Release MY money

[Unhappy Jaclyn]

As I wait for short term disability to be approved I deposited a check from my 401k on 2/3. USAA verified the check cleared 2/4 but are holding my $, allowing me $500. I called needing my $ released or I'll be late on my other bills. They didn't help. they said I should call those companies & settle with them. They advised my $500 allowance should be used to pay those bills. Well, the $500 was used to pay my car insurance & part of rent. I'd been living on $50. They didn't care & maintain the policy of holding my money hostage until 2/11making me decide between paying doctors or buying food. I'm disgusted.

[DSTEXAS]

Jaclyn,

Holds are the norm in the banking industry today due to high prevalence of check fraud.  Depending on the type of check and your account history (NSF or late payments), banks may release some or all of the funds to you.  Even if they do, you are still liable if the check is returned unpaid.  Even in today's electronic age, checks do not clear instantly and can be returned by the issuing bank up to 10 days later.

[Briana Hartzell USAA]

Dear Jaclyn,

I am so sorry to hear about your current situation. We would like to get more details from you and see if anything can be done. We would appreciate you sending us a message here with the best way to contact you, so that we can have a specialist review your accounts.

In case you are interested the depository agreement (which can be found here) you can read into the details about the deposit process here at USAA.

Thank you.

[Unhappy Jaclyn]

Oh the USAA rep explained over and over the policies of banking today. Well she didn't know that I've worked for Washington Mutual, Citi, Capital One and know the policies. USAA has overlays that excepts can be made. Every year I'm required to know and be certified but govt regulations on banking practices. I do not need advise from the USAA REP on how to spend my money. The USAA rep called my 401k instution with me on the line and they verified that the check cleared on 2/4. Any other bank would have made an effort to release my funds. But instead, the USAA rep advised me to call time warner cable to make arrangements for a late fee- as wil my electric company. She advised me without knowing my monthly bills that the $500 allowance was to have covered my $174 car payment, 850 rent payment, my phone bill, cable and car insurance. Ha ha what world is that possible. It was MY 401k money that is being held for no reason other than USAA OVERLAY POLICIES. With $30 dollars in my account, thanks to your unfair and bias policies, I had to decide if I wanted to eat Monday and Tuesday or go to my very much needed doctors appointment on Monday. So tell me exact how your banking policies have been fair to anyone but USAA. ARE YOU TAKING RESPONSIBILITY FOR ANY LATE FEE I HAVE NOW BECAUSE OF YOUR POLICIES. With my $50 dollars after pay rent last week, I even worried on Saturday if I could afford my medicine that I purchased on this past Sunday. So yeah for the past years I've had USAA I had nothing but praises. Felt pride with another bank would offer me an account and I could say no because of USAA. But I don't think your policies should more important than the well-being of your customers. I can't stand you right now and the position you have forced me into.

[Unhappy Jaclyn]

DSTEXAS- I've worked for banks. I really don't care to read any of your malarkey. It was MY money from my 401K and the USAA executive specialist called and confirmed. So please I've heard all you had to say. I've worked at banks so I understand the rules. I am not as ignorant as I feel your response is. Thank you. You are welcome to not reply because I probably already know your rebuttal which will be just as foolish as your first reply.

[Wendy Poling USAA]

Greetings everyone,

Thank you for your participation here in Community. Per our Moderation Guidelines, personal attacks will not be tolerated here in the Community. Offending posts will be removed. We value everyone's opinion and feedback, however we must have guidelines. - Wendy

[jlomayas]

I appreciate your assistance in protecting what is mine but the concern here is we who live by righteousness pay for what insecurities you hold against them, on us. That is unfair. The o es who do what is right and live paycheck by paycheck are just as scwred as poor man living on his/her parents couch hoping for a miracle. In this case my wish is when will my loyalty be recognized based off of what I do as I and you practice our religious beflifes in the country base off of freedom.

[jlomayas]

Fli is doing something similar.

[jlomayas]

Flo*

[FullBird]

Unhappy, perhaps you don't currently work at a bank because you don't know how to read?? The Depository Agreement specifies when the money is yours. Please struggle to read it. Further, if you were credit qualified, USAA would not place a hold on your checks. For credit qualified (i.e. not those with poor credit), no holds are placed on checks up to a daily limit of approximately $10,000. Gives you something to strive for instead of whining.