Why did usaa take the ownership of my annuity and lable it a structured settlement?

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Contributor
I have been in contact with a few people who work at usaa and I am getting know where to the point I am having to get a lawyer and filing a suit against them for, according to the law in Maryland they stole $500,000 for my wife and I. Now there trying to cover it up with well you signed the contract, yes we did assuming what was in the paper was the exact thing we saw originally but it wasn't and they lied about it as well. Don't trust this company they sold my annuity to some company in Delaware without my knowledge. All I wanted to do was for them to honer there benefit of doing a one-time draw from my annuity and change the owner of my annuity to me because it was not a structured settlement. We signed release form for Netherlands insurance on 11/19/2018. They sent the money to us that day and we purchased the annuitys on 12/10/2018 so we purchased our annuitys but for some reason usaa desidee to take ownership of them and now I want all my money back and I'm sueing them for stress and suffering for putting me in this situation I'm behind on bills I was going to pay off with the money from my annuity one time draw. I am tires of there stupid sh** and can't believe I am treated this way after losing my kids in a car crash and this money was from that. If your reading this anyone from usaa remember I have all the documents even ones we did don't have in our contracts that are 6 month old after we signed the contract like screwing us on the interest rate, you will pay if it my last dieing breath and every dime I have I am going to bury you in your own lies and scams. I told you this 3 month ago so it's on you. I just want like I said to do my one time draw and give me ownership of my annuity and my wife hers or we come for all $500,000 of it.

1 REPLY

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You may want to read this article on Annuity Scams as well as contact the article's author, Alanna Ritchie (aritchie@annuity.org) to get a better understanding of exactly what happened. In fact, the more journalists you contact the better the odds you'll gain sufficient leverage to get USAA to do the right thing so they can put an end to continued negative publicity from the (apparent) mishandling of your case. 

 

This is much cheaper than (and can lead to a faster resolution to) your problems than hiring attorney. I'm not a lawyer (and definitely not giving legal advice, just my thoughts on another potentially more effective angle for you to explore) so getting initial consultations with at least two or more is probably also a good idea. 

 

I possess over two decades in the financial services industry and can tell you renaming your annuity is the least of the problems going on here. It is curious to me how or why an annuity would be renamed a "settlement," however. Insurance company's selling financial instruments (annuities, mortgages, etc.) to one another is *not* unusual. In fact, it happens all the time. USAA is a marketing machine targeting a niche market (current and former military personnel and families), but no rocket surgeons when it comes to managing or investing money. This is precisely why they hire sub-advisors to do the work or sell the product off entirely to some other company. 

 

The make a "commission" off selling you the product someone else "manufactures." Good for them, not-so-good for members.

 

Ultiumately, USAA is hurting it's brand name, reputation, and profitability. Poor management, outsourcing customer service to companies with poorly trained employees at companies you've never heard of (you're increasingly unlikely to speak with real USAA employees these days) and increasing indifference to members needs eroding everything people used to LOVE about USAA.

 

Good luck!

John

jga at Gmail dot com