I am absolutely disgusted with USAA.
I have a hold on 2 checks that were deposited on the 09/05/15 and 09/06/15 respectively.
I have called the Executive Resolution Team twice with NO resolution.
Both checks have cleared the other financial institutions and I can provide proof of that. USAA will not release the holds on funds they already have in their possession.
They keep asking me WHY I need the funds.... its my money and none of their business.
What do I need to do? Do I email Stuart Parker, Laura Bishop, Jamie Warden & Carl Liebert?
Veronica and Yolanda in the Executive Resolution Team will not assist in the release and I know for a fact that holds can be released early as I have worked for a bank for 7 years.
So I emailed Stuart Parker, CEO; Laura Bishop, EVP & CFO; Jamie Warder, President of USAA FSB, Carl Liebert, EVP & COO; and also email@example.com.
I emailed them the detail of my conversations with the Executive Resolution Team and also the copies of the cleared checks from the 2 other financial institutions. The checks cleared on 09/09/15 but USAA Executive Resolution Team is refusing to release the checks until 09/15/15 even though I offered to supply the canceled checks.
One of these checks is even my payroll check that I deposit every other week.
Disappointed that I had to resort to this action.
Thank you for taking the time to comment.
Our bank partners confirmed USAA will place a hold for a maximum of 7 business days. Keep in mind, business days will exclude weekends and holidays. Funds will remain on hold during the entire timeframe. The holds placed are there to protect our members and USAA Bank.
As an alternative, if you are depositing a payroll check USAA accepts direct deposit from your payroll provider at no cost and this type of deposit is not subject to holds. If you have additional questions about your deposit options, please email us at contact us at 1800-531-USAA (8722) or firstname.lastname@example.org. Thank you again for posting in the community.
BCC, you are confused. Your interest rate theory is absurd. The Fed rates that USAA would earn from a passive deposit are so absurdly low that they'd be lucky to earn $10 per million.
You on also fail to understand mobile deposits and check clearing. There are massive security concerns with mobile deposits. Any two-bit, trigger-pumping moron with an Atari 64 and printer can make a check and slap on any account number they've easily gleaned from one of your checks. Routing numbers are public record.
The he crook can use mobile deposit to deposit this fake check and drain your account. Many people wouldn't even know the money was missing until they balanced their statements -- if even then -- every month. But, the check would "clear" in just two days. What good does that do USAA if a month later they suffer the loss because you spent the money and can't pay USAA back? With your average daily balance of $6.47, what hopes do they have of offset?
7 days is reasonable when the person is not credit qualified or doesn't have a very deep and robust banking relationship with USAA. In fact, USAA is in many ways better than the competition. Although, for example, Chase or B of A make funds available quicker, they have monthly -- yes, monthly -- deposit caps of about $2,500. USAA will often allow $5k per day. Count your blessings.