Michelle2
Occasional Contributor

I recently closed my USAA account due to checks and ID being stolen.  I opened a new account with USAA.  I get a monthly cell phone expense check (that I have deposited by phone for 7 months now) and I also get a bonus check twice a year (that I have previously deposited earlier this year).  I made three deposits on this new account and each one has had a 7 day hold placed on them.  I called and the Rep said "I don't know why they have a hold on them".  Seriously?  That's your response?  I am so fed up with every deposit I make being placed on hold.  USAA - "STRIKE 3, YOU'RE OUT"

 

Also, I have noticed that debit card charges tend to disappear and reappear out of sequence.  They are manipulating charges to put your account into a negative balance to charge more NSF fees.  Read: 

 

http://www.forbes.com/sites/halahtouryalai/2012/02/22/are-banks-manipulating-your-transactions-to-ch...

 

FSB may accept, pay, certify, or charge to the appropriate account checks and other items in any order it chooses.

 

 

 

20 REPLIES

Hold policy is contained in the Depository Agreement and Disclosures:

 

Remote Deposit Capture and Similar Services
The availability periods described in this section do not apply to funds submitted through FSB’s USAA Deposit@Home, USAA Deposit@Mobile, USAA EasyDeposit, other remote check deposit or remote deposit capture services, ACH debit transactions (where FSB drafts funds from (debits) a non-USAA account for deposit into your FSB account), or other similar services. FSB will hold the funds for up to seven business days from the date of deposit. In some instances, funds may be available sooner than seven business days based on such factors as credit worthiness, the length and extent of your relationship with FSB and its affiliates, transaction and experience history, and such other factors as FSB, in its sole discretion, deems relevant.

 

 

If your account has been overdrawn repeatedly, then longer holds can apply:

 

Longer Delays May Apply
Generally, if the funds from your deposit will be available later than the times shown above, FSB will notify you at the time you make your deposit and will tell you when the funds will be available. If your deposit is not made directly to a FSB employee or if FSB decides to take this action after you have left FSB ’s office, FSB will send notice no later than the business day after the day of deposit.
For deposits made by check, availability of the funds may be delayed for a longer period under the following circumstances:
• FSB believes a check you deposited will not be paid.
• You deposited more than $5,000 on any one business day into all of your accounts.
• You redeposit a check that has been returned unpaid.

  • One or more of your accounts has been overdrawn repeatedly in the last six months.
    • There is an emergency, such as failure of computer or communications equipment.

 

The Depository Agreement also specifies how deposits and debits are processed.  If you are using a pin with your debit card, those will process basically instantaneously, as they are based on your current account balance at that time (not what your actual balance maybe if you have made other authorizations that have not processed)..  If you are using it has a credit card, you will first have an authorization hold until the merchant processes it for payment (the amount can differ from the final amount).  In some cases, if the merchant doesn't process it right away, the authorization may drop off, but you are still responsible for the payment when they do process it.

 

You are responsible for ensuring that you have adequate funds in your account at all times to cover all your authorizations.  This is why it is important to maintain an account register (electronic or paper) and not rely on your bank account balance (especially if you have little funds in the bank).

No offense DS Texas but it is obvious you are a cheerleader for USAA.  Truth be known, you are probably an employee.  That is ok, but just know that we have been quoted scripture and verse until our ears are bleeding.   There is no reason for a third deposit to be held.  I have not had any NSF activity.  The only thing is the account is new.  The only checks I deposit into this account are expense and bonus checks from my employer (the same one the payroll comes from).  I see your posts on nearly every issue and it is the same thing over and over.  It is not "convenient" to bank with USAA to begin with.  You cannot deposit cash.  You have to purchase a money order.  There are no branches to go to with problems.  Our only recourse is to contact customer service which quite honestly is enough to make your head explode.  I have heard "I'm so sorry" until I want to throw up.  So please, spare me the policy lesson.  

Dear Michelle2,

 

I would like to see if perhaps we can look into this a bit further. Please email us at: [expired email] with your member number and the details you provided above, we will be in touch shortly. Thank you!

Apparently you don't understand the policy.  If you deposit using Deposit@Home, USAA Deposit@Mobile, USAA EasyDeposit, other remote check deposit or remote deposit capture services,, then USAA will hold the funds for up to seven business days from the date of deposit.  This is done at their discretion to ensure the money is received before you spend it.  In some cases they may front you the money based on the various factors in the DAD.  You agreed to these policies when you opened the account.  Most banks have these same exact policies.  All this is provided to you in writing, it is your responsibility to read it and understand it.  

 

Check fraud has gotten out of hand and is costing individuals and banks millions of dollars a year.  This is the an effective way to combat that (though longer holds would be more effective).  It is best to always be prepared for the hold.  If you can't wait for the funds, then take the check to the bank it written on to cash it.  Another option is to open an account with a credit union or bank locally and deposit in person.  While this may not prevent holds, it will lower the chances of it happening.  

My Dear DS:  Apparently you do not understand that this a forum where customers of USAA can come together and discuss their issues with USAA and its Policies.  We are merely hoping that someone that matters will read these posts and do something about it.  I don't expect USAA to change their policy, I expect them to have great customer service and take care of their customers when we do have complaints.  What I am upset about is the discretion they use in placing these holds.  You make one deposit fine with no hold and the next deposit is held.  It is not just happening to me.  I have read many posts that are having the exact same problem.  Many have been customers for 10 or more years.  This is a community.  A community of members (customers) that have the right to be unhappy with current practices and policies.  Hopefully something can be done soon that will change these "policies".  It is obvious one disgruntled member (I guess that is me) cannot make a difference, but perhaps many can.  I know that excludes you because you are so busy cutting and pasting policy on every post here.  Have a Wonder 4th of July Holiday DS.

My Dear Michelle,

 

The hold policies are there for a purpose and are disclosed to you.  If you had a problem with it, why didn't you bring it up when you opened the account.  I suppose you feel the rules don't apply to you and they should give you the money before they receive it.

 

USAA provides you a free banking service and they have every right to minimize the risk of loss.  Unfortunately, these hold procedures really only affect a very small minority of the members - those who would be most affect by a returned check. These members are in the high risk category for loss because they do not maintain a high daily balance or have had account management issues in the past.  A returned check for these individuals more than likely would result in a negative balance, plus NSF fees and finally in account write-off.

 

Feel free to run for a board position so you can make these changes - I'll vote for you! :)

 

P.S. Here is a complaint about USAA not putting a hold on a check.  The complaints swing both ways based on individual circumstances.

I will leave you with this thought DS.  It is obvious you have an enormous amount of free time to read every posts and comment on them.  I only wish I had that kind of time.  Why don't you put your time to good use and do something worthwhile.  Maybe volunteer at an animal shelter or nursing home.  I'm sure it must get boring sitting around all day watching the USAA Community.  You have to be bored housewife, or a USAA Social Medial Specialist.  Either way, there are better things to do with your time.  You have a flippant attitude for anyone who disagrees with you which must somehow make up for your vapid life. 

 

Happy 4th!

 

Sorry I got under your skin. 

 

I work full time plus working on my masters degree in finance.  This is one of the ways that I relax and help out my community.  I participate in several financial forums, this one is by far the least active and takes only about 10 to 15 minutes a day. I have some that I spend so much more time on.. Thanks for taking an interest.

LOL, I love you're response @Michelle2!  Thanks for a great laugh, I needed it after getting the shaft from USAA...lol.