RI, SC, TN, TX and WA.

We've highlighted the main fees and features of the account below:

USAA Rewards Checking Account Fees

Convenience

The USAA Classic Checking Account offers a number of features that make it very convenient to use.

One of the main convenience features is its great ATM access. With a huge ATM network and a generous ATM fee reimbursement plan, you’ll almost never have to pay to withdraw cash from your account.

If you prefer to pay for things online instead of using cash, USAA offers free bill pay services. Just tell USAA who you have to pay and how much to pay them, and they’ll take care of the rest.

That saves you the effort of writing out checks and mailing them in every month.

You can manage your Classic Checking Account in your local USAA branch or online.

USAA offers a smartphone app and web portal that lets you check your balance and see your transaction history. You can also set up transfers, and access other features of the account online.

Eligibility Requirements

USAA was founded with members of the armed services in mind. To ensure that it can provide the best customer service it can, USAA restricts who is allowed to become a member of the institution.

Members of the following groups are eligible to open accounts at USAA:

• Active duty members of the Air Force, Army, Navy, Marines, or Coast Guard
• Persons who retired or were honorably discharged from one of the above branches of the military
• Spouses and children of a USAA member
• Attendees of a US service academy
• Students in advanced ROTC or attending college on a ROTC scholarship
• Office candidates within 24 months of commissioning

People who are not in one of these groups cannot open accounts at USAA. These restrictions help USAA focus on providing services tailored to the unique needs of members of the armed forces.

How Does It Compare?

The checking account is the most common type of bank account in the United States.

It’s easy to see why, given that they let you store your money safely, but still have easy access to it.

Because the checking account is so popular, there are lots of options to choose from. You should take the time to make sure you find the right checking account for your needs.

When you are comparison shopping for a checking account, it’s important to look at options beyond the local branch of a national bank.

Online banks are cheaper to run and they tend to pass those savings on to their customers with low fees and good interest rates.

When comparing accounts, make sure to look at the fees you’ll be charged and how hard it is to get to your cash. Also look into the following factors:

• Minimum deposit
• Monthly fee
• Fee waiver requirements
• Interest rates
• ATM access

The Final Verdict

USAA is a great bank for people who are eligible to open an account. It provides top-notch customer service and understands the unique needs that members of the armed forces have.

The Classic Checking Account is a no-frills checking account, so if you have basic checking needs, it is a good choice.

It’s ATM fee reimbursements and special features for military members give it a leg up on similar accounts.

Where it falls short is in providing premium features like debit card rewards or high interest rates. Another bank may be able to provide a more premium experience if that is what you’re looking for.

More:Best Checking Accounts of the Year

If you need to deposit cash into your bank account, you have several options, including your local bank branch or an ATM that accepts deposits. While it isn’t possible to make deposits directly to most online banks, there are often workarounds, like using a money order or an in-network ATM.

Although many financial transactions are now cash-free and lots of people keep track of their finances digitally, cash is still important for many individuals.

When you need to deposit cash to your checking or savings account, there are a number of safe and convenient options, including local bank branches and certain ATMs. Online banks don’t usually have a straightforward way to deposit cash, but there are a few ways to get cash into your account even without a physical bank branch.

Jump ahead to learn more about how to deposit cash in your specific situation:

• How to Deposit Cash at a Bank
• How to Deposit Cash in an ATM
• How to Deposit Cash With an Online Bank

How to Deposit Cash at a Bank

If you belong to a regional or national bank, you can make a deposit at any branch. If you are part of a credit union, you can make a deposit at your home credit union or another branch if your credit union is part of a larger network.

Making a cash deposit at a local bank branch or credit union takes just a few steps:

• Fill out a deposit slip with your account number.
• Place your cash and deposit slip in an envelope.
• Hand your envelope to one of the tellers.

After making a cash deposit at a physical bank or credit union, the cash will be counted and the funds will become available in your account immediately in most cases.

If you aren’t able to get to your bank’s branch for any reason, you may be able to make a deposit at an ATM instead.

How to Deposit Cash in an ATM

Many banks allow customers to deposit cash directly in an ATM, but the process varies from bank to bank. Nowadays, depositing cash in an ATM is generally as simple as using your debit card at an ATM and placing the cash directly inside. That said, there are a few things to keep in mind when making cash deposits at an ATM.

Some ATMs Require Deposit Slips

Each bank has different ATMs, and some require a deposit slip or envelope for cash deposits. Make sure to read the ATM prompts carefully and use a deposit slip to note your account information and deposit amount if necessary.

Make Sure to Count Your Cash

If your bank allows for cash to be deposited directly into an ATM with no envelope, make sure to count your cash before placing it in the machine. While ATMs are generally accurate, they can occasionally make mistakes in counting and scanning bills. If you know the correct amount ahead of time, you can verify that the ATM has counted correctly after making your deposit.

If there are any issues, make sure to note the ATM’s location and the time that the mistake occurred to help resolve the problem.

Funds Aren’t Available Immediately

Unlike deposits made with tellers, the funds from cash deposits at ATMs are not always available immediately. Funds can take more than one business day to show up in your account, so be mindful of this if you need the money in your account right away. In general, ATMs directly outside of bank branches will process funds to your account more quickly.

Even if you have an online bank with no physical locations, there are still options for depositing cash.

How to Deposit Cash With an Online Bank

If you have an online bank with no physical locations, there are still options for getting cash into your account, but the process will vary based on your bank and specific circumstances.

Try some of the following methods as alternative ways to get cash into your online bank account.

Transfer from Another Bank Account

If you have another bank account with physical branches, you could deposit the money in person, then make a transfer to your online bank account.

