TIAA was the dream of philanthropist Andrew Carnegie. In 1918, the dream became a reality, providing college teachers with a system of annuities and low-cost life insurance. In 2013, TIAA paid over $4.5 billion in annuity payments and other benefits to retired clients. Today, TIAA offers a wide range of banking and financial services to meet the needs of those in the medical, governmental, cultural, research and academic fields.
TIAA offers a solid checking account that is interest bearing, and is without a minimum balance. The account comes with free checks and a debit card. An initial deposit of $100 will open the account. Both the checking account and the savings account with TIAA Direct do not have monthly fees. There are also no minimum balance requirements for the savings account.
A fast and simple online application is provided, with the only required documents being your social security number and your mailing address. Users can get started online and finalize the application process in a matter of minutes. Upon approval, users will be able to take advantage of the following benefits:
TIAA offers all the apps and options, including mobile check uploads, direct deposit and money transfers. Online statements are available to view and mobile banking provides a lot of the same features that you get online. These services include:
By selecting one of the 23,000 Sum logo or Moneypass ATMS nationwide, customers can skip the ATM fees.
TIAA Direct essentially only offers two banking functions: bank and borrow. Typically, online banks offer a wide variety of financial services, but TIAA Direct only focuses on these two products. The services are broken down as follows:
While everything else is pretty nice, there is another area that is lacking. Customer service lines are only opened Monday-Friday, with business hours. If you lose your card on a Saturday, there is no way to report it lost until Monday morning. It would be appropriate to have customer service lines available 24/7.