After 33 years as a USAA member, 21 years as a USAA banking customer, I have had enough of the downhill slide I'm seeing USAA Federal Savings Bank take in the last several years and am moving the majority of my banking to Navy Federal Credit Union. The final straw for me was learning today that of the three credit cards I've had for the last four years with USAA, for no good reason at all, one of them had the credit limit cut in half. The card was paid down to zero just a month ago - in fact, all three of my cards were - I've never been late on a payment, I've never gone over my limit, I've had an auto loan with USAA and a personal loan both were paid off early with no late payments, ever. I have no negatives on my credit report. As of today, my Equifax FICO is 754, Transunion 700, Experian 720. I've been working very hard to get out of debt, and as of now, my revolving debt is below 15%. Because I've been doing all the right things, especially paying off my most recent car loan a month ago and getting my credit score to consistently climb over the last month, finding out they lowered my limit by half a day ago was like a sucker punch. Especially since I've got a sizeable amount of $$ in both my savings and checking right now. I wondered a while back what was going on with USAA - possibly something not great in the bottom-line department - when I found out they haven't been offering home equity loans for over two years. This latest piece of news from them was it for me. I've stuck with them faithfully for a long time, but not after today. I won't close out my accounts, but I will be moving the bulk of my checking account and probably all of my savings account to NFCU soon.
Thanks a lot, USAA (not).