Demands for Intrusive Information -- Is Anyone in Charge There?

So yesterday brought a letter demanding information on my checking account, to be submitted within 30 days or USAA will close my account.  The account is set up under a revocable trust, so USAA wants the documentation; no problem, you've had it on file for the past 6 years.  But now they want names, addresses, and percentages for each of the beneficiaries of the trust?  Sorry but that is none of your business.

 

Spent six hours now over the past two days, talking to phone reps but mostly on hold listening to that terrible "elevator music."  The customer reps in Banking claim that this information is "required by FDIC rules" but cannot cite a specific USC or CFR reference to back that up.  So they transfer me to MOET, who tells me that they have no idea either and transfers me back to Banking (except for when they disconnect the call entirely).  Caught in a circular "do-loop" here where no one seems to be able to explain where this "requirement" originated, and no one can fix it. 

 

Is anyone in charge at USAA these days?  Does anyone still care?  I've had this account for almost 30 years now, and have been a member for longer than that, but unless someone fixes this -- and quick -- I'm moving my accounts elsewhere!

4 REPLIES

@Old soldier, We appreciate your 30+ years of membership and we certainly don't want to lose your business. I will make sure to forward your concerns to the appropriate area for further review. Thank you for taking the time to voice your concerns. Tricia

They have a sudden blanket rule - it's happened before - only seem to have no idea how to even approach it sanely or rationally.

 

I'm leaving USAA banking over it - I don't find it perhaps as intrusive as you, so much as I find the approach and execution offensive beyond belief.  Again.

 

Erik

@AvoidFirstName,

 

This is concerning to know. I will forward your concerns to the appropriate area. 

~ Lori C

Yes, USAA is becoming very abusive in its demands for information that absolutely no other bank has ever asked for.   Leaving USAA now seems to be the best choice.