I am a 48-year USAA member. In that time, I have seen USAA decline from a motivated, quality-conscious organization to a large, crass, self-serving, organization of greedy executives trying to enrich themselves by liquidating the good will that USAA built up. There are no lower people in America ! !
USAA HAS LOST IT"S WAY
I have a lot of real estate, in Hawaii and North Carolina. All of them, except my last home have equity, at current market values, of between 40% and 70%. My home only has a 20% equity. They are all current. One was one month late when I went on a cruise and an electronic payment did not register correctly, and I did not find out about it until too late. That was 7 years ago. My mortgage interest ranges from a low of 5.75% to a high of 8.5%. If I gould get a loan or refinancing, my life would be a lot easire. I applied for a home equity loan, to pay off the $32,000 8 1/2% second, and was denied because my payments were too high. DUH!. My payments are too high because I am not being allowed to refinance. When I was finally able to go over the numbers with a USAA person,I was told, they had made a mistake, and the loan should have been authorized, but Sorry - they are not making that kind of loan at this time. The equity in the home I was denied a loan on was $700,000. I have 4 retirements, and find it hard to believe that I cannot get a loan from USAA, where I have been a member for 42 years, and where my yearly insurance payments total $6,000 for real estate coverage.
If I cannot get a loan, I find it easy to understand why we have angry USAA members.
I have been a loyal USAA customer for over 30 years and have nearly all of my financial asets with USAA as well and all of my property and auto insurance, charge cards. etc. I have sung USAA's praises for as long as I can remember and always felt I was dealing with the best. I have excellent history of paying my bills which means I have an excellent credit score.
However since USAA implemented the policy of subcontracting some of their services out, I have been very dis-illusioned. I am speaking specifically of Dovenmuehle, their mortgage contractor. Getting the loan was extremely unpleasant but I chalked it up to one of those one time things. My loan is now several years old.
Last week I received a notice from Dovenmuehle advising me I was delinquent and would be reported to the credit bureaus. I immediately went to my bank to see what the problem was. I had inadverently failed to pay my mortgage in May. So, that very day, I scheduled a payment to Dovenmuehle for the first available day the bank could process it (for the mortgage amount plus the late penalty.) My June payment had already been scheduled.
I told Dovenmuehle it was an oversight on my part and I was very embarassed and I had taken care of it. Since then, I have received several call from Dovenmuehle harassing me to make my late payment or they will continue with reporting me to the Credit Bureaus. I have never been reported to the credit bureau for not honoring my debts on anything before. On my last call from Dovenmuehle, Customer Service credited me with the late payment fee but would not (or could not) contact collections to stop their harassment and reporting me to the credit bureau. Is this really the way USAA wants their sub-contractors to treat their loyal long-time customers? I did not call asking for a credit, I called asking them to stop the harassment and the reporting.
I agree with you. I have been with USAA since the 1950's, under General McDermott.
Recently I lost my credit card. So they said they would block the credit card, and send me a new one.
They blocked my credit card and also my debit card, and now I have difficulty getting any money from my checking account. But it is OK, because both the new credit card and the debit card will be with me in 5 days.
This is not how an organization should be run. Who is at the top? Is it a civilian? Being with USAA for life, is a long long time.