Somebody in the C-suite needs to be relieved of their duties.
The mandatory KYC survey - which, if not completed results in blocking ability to manage your financial accounts - is an overreach in personal data acquisition. Compliance with the Patriot Act is one thing ("be able to validate your customer and where their money is coming from"). Fine, no problem telling you how often I will Zelle, how much, etc. Asking for my salary and my net worth ? None of your damned business in the scope of the Patriot Act. Loans ? Sure. Financial Advisor ? Sure. Patriot Act ? NOPE. A blatant excuse to acquire personal data to target sales or pricing strategies IMHO.
Add in their farming out of mutual funds and stocks to Victory Capital and Schwab along with blatant attempts at thievery in auto insurance, this 30-year+ customer has no need for USAA. Iamgone.
Yes, unfortunately, you are correct. It's time to discharge USAA.
After you fill out the "survey", USAA will ultimately lie and say that when you indicated your NET worth that you were really stating your income. Then, because one's NET worth is often far above their income, they will demand tax returns under threat of closing your accounts.
Their demand for additional documentation includes a telephone number to call to reach their MOET team. They just sent out a couple of thousand such demands, then when you try to call they have you on hold for at least an hour at, for those of us stationed overseas, international direct dial rates. The leadership of the MOET team should be ashamed of themselves. Anybody with even minimal competence could have anticipated high call volume after sending out their demands for additional documentation.
It is sad, but the best thing now is to jump ship.
Hello @lamgone, this is difficult to hear from a long-time member of more than 30 years. Please know your concerns are taken seriously and I certainly want to help with having them addressed. Please private message your name and phone number to assist me with finding your information. -Paula