USAA offers free checking accounts with no monthly fee

USAA has two main checking accounts, and both come with no monthly maintenance charge. The USAA Checking Account is the standard option, and the USAA Cash Management Account is designed for people who want higher interest on balances. Neither one charges you to hold the account or make deposits and withdrawals.

The catch is not in the monthly fee—it is in what you have to do to keep the account open and what you pay if you use certain features. USAA does charge overdraft fees if you spend more than you have, and some services like wire transfers and cashier's checks cost money. Understanding which features are free and which cost money helps you avoid surprise charges.

Key Takeaways

  • Both USAA checking accounts have zero monthly maintenance fees, with no minimum balance required to open or keep the account.
  • USAA charges $34 per overdraft transaction if you spend more than your balance, though you can turn off overdraft protection to block these charges.
  • Domestic wire transfers cost $15 to send and $0 to receive, and cashier's checks cost $3 each.
  • ATM withdrawals are free at USAA ATMs and at most other banks' ATMs nationwide through the Allpoint network, but some out-of-network ATMs charge fees that USAA does not refund.
  • Direct deposit, bill pay, and transfers between your own USAA accounts are all free.

What costs money and what does not

The free features on USAA checking include direct deposit, bill pay, transfers between your own accounts, and debit card use at any merchant. You can also receive wire transfers at no cost, and USAA reimburses ATM fees charged by out-of-network machines up to a certain amount per month depending on your account type.

The paid features are more limited. Sending a domestic wire transfer costs $15. Ordering a cashier's check costs $3 per check. If you overdraft your account, USAA charges $34 per transaction that puts you over your balance. If you close your account within 90 days of opening it, USAA charges a $25 early closure fee.

You can prevent overdraft charges by turning off overdraft protection in your account settings. Once you do, USAA will decline transactions that would overdraft you instead of charging you a fee. This is a free setting change and does not affect your ability to use the account.

The difference between USAA's two checking accounts

The standard USAA Checking Account earns a small amount of interest on your balance, though the rate is very low. It has no monthly fee and no minimum balance. You get unlimited debit card transactions, bill pay, and transfers.

The USAA Cash Management Account is designed to earn more interest on money you keep in the account. It also has no monthly fee and no minimum balance. The main difference is that it pays a higher interest rate than the standard checking account, though the rate still changes based on market conditions. Both accounts come with the same debit card, bill pay, and transfer features.

If you keep a large balance and want to earn interest, the Cash Management Account may be worth opening. If you use checking mainly to pay bills and withdraw cash, the standard account works just as well. Both are free to hold.

ATM access and out-of-network fees

USAA does not own ATMs, so you use ATMs owned by other banks. USAA reimburses fees that other banks charge you when you withdraw cash from their machines. The amount USAA reimburses depends on your account type and how many withdrawals you make per month.

The easiest way to avoid ATM fees is to use the Allpoint network, which has over 55,000 ATMs worldwide and does not charge you anything. USAA's debit card works at Allpoint machines with no fee. You can find Allpoint ATMs near you through the USAA mobile app or the Allpoint website.

If you use an ATM outside the Allpoint network and the bank charges a fee, USAA will refund it as long as you stay within your monthly reimbursement limit. Check your account terms to see how many out-of-network ATM fees USAA covers each month.

Overdraft protection and how to avoid overdraft fees

Overdraft protection is a feature that lets you spend more money than you have in your account. When you do, USAA charges you $34 per transaction that overdrafts you. This fee applies even if you overdraft by just a few dollars.

You can turn off overdraft protection so that USAA declines transactions instead of charging you a fee. To do this, log into your USAA account online or call USAA customer service and ask to disable overdraft protection. Once it is off, any transaction that would put you below zero will be declined at the point of sale, and you will not be charged a fee.

Turning off overdraft protection is free and takes just a few minutes. It is the most direct way to make sure you never pay an overdraft fee. Some people keep it on because they want the safety net of being able to overdraft in an emergency, but you should know the cost before you do.

Wire transfers, cashier's checks, and other paid services

If you need to send money to someone outside the USAA system, a domestic wire transfer costs $15. International wire transfers cost more—check your account terms for the exact amount. Receiving a wire transfer is free.

Cashier's checks cost $3 each. You can order them through the USAA app or by calling customer service. USAA mails them to you, so plan for delivery time if you need the check by a specific date.

Stop payment requests on checks cost $25 each. Account research requests (when USAA has to look into a transaction for you) are free. Expedited card replacement costs $15 if you need a new debit card faster than the standard mail delivery.

Early account closure and other restrictions

USAA charges a $25 fee if you close your checking account within 90 days of opening it. After 90 days, you can close the account at any time with no fee. This is a common policy among banks to prevent people from opening accounts just to get a sign-up bonus and then closing them immediately.

USAA also has limits on how many times you can transfer money out of your account per month. Federal law limits certain types of transfers to six per month, though USAA may have different limits depending on the transfer type. Check your account agreement or call USAA to confirm the limits on your specific account.

Frequently Asked Questions

Do I need a minimum balance to keep a USAA checking account open?

No. USAA checking accounts have no minimum balance requirement. You can open an account and keep it open with zero dollars in it. However, you will not earn interest on a zero balance, and some features like bill pay may not be available if your account is inactive for an extended period.

Can I use my USAA debit card at any ATM?

You can use your USAA debit card at any ATM, but you will only avoid fees at Allpoint network machines. USAA reimburses out-of-network ATM fees up to a limit that depends on your account type. Using Allpoint ATMs is the easiest way to withdraw cash with no fees.

What happens if I overdraft my account?

USAA charges $34 per transaction that overdrafts you. You can turn off overdraft protection for free so that transactions are declined instead of charged. Once overdraft protection is off, you will not be able to spend more than you have, and you will not pay overdraft fees.

Is there a fee to receive money from someone else?

No. Receiving transfers, direct deposits, and wire transfers are all free. You only pay fees when you send money out of your account, such as wire transfers ($15 domestic) or when you overdraft.

Can I open a USAA checking account if I am not military?

USAA membership is limited to active duty military, veterans, and their families. If you do not fall into one of these categories, you cannot open a USAA checking account. Check USAA's website for the full list of who is may be able to access to join.