USAA Federal Savings Bank, one of the nation’s largest branchless banks, is accepting deposits at more than 4,100 United Parcel Service stores.
The $21 billion-asset USAA Federal said this week that it has struck a deal with NetBank Inc.’s QuickPost overnight deposit service that lets customers make deposits at UPS retail outlets nationwide.
The service is free to USAA Federal customers, and deposits are posted the next business day. Though many of the thrift’s customers have direct deposit, those who make deposits by mail often have to wait several days for checks to be posted to their accounts.
USAA Federal is a unit of USAA, a San Antonio financial services company offering banking, insurance, and investment services to active and retired members of the military and their families. The parent company, which routinely wins high marks for customer service, has about 5 million customers and about $81 billion of assets under management.
The thrift said executives were not available for comment Wednesday, but a June 20 press release said the service “brings the benefits of branch banking to USAA’s online banking customers from anywhere in the United States.”
Nearly three-fourths of the U.S. population lives within five miles of a UPS store, the release said.
USAA Federal began testing the service last fall. It is the fourth banking company to sign up for the QuickPost service, which was launched in March 2005 and is operated by NetBank’s Financial Technologies Inc. Other clients are the $4.5 billion-asset NetBank, of Alpharetta, Ga., the $145 million-asset eBank in Atlanta, and the $25 billion-asset Navy Federal Credit Union in Merrifield, Va., the nation’s largest credit union.
Deposits made at UPS stores are delivered to QuickPost, which then processes the transactions for its banking clients, a NetBank spokesman said.
