Well, I've been a member for 31 years and have current accounts....tried to set-up new account under my revocable trust!! Tried but told they no longer do that- my lawyer had advised that naming the trust as beneficiary is not a good idea. Luckily I have another credit union it was easy to do with and will probably transfer everything there. So since May 1, 2020 we are no longer able to do that- just a fyi to all the other baby boomers out there that things are changing. First the change with investments to Charles Schwab and now this. What next
Hello and thank you for taking the time to share your feedback. We are very sorry for any disappointment we've caused you due to us no longer offering Trust Accounts. The changes we are undergoing can be difficult and we will make sure your concern is forwarded to the appropriate department for consideration and review for our future products and services. TY!
I've run into a similar challenge. My wife and I just created a revokable trust and our lawyer instructed us to change the owner of our existing personal checking and savings accounts to the trust. (We were warned not to ask for or attempt to open a trust account, as this is apparently something different.) Does your message applies to that situation too. That is, that I cannot update the ownership on existing accounts? This is what the rep I spoke to on the phone said, but I wasn't sure I was communicating clearly so I wasn't sure whether the answer matched my question. Thanks.
Same thing, can't change existing account to owner of trust and/or open new account under the revocable trust -I was told that this was effective on May 1 , 2020. Luckily I have another credit union that doesn't have a problem with it - in the process of switching all deposits etc to it..... Like I told the rep - all of us baby boomers are really going to be disappointed about this especially with having been with this USAA so long.
Same situation here.....USAA essentially said they do not offer any changes to existing accounts to allow you to fund your trust and they are fine with you taking your business elsewhere to protect your assets. They will be losing my business after 21 years.....so disappointed in USAA. Advice to you - find a different bank who will support you on this.
@QuintK., you are correct. Effective December 1, 2017, USAA will no longer convert existing accounts into Trust Accounts. A new account will need to be opened in the name of the Trust.
@USAA - I am a bit confused - why would USAA alienate their members who have the ability and means to set up trusts? Does this also mean USAA will no longer insure vehicles that are in trust, no longer insure homes that are in trust? What does this mean for members? It really does seem that USAA is more interested in membership numbers instead of providing membership services. Is this USAA's new motto and benchmark - numbers, numbers, numbers????
When I sit and watch the USAA commercials, I am disappointed as this is not the USAA that I grew up with - I understand change is sometimes necessary, but change should be good or have some positive aspect for the member, but I haven't seen much, if anything, positive come out of USAA in the last couple of years. So very sad.
Hello @NSueZ, we are sorry to hear of this experience you had with us. I have located you in our system and will be forwarding your details to a subject matter for further review. ~Sarah
@Sarah - Did you even read my post? It had some questions in it along with some commentary. The questions followed the topic of trusts - the basic idea of the questions was: if USAA will no longer allow trusts, is USAA still insuring houses and autos titled in trust? This really is a fairly simple question to answer and does not need to be forwarded to a subject matter. In fact, I am not sure why you had to look up anything in my account, especially when you say "this" experience with us. Really my commentary is about the overall trend of USAA not supporting their members or being in tune with ALL of their members - nothing says run to another company as fast as you can when USAA will no longer work with high net worth individuals who have the ability to set up trusts. Again USAA is all about the numbers now, not the quality.