Confused Member
Contributor

Really confused about USAA's policy as to when funds are put on hold.

 

   I have a 21yr old son who is now living on his own and working two(2) jobs to make ends meet. Every other Friday I have been depositing his second income paycheck via mobile depostits for him since New Years because he does not have access to mobile deposits himself. At the first of April USAA decides to put a 10day hold on his mobile deposit pay check. which has really hurt him finacially. When He called USAA to find out why this has happened he got told it was a new policy. So my question is, why can I deposit funds into my account and not have to deal with the hold policy? I really don't have a problem with this policy if it is put into affect for everyone. But I do have a problemwhen the policy just singles out specific individuals and affects them.

   I am really hoping that a senior USAA official reads this and can explain how the justify singling people out. Because honestly this policy does not help anyone, and it hurts more people than it helps.

 

109 REPLIES

Confused Member (and Others);

 

There has been a lot of talk about "hold times" for check deposits made into USAA Accounts.

 

Your question applys mainly to the USAA Deposit@Home product but applys to the USAA Easy Deposit (The UPS Store Deposit) product also.

 

Here are some answers to your question.

 

1. From the USAA Deposit@Home FAQ found here.

 

When will my deposited funds be available for use?

Deposits made using USAA Deposit@Home are subject to the USAA Depository Agreement (PDF) and may not be available for immediate withdrawal. No deposit is complete until we process it and collect the funds.

 

2. From the USAA Easy Deposit (The UPS Store Deposit) FAQ found here (which provides a better answer to your question)

 

When will my deposited funds be available for use?

 

USAA Easy Deposit is a remote deposit capture service. All USAA Easy Deposit items are subject to a hold and may not be available for immediate withdrawal. Items transmitted using this service are not subject to the funds availability requirements of Federal Reserve Board Regulation CC. Funds deposited using this service will be available after USAA receives payment for the funds submitted. USAA may make such funds available sooner based on such factors as credit worthiness, the length and extent of your relationship with us, transactions and experience information, and such other factors as USAA, in its sole discretion, deems relevant. Refer to the USAA Depository Agreement (PDF) for further information.

 

3. If you haven't tried to use the USAA Easy Deposit (The UPS Store Deposit) product then click here for the location of the nearest The UPS Store to you which takes USAA Deposits (select "Deposit Checks" and enter your City/Town).

 

I hope this helps.

Oddly, a check from USAA subcriber’s account distribution was put on hold for 10 days but a larger check from an outside payer deposited at the same time was not. We’ve been members for over 20 years, and I recently had a very large check that I needed for my sin’s tuition put on hold for a long period. Unfortunately, there is no USAA branch near me, so I am forced to open an account with another bank in anticipation of a check coming to use for purchasing a home, and we will need some of the funds within days of the deposit. I don’t feel USAA is completely transparent about this policy and the details, particularly since the app indicates a $100k per day limit, and it’s not until you go through the process of depositing that you realize not all the funds are available at the time of deposit. Providing references to PDFs and FAQs isn’t helpful and is not the customer service we expect from USAA.

Jan18, understand your concerns with the possibility of holds. All checks are subject to holds to guarantee that we are able to collect on the funds. Although your may have a higher deposit limit, the possibility of a hold is still there. When depositing checks online it will tell you if a hold is going to be placed and allow you to cancel the deposit if you wish before it is processed. We do appreciate your long time membership and I will forward your feedback. Thanks Colleen

Thank you. Keep in mind, the check that was put on hold was a distribution check from USAA. With today's electronic access, it makes no sense to place checks on hold for a week. We will be switching to a local credit union- which is unfortunate due to the time in service we've had with USAA.

Jan18, we certainly don't want to lose your membership over this matter. Please understand our deposit hold process is not intended to be an inconvenience. We place deposit holds to ensure funds are collected before they are made available on the account. Let me know if I may be of further assistance. 

I've been researching here on the issue of holds on deposits for about 15 minutes after having a conversation with a banking support rep that was a complete waste of time. I'm disappointed as a huge former fan to find that since becoming a banking customer last month my money from my external bank accounts is being held up after depositing. Like @Jan18 I see that I will now have to go elsewhere.

 

I'm not happy to have to undo all the hours and hours of work I just expended transferring all of my regularly billed Debit transactions with all my online and external vendors over to a USAA debit card from my former Wells Fargo card. In 10 years with WF I never had a hold put on ANY funds I transferred in from other investment accounts in my own name elsewhere.

 

In spite of the fact that I have been a fan of USAA for many years and always felt treated like gold, I'm done. You don't get to keep my own money from me simply for the privilege of using your bank. It's not a random personal check from a stranger that I took at a garage sale, it's my own money from a hometown bank that I've had an account with for 40 years. Reading these other reviews and posts I can see that perhaps my stellar experience with USAA is unique. All good past experiences aside, this is a deal breaker for me. Buh-bye USAA Banking.

Oh no @DisgustedFormerFan, I regret to hear that you feel this way. Please know that funds transfers and deposit @ mobile are subject to being held per the depository agreement. Prior to the deposit or transfer there is a notice on funds availability allowing member to continue on or cancel at their convenience. I can submit your feedback regarding your concerns. I hope you have a better rest of your day. -Emily

If you read my post you'll see that I was not referring to Mobile Deposit. I was referring to internally transferred funds from an external bank account that has been tied to my USAA account for 10 years. I used it to make car payments and pay insurance bills for many years. Since opening my first actual bank account with you last month I've been subjected to holds on my own money when I transfer funds in from this other account.

 

You've ruined my relationship with you. Like many of these other people disguested with your hold policies, I'm done. It was a short and bitter experience, but now that I know that your policies don't work for me, I'll make better banking decisions in the future. Bummer that your banking policies ruined USAA for me - a previously adoring fan.

I can understand your frustration @DisgustedFormerFan, please know that we never want to lose a member. The example given earlier was on deposit at mobile and funds transfer.  If you need anything else, we will be here. -Emily