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USAA offers many easy, cost effective, and outstanding financial products and services to military members and their families. Their mobile banking app is one of the best in the industry. They were also the first US bank to offer mobile deposits through scanners and then iPhones and Android devices. These kinds of innovations make it easy to use USAA as an “online only” bank (although I have been to their San Antonio branch and done a few transactions in person, which was a bizarre experience, having never been in a physical bank in so many years).
I recently was able to use a new feature on their mobile app: “Pay Someone.” This is an awesome financial tool and it was astounding how easily it worked. Doesn't it bother you that in the days of iPhones, wireless electricity, and Google Glasses, there is still no easy and free way to electronically send money to your friends to, say, split a bar tab or a restaurant bill? It really bugs me!
The “Pay Someone” feature is located under the Transfers/Deposits section of the USAA app. I'll walk you through my experience on an Android device:
This should be your next screen. Select what account you'd like to send the money from (I used my checking).
Now you can type in the receipts name and email or phone number. If the email or phone number is registered and confirmed with Paypal, the transaction will go through as soon as you select an amount and hit transfer. When my friend and I tried it, the money was in his checking account within 30 seconds. And it was all free and easy!
If the person doesn't have their phone number or email address linked into Paypal, they will receive an email or text message informing them that they have money waiting for them and can sign up for Paypal to receive the money.
So that's it! I found the service extremely easy to use. And of course, it's the best price: FREE! Another great service for military members and their families from USAA.