Who owns USAA?

Good Afternoon,

 

I am a 53 year member of USAA.  I have sung the praises of USAA for most of those 53 years.  I have always understood that the ownereship of USAA was very unique in that it was set up to be owned by and serve its members.  That is what made USAA special.  What has happened?  By all accounts, with the number of concerns voiced on this community bulletin board, USAA no longs serves the best interest of its members.  We are struggleing to get the service that we expect and have experienced during many years of membership.  

 

The questions are:  Who owns USAA?  What is the mission of USAA?  What expectation should members have of USAA?  And why aren't we being communicated with?  It is sad when the very people that USAA was designed to serve are ignored.  Currently, I am seeing many advertisements for USAA on TV.  Why is it necessary for USAA to spend members equity on advertising when it makes no effort to serve the interests of its members?

 

This is all very frustrating.  We need a straight answer from USAA so we, as members, can get on with making decisions about who is going to be our financial services provider of choice.  Right now USAA is making no apparent effort to vie for my continued membership.

 

I really want USAA to succeed, but time is running short as far as I am concerned.

 

Here's hoping,

Prop Guy

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19 REPLIES

Don't hold your breath. USAA put a hold on all my paycheck through Thanksgiving. Oh it cleared last Tuesday. They're just holding my money. I was told and I quote It doesn't matter that you're a veteran. Run! They're just a bank now.

I agree. I understand USAA is organized under an unusual Texas law, but how is the board chosen? If USSA is ostensibly organized for the benefit of it's memebers shouldn't the memebrs choose the board?

One hour plus wait time for a representative!  No other way to get to people.  Yesterday's mobile deposit in the ether.  No answer as to when it willl be available.  No acknowledgement that the deposit has even been made!  No personal financial adviser.  Local office was closed several years ago.  I could go on.

@BoatGuy1, I'm sorry to hear of your disappointment. We appreciate your longtime membership, and this is difficult to read. I've elevated your concerns to the appropriate team for review. Thank you for bringing this to us today. ~Holland

Holland, I've bern trying to get management to talk to me since 2 September.....you made me laugh so hard my sides hurt! Thanks.

 

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Douglas Rxxx

Phone number +49 172 [removed sensitive data]......Germany.

email.   

 

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You must understand that USAA changed it's main objectives.  USAA's main objectives now are to enrich it's CEO and upper management and instill their political beliefs onto USAