We all know the federal government is becoming more and more intrusive. However, USAA is misrepresenting federal regulations to their benefit and the detriment of long-term customers. I wonder if the USAA representatives that have repeatedly lied to me today regarding the Electronic Code of Federal Regulations PART 229—AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC) have ever read the actual source they are misquoting.
USAA claims that the "National Treasury" requires that my check be held for several days (12 with the holiday and weekends), and that USAA is simply complying, albeit unwillingly, with these regulations. The correct information is available here:
I can only assume that USAA is using these inappropriately ocnfiscated funds for profitable gain while consumers suffer.
Agree 100%!! They state they are doing it to comply with Regulation CC, but the purpose of regulation CC is to set ***maximum** limits-- and USAA uses the maximum allowed by Regulation CC. The worst part is they won't tell you how much will be made available until **after** you make a deposit. Complete misrepresentation.