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I've been a member for decades. This is absolutely unconscionable, USAA: https://prospect.org/coronavirus/usaa-bank-grabs-stimulus-checks-from-military-families/

 

There is no morally defensible argument for choosing NOW, in the middle of the greatest global pandemic for a century, to seize critical funds from members that is designed to help people keep food on the table and medicine in the cabinet.

 

Once this pandemic passes, THEN you can address outstanding debts, liens, and the like. BUT NOT NOW.

 

Surely you can see this. WHO approved this cruelty?


Most Helpful
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Thanks for reaching out, @billd in CO. We understand that many members are facing challenges as a result of this issue and are working hard to make things right. What we’re doing now is to ensure that members with overdrawn and negative accounts will have full access to their stimulus payments. We’ll do this by providing members with a temporary credit for 90 days on negative account balances, so that the stimulus payment can be processed and be received. Separately, we will begin addressing charged off accounts, in relation to the stimulus payment. This process will be different although the goal remains to provide full access to the stimulus payment in most cases. I appreciate your 49 years of trust and membership, and look forward to many more years. - Cathleen

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13 REPLIES

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As a military veteran, business owner and USAA member for 35 years, I do sympathize with the members whose stimulus checks had been seized. On the other hand, has these members work with USAA on their debt accounts before this happened?

In my business, even if a customer owes $1000, but they negotiated with us and pay $25.00 a month towards the debt due to various reasons, we would accept this offer from the customer. Also their account will not go to collections and credit would still be ok. But if you neglected to negotiate your debt and ignore, problems will occur down the road. Your debt will never go away unless you file for bankruptcy. Always talk and negotiate if you happen to have a debt. Never ignore the letters you receive from the debt collector. This is a lesson to be learned.

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Hi,

 

I understand about the debt owed. I still have not received my stimulus check and have no debt with USAA?

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jcjune - I am sorry to hear you had not yet received your stimulus funds from the CARES act. The best resource for a deposit status is always the bank sending the funds. With that in mind, I would urge you to contact the IRS for the best information on when you might receive those funds. We will post the funds to your account the same day they are received if sent via direct deposit. I hope this information is helpful. - Jason

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https://www.nytimes.com/2020/04/16/business/stimulus-paychecks-garnish-banks.html

 

JPM Chase, Citi, BofA and Wells Fargo are all suspending garnishments to get the stimulus check to their customers. USAA should do the same. Congress passed this bill to get money to the most financially vulnerable among us. We can go back and forth about how people got into debt after this is all over. Congress trusted financial institutions to distribute this money to Americans. USAA, please don't prove them wrong. I trust that the leadership at USAA will be on the right side of this in the end, just hope it happens fast enough to help people who are hurting. 

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USAA: I've been a loyal member for over 50 years and I've always sang your praises but seizing stimulus checks from members,  even though they have a negative balance, is just not right in this time of a pandemic emergency. Surely USAA can forgo this action for these members. I appreciate that USAA is giving their auto insurance members a 20% discount now but I would rather have my discount cover those members who are having their stimulus checks seized. You are better than this USAA. Please prove it.

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Our idiot president made sure Not to write that stipulation in when he agreed to the stimulus. So now it's up to these businesses to be the better person and not use that to their advantage. My local credit unions are doing it, shoot even Wells Fargo (most scandalous of banks) Is putting in a 30 day no collections to allow their customers to take their stimulus. I've maybe had a fee or two in the past seven years that I've bank with USAA. But after seeing how they are treating this as an opportunity to pay off those debts and line their pockets?! As soon as Monday I'm closing my freaking accounts with USAA and moving EVERYTHING to my credit union. Their customers and their investments are these companies power and I refuse to contribute to that anymore. Screw USAA I was really hoping you guys were one of the good guys. my banking and morals are going elsewhere. I will stay ranting to my friends and family to do the same. Switching your bank is not hard! I would know I'm a banker. These banks rely on your dependence and comfort with them and your fear of switching. Go talk to your local credit unions they will bend over backwards to help you switch seamlessly! Take your power back!

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I've been a USAA member for 49 years. USAA has always seemed to do the right thing.  There

may be more going on here than reported, but this is not the right thing to do at this moment

in time.  

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Thanks for reaching out, @billd in CO. We understand that many members are facing challenges as a result of this issue and are working hard to make things right. What we’re doing now is to ensure that members with overdrawn and negative accounts will have full access to their stimulus payments. We’ll do this by providing members with a temporary credit for 90 days on negative account balances, so that the stimulus payment can be processed and be received. Separately, we will begin addressing charged off accounts, in relation to the stimulus payment. This process will be different although the goal remains to provide full access to the stimulus payment in most cases. I appreciate your 49 years of trust and membership, and look forward to many more years. - Cathleen

View solution in original post