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Comment by nicksergeant | Hacker News Reader

FWIW, USAA does fund transfer immediately, at least perceptively. When I transfer from a BoA account to USAA, funds are available within 10 minutes (close enough to "immediate" for me).

USAA also does interest on checking accounts, debit-card-as-credit points, and ATM fee kickbacks.

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I've noticed that while funds show as arrived/available in USAA, the originating account stills shows the funds available as well. This tells me it might be a convenience offered by USAA, even if the transaction hasn't processed yet. This is similar to cashing a check that the bank hasn't collected from yet. They take your good standing with them into account, and give you the money.

That's what they do with deposit@home. I don't think USAA cashes the checks immediately when you cash your checks online. That's why they require you to have a line of credit with them. When you cash a check they give you an interest free loan for the amount of the check. When the check clears the loan is paid off. And if the check doesn't clear they have the ability to take the money out of the account, or they actually give you a loan to cover the check if you have drained your acccounts.

I use deposit@home and have no formal line of credit with USAA. It may be something they're doing internally, but my only products with them are debit accounts. (My credit and insurance is done elsewhere due to non-competitive rates charged by USAA).

Yeah, I think its done internally, but according to the requirements you need to have either an active property insurance or an active line of credit, and you need to be qualified for both. So I don't know what's going on there. But I have noticed some of the bank's rates are not competitive. https://www.usaa.com/inet/pages/bank_deposit

You basically have to be P&C eligible to use deposit @ mobile / home. To be P&C eligible you need to be military or spouse / child of military.

I use USAA for my general banking, but their savings interest rates just aren't competitive. I've had smaller transfers go that quickly, but larger ones still seem to take a couple days.

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