I've been a loyal and proud USAA member for about 25 years and found them a convenient and great company to place my trust in banking, investments, and loan business. Out of the blue, last week I got a FedEx envelope from them that had a letter enclosed that stated they were not going to manage my investments any longer and I had to move them to another institution. Mind you, I have only made deposits that were automatically taken out of another account on a monthly basis, and had never made a withdrawal. This made absolutely no sense to me, so I checked and they had also cut off the 2 credit cards I have with them, and are closing my checking and savings accounts with them as well. Now, I have never once been late with any payments to them, and have actually always paid off loans and such ahead of time - for over 20 years.I have called them multiple times and each department does their research and can find no reason for this absurd action before they pass me off to the next banking department, who in turn can find no reason for their actions either. I was passed up to a senior resolutions specialist that could also find no reason why USAA has taken these actions. I was told to hand write a letter and mail it to them to try to get an explaination. I called again last night and the representative said the hand written letter was received, but no notes had been added to my file. She started checking with senior supervisors there again, and after about an hour on hold and 4 transfers, I was told that nobody there could tell my why my accounts were being terminated.
USAA - take note - this is not how you treat a loyal, long time member that has done NOTHING wrong or broken any rules / policies. I feel I am owed an explaination at the very least and reinstatement of all my accounts.
I appreciate you taking the time to reach out regarding your situation, @txfast1, and I can certainly understand your confusion. I've sent a request to a Subject Matter Expert to look into this for you. Please allow sufficient time for the research to be completed and reviewed. - Cathleen
@USAA - I would have assumed that this situation would have already been researched - why do we always need Subject Matter Experts to come in and help (and only after it is posted on this site)? The member has called and spoken to a couple USAA representatives. Someone at USAA should already be hard at work on this situation.
Thank you NSueZ - I am in a state of disbelief that all investments, banking, and credit cards were abruptly terminated. Apparently no supervisors, advisors, nor senior resolution representatives can figure out why USAA took this course of action after reviewing all my accounts. I've always praised USAA and their methods of handling an insurance claim, processing an auto loan, and overall ease of doing business with over the years. After 3 phone calls averaging over an hour each, messages sent without replies, and no response to a handwritten letter I sent (under the advise of a senior support representative), I am thinking I will never know why this happened.
I have read stories about other situations and have always thought "they MUST have done something wrong for USAA to take adverse action", and saw the story as one sided. Well, I've done absolutely nothing wrong and have always paid my bills, etc ahead of time. Never took any withdrawals from investments until they closed the accounts and said I had to transfer the assets to another institution. If this were any other bank, or if I hadn't been with USAA for decades, I'd have moved on. I've always felt like part of the USAA family and was proud to be a member.
"If this were any other bank, or if I hadn't been with USAA for decades, I'd have moved on."
Most of my financial/investment business were with USAA for about 30 or so years until I changed that in 2017. My decision was based on a series of things--mainly the changes in investment/CD/Sav/Ck returns, faith in the organization's ability to protect my money/CC, questionable changes to my credit file, etc. I transferred everything to my CU (been with them for about 40yrs) and investments to Vanguard/Schwab. It's really easy. What's difficult is the challenge of dealing with USAA's gauntlet of departments and questions why I want to leave. You would think that they could extrapolate all that information by just reviewing the comments/concerns posted on this website, BBB, and other independent sites--right? No--It's really a tactic to delay, stop or discourage you from deciding what you think is better for you and your family. I guess USAA is not the only business that uses this tactic, but I think they should respect your decision without making you suffer for it by going through their process. If you notice, very few solutions are ever posted my the reps on this website. They will always refer you to a so-called expert, and maybe call you back or put you off long enough so you get frustrated and give up. Don't let that hold you back from moving on. I hope you're able to get back on track.
Your comments are all based on assumptions. You, nor I, know exactly what the true circumstances are in this case. Nor should we permitted to know, as this is a public forum in which a dissatisfied member is venting his frustrations, which may or may not be completely accurate.
I congratulate the USAA Representative who is taking immediate action to assist this member and diverting his issue to a qualified expert to look into the matter.
Really, who could ask for more?
Cathleen, while I appreciate your response, I really would like to know who made this decision, and if there is another person that would be able to review my complaint and help me arbitrate / undo this absurd action USAA has taken. I don't know who to call to get any assistance, as all they do is note my file that I called in and what my concerns were. What good is that?
I appreciate the follow up, @txfast1, and understand your confusion and frustration. Due to security and privacy restrictions, I'm not able to provide specifics via social media. I have confirmed that the submission was successful, and someone is currently reviewing your situation. Please allow sufficient time for them to complete the research needed to address your concerns. - Cathleen
I received a FedEx letter today that basically stated no reason for account terminations will be given, and the letter received will be a final notice they have the right to terminate any relationship at any time. Seriously, after 27 years with USAA an explaination for such an absurd action deserves a reason.