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Dear Wayne Peacock/USAA,
Please send us, your USAA Members, a statement reassuring us that USAA remains a solvent, resilient, and safe place for us to continue doing business with our hard earned assets in your custody. Please don't ignore us or hide a confusing statement in some obscure corner of your website where we won't or can't easily find it. Why do I ask for this reassurance? Well, a couple of weeks have elapsed since the Silicon Valley Bank and Signature Banks have failed. We haven't yet heard anything from USAA which makes us nervous and curious. Let us know that you care about your Members. After reading the reviews about those bank failures, I see some similarities between the and USAA.
Let me list them:
1. USAA pays a $140M fine to US Gov't for non-compliant money laundering laws (WSJ)
2. USAA pays $85M fine for 500+ violations of the Servicemen Civil Relief Act (SCRA) and abusive and aggressive banking practices. (Yahoo News)
3. USAA pays $50M charitable donations to advance racial equity issues for racially marginalized communities. (John Bird letter) - Is this a BLM shake down?
4. USAA pays $47M in donations to address Pandemic Relief contributions to active duty families. (San Antonio Report) Did the US Government stop paying them?
5. Woke Board of Directors - Read Dona Young's resume. Recently elected. What makes her eligible to be a member of USAA let alone one of the directors? Is she a DEI/ESG representative? Does she know "What It Means to Serve"?
6. Meaningless and tone deaf correspondence from John Bird Adm, USN
7. No more credit cards with security enhancing personal identity pictures. Questionable explanations about cost cutting efforts and weak and unexplained promises of other forms of enhanced security measures.
8. Discontinued Identity Theft Protection. Again questionable and obscure explanations and weak promises of better to come.
9. Phishing among members to sell additional financial products for the benefit of new business partners Charles Schwab and Victory Funds. Both are mediocre performers with high fees, debatable customer service, and no responsibility to USAA.
10. Unresponsive and low banking interest rates as the Federal Reserve raises its rates. USAA continues to pay low non-competitive rates.
11. "Diversity and Inclusion are key long term priorities guiding USAA investments, resource allotments, and efforts for the future" (USAA announcement).
12. USAA DEI now charged with integrating Environmental, and Governance as well as DEI efforts revealing USAA emphasis in these programs. USAA has a unique opportunity through these concentrated efforts to make an even greater impact on the financial security of the military community (Vision PR)
Is USAA a sincere and dedicated banking and insurance company or an extension of the federal government social welfare organization? I believe USAA has lost its focus. We members are now just a means for the USAA leadership to finance their feel good virtue signaling. I don't know how solvent or vulnerable USAA is. Please send out a statement, something meaningless is better than nothing at all. Respectfully submitted.
For USAA. Where can we read your reply to this member? TY for your timely response.
Excellent summary- thanks! I fear you won't receive a response other than perhaps a sycophant in Peacock's office calling to say they "value your membership" and "take your concerns seriously." I'm closing in on being a 40 year member. In 2020, after the George Floyd , "social justice" became a must do fad for elite (and white run!) corporations, and Peacock jumped on that bandwagon without hesitation. I recall he posted a statement on how USAA members were horrible racists, but he had seen the light and admonished us to embrace groups for "racial justice" and our sins might be forgiven. Peacock, of course, has never stepped outside his privilege and never served in the military. Anyway, I wrote a letter to Peacock and made a faulty assumption he would actually have the courtesy and courage to write me back. Rather, I received an absurd call stating they looked at my insurance rates but they couldn't lower them any further, a call from some minion in the CEO's office who had no clue about the letter I had written ("I'll look into it and call you back," he told me; still waiting), and a nice but insecure lady who informed me that USAA fully supports BLM and would never change their position.
Regarding their obscenely low interest rates on savings accounts and CDs, they never respond to members questions about why they are so low, which leads me to suspect the have something to hide, such as they need free money to loan out at high rates or would collapse, like the Silicon Valley Bank.
USAA, a reply seems to be way overdue on this vital situation. Request USAA place this as an immediate action. When and where will the USAA response be posted ? TY.
All good reasons to LEAVE USAA.