It was a decent bank for 42+ years, now it's over.
Over 12~16 years ago I opened a savings account for and with both my children. Unbeknownst to me until last week, they (USAA) NOW says they were accounts that I was the account holder and they were only beneficiaries. NOW they say they had no access to the accounts, but due to a "computer glitch", they were able to withdraw funds when they logged in. (Understand, USAA wrote the computer program). Over the years, it was convenient while they were in middle and high school, and was an easy way to transfer funds they could withdraw while in college and for the 5 or 6 years after college.
Suddenly, without ANY notice to them OR me, USAA decided to delete their access to these accounts. They couldn't even see the account when logged in. Only I had access, even though my daughter has a direct deposit from her job every 2 weeks.
I sent a message. They responded in 24 hours that they would contact me in TWO days. After SIX days and no response, I messaged again.
Today, the 7th day, they called. They offered no "sorry", just kept telling me that this was a computer problem they just corrected. IF I want a joint account, I have to sit down and open 2 new accounts and close these.
I asked them to do whatever is needed and call me back when the new accounts are done, but they refused, saying it was beyond their ability. I had to spend more time on the phone setting them up and closing the old accounts.
Am I happy? NO! I will now have both children AND MYSELF open new checking and savings accounts with Ally Bank, close our 3 savings, 3 checking, 3 credit card accounts, brokerage, line of credit as well as 4 vehicle insurance policies and homeowners policies. Then I can claim my over $12,000 in my SSA account. I will keep my annuity since they are stuck paying me 4.5% interest.
USAA decided to do business in this shady way, I can no longer accept them as military friendly. How things change in just a few short years.
On a side note, they USED to have a decent car buying service. Last month I used it and found that the prices on the dealers web sites were LOWER than the price offered thru the buying service on the EXACT SAME vehicle (verified with VIN)! DO NOT USE IT!!!
@degs review, the experience you had was not of the service you would expect from USAA. It is a great loss to our membership losing a member and their family after all these years. I will be sending your post for review. What that means is that I am sharing your post to the highest level. I would regret if it is too late. I am unable to discuss account specific details in this channel I thank you for sharing your concerns and disappointment. It is my intention to be sure this post is reviewed. ~ Suzy
USAA, how many more members do you need to lose to understand you have serious problems. There are at least half a dozen credit union competitors that offer better service and better products to the military community.
Please wake up.
It is more than just credit unions. Other insurance companies are able to substantially beat USAA's auto insurance rates. (USAA was never competitive with their home insurance rates in my area) USAA is not the company it once was with regards to value and customer service. Stuart Parker has substantially changed USAA and not for the better. He needs to resign.
USAA indeed does have issues. USAA needs to right the ship and re- indoctrinate every employee. Top to bottom. They seem to have forgotton their way. This is a vital issue. USAA has customers that profide unmatched loyality in the financial industry. Many customers are voting with their feet. A big wake up call is long over due. Maybe top managment needs to be changed. This issue does not come from the bottom of an organization. The focus needs to be on "what is causing this". The current structure of USAA's management may be the source of proble. The future is in serious doubt. USAA customers deserve MUCH BETTER and immediate correction is vital. Good luck.