Use a Prepaid Debit Card

Some prepaid debit cards can be loaded with cash at retail stores. After loading cash, you can use the debit card’s online portal to transfer money electronically to your online bank account. That said, some prepaid debit cards involve fees, so you’ll want to be mindful if making small deposits.

Purchase a Money Order

You can purchase a money order at the post office as well as other locations, which allows you to send your cash deposit electronically to your account. Money orders may require a flat or percentage fee, so check in advance whether this is the right approach for you.

Find an In-Network ATM

Many online banks include a network of ATMs, which you can use to make a cash deposit directly to your account. Look into whether this is a possibility for your particular bank.

No matter how you deposit cash, make sure that you account for the funds when managing your budget.

Related

We make it easy to fund your N26 account. You can add money via several methods, including direct deposit, transfer from external bank, and debit card transfer, to name a few. Please see below for more information.

Direct Deposit: If you intend to fund your account via direct deposit, you have a few options.

1. Simply provide the sender (your employer, financial institution, Armed Forces, Social Security, etc.) with our ABA routing number (122287675) and your personal N26 account number. You can locate your account number by clicking on the “My Account” option on the top right side of the website (and the mobile application) after logging into your N26 account.
2. You can fill out a direct deposit form directly in the N26 mobile application and print it or share it electronically. Find out how here (new tab).
3. In case your employer needs a physical direct deposit form, you can download one here (new tab).

Transfer From External Bank: Transfer funds from your external bank into your N26 account, conveniently, from within the N26 mobile application. To transfer funds to your N26 account using the N26 mobile application, follow these steps (Note: If you have not yet linked an external bank to your N26 account, please read our article "Transfer from External Bank (new tab)” to find out how):

1. Launch your N26 mobile application.
2. Tap on Add Money.
3. Tap External bank transfer.
4. Select the account to use to transfer funds from.
5. Enter the amount you want to transfer.
6. Tap Continue.
7. Enter your 4-digit Confirmation PIN.
8. Tap Confirm transfer to initiate the transfer.
9. A message will be displayed in your Transaction List indicating that the transfer is scheduled.

ACH transfer: Transfer funds directly from your primary bank account into your N26 account with an ACH Transfer. (Note: This method is different from Transfer from External Bank in that you will initiate the transfer from your third-party bank account. This funding method may be a good option if you were unable to set up Transfer from External Bank successfully.)

1. Log into your financial institution's online banking platform or mobile app (if applicable).
2. Locate the “External Transfers” or “Transfer Money” or “External Account” or similar option and add your N26 checking account as a new account. (The bank account originating the transfer does not have to be under your name. However, please make sure that the recipient’s name is your full name as entered during the account sign-up process).
3. Input our ABA routing number (122287675) and your personal checking account number. (You can locate your account number by clicking on the “My Account” option on the top right side of the website or by clicking the icon in the mobile app, after logging into your N26 account).
4. Your financial institution may make a small test deposit(s) into your N26 account, within a few days, to verify your account. Typically, to complete the process, you may have to confirm the test deposit(s) with the originating financial institution.
5. Upon completing the initial process, you should be able to transfer funds in or out of your N26 account using the third party banks fund transfer feature.

 Note:

• Please be advised that these are general guidelines and your financial institution’s requirements may differ.
• Some banks may experience issues processing money transfers to the routing number 122287675. At this time, ACH bank transfers from Capital One and from USAA are not available to fund your N26 account. If you encounter this issue, please use another bank account to transfer money into your N26 account.

Top-Up: You can use a debit card (via manual entry, Apple Pay^®*, or Google Pay^®**) to instantly fund your account right from the N26 mobile application. This is the fastest way to add money to your N26 account. We charge no fees for your first transfer by this method, but we do charge a fee for subsequent such transfers. In addition, if the account associated with the funding debit card contains funds insufficient to cover the transfer, the debit card’s issuing bank may charge you an overdraft fee or decline the transaction. You can find out more about Top-Up here (new tab).

MoneyBeam: Instantly send money to (or receive money from) other N26 members. Find additional details in our "What is MoneyBeam?" article.

Third party payment processors: Put money into your account using these services. (Please note that you must have an active N26 debit card to fund your account with these method.)

1. Cash App (new tab)
2. PayPal (new tab)
3. Venmo (new tab)
4. Zelle (new tab)^®
5. Ingo Money (new tab) (mobile check cashing service)

Apple Cash^®: You can transfer money from Apple Cash into your N26 account.

How to link my N26 Visa^® debit card to Apple Cash?

You can link your N26 card to Apple Cash by following these steps:

1. Open Wallet on your Apple device.
2. Select Apple Cash.
3. Tap the three dots on the upper right-hand corner.
4. Select Add Money.
5. Select Add Card.
6. Position your N26 card in the frame to scan.
7. Tap Next when the scan is complete.
8. Enter your card's 3-digit security code.
9. Tap Next.
10. Your card is now linked.

How to transfer money to my N26 account from Apple Cash?

Transferring money to your N26 account from Apple Cash can be achieved by following these steps:

1. Select Transfer to Bank.
2. Enter the amount you want to transfer.
3. Select how quickly you want the money transferred.
   1. Instant Transfer. There is a fee associated with this option.
   2. 1-3 Business Days. There is no charge for this option.
4. Done.

*Apple, Apple Cash, and Apple Pay are trademarks of Apple Inc. For a list of compatible Apple Pay devices, see https://support.apple.com/en-us/HT208531 (new tab).

**Google and Google Pay are trademarks of Google LLC.  For a list of compatible Google Pay devices, see https://support.google.com/pay/answer/7643995 co=GENIE.Platform%3DAndroid&hl=en (new tab)