As if the recent USAA website "update" fiasco wasn't bad enough, now USAA recently sent out thousands of demands for additional documentation frommembers as a result of their recent Know Your Customer survey. At the bottom of the letter it gives a number to call to reach their MOET team in order to discuss the issue.
It certainly doesn't take a high IQ to realize that a significant number of people will call and they should be prepared for heavy call volume. However, since MOET team leadership is obviously incompetent, they negligently did not prepare. Hold times are upwards of an hour at, for those stationed overseas, international direct dial rates.
Then there are the requests for additional documents themselves. One question on the survey asks about your NET worth. For anybody that has saved for their entire career, has investments and even owns a home, their NET worth is going to be much hgher than their annual income. If you indicate that, though, USAA will demand tax documents from you within a two week period or, they threaten, they will close your accounts. There are two dozen members of my unit alone that I know of who are impacted by this absurdity and I'm sure there are several dozen more, at least.
Unless things change drastically, I will start recommending that indviduals abandon USAA for stable, intelligent financial institutions. Navy Federal and PenFed do not pull these lame stunts. That USAA actually cares about members of the military and their families is just a crock.
Of course, a USAA representative will reply to this post and give the usual lame and useless reply that "We value your membership and will have someone reach out to you." It's a lie when they say that.
@FullBird, I regret to hear you feel the way you do regarding our MOET team. I understand you have concerns about the Know Your Customer survey and the documents you've been asked to provide. Your membership and feedback are important to us. I previously escalated your concern about this matter and I will add this additional post as well. Please allow time for your concerns to be reviewed. Thank you. - Rhonda