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Contributor

I recently had a fake check deposited to my son's account which I am a joint holder. The check was deposited and then the money was immediately transferred to an unknown account. USAA contacted me a month later and informed me that I was responsible for the large negative balance on the account since I was a joint account holder. I asked for an investigation which quickly determined that we are at fault. I have been trying to resolve the situation however I have been getting the run around from USAA and I am about to close all my accounts that I have had for 20 years. I have never had a problem with USAA until now. I have noticed that many of the programs that were available have been getting less member friendly. Has anyone else had deposit fraud and been held at fault? 

3 REPLIES

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@Emanuel316, we appreciate your membership with USAA and thank you for taking the time to send your feedback. We definitely want to look into this and ensure your concerns are appropriately address. I located your profile and your concerns will be referred for additional review, and a subject-matter expert will reach out to you. Tricia

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Tricia, thank you for the quick reply. Looking at this forum this seems to be a common problem with USAA. I have been told that I would be contacted by a fraud specialist and I have been waiting for over a week, I have been placed on hold, hung up on and transferred back and forth without resolution. I am an active duty member of the military and don’t have time to deal with these problems and long wait times. I am in the process of transferring all my money to another financial institution and closing my banking accounts with USAA. This is a huge hassle and I would prefer not to close my accounts but over the past few years I have noticed that USAA is not the same institution it was when I first joined. I think it may be getting too big and is forgetting how valuable its members are. 

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As a reminder to all USAA members, USAA has the "right" to glam onto any account that has your name on it if something happens with a different account.  If you are setting up accounts with your 18 and older kids, it might be best if the accounts are only in the kids names and the kids give you power of attorney.  This way your accounts are not compromised but you can still help your kids out with their accounts.   The form for the power of attorney are on the USAA website.  This form can also be used for helping your kids with their renters insurance while at college, etc.  

 

@USAA - why do we keep hearing so many similar stories of fraudulent activity and USAA not standing up for their members?  Ironic that valid checks sometimes take 10 business days to clear but fraudulent checks are allowed to clear and accounts are cleaned out?    Where are the checks and balances in your systems USAA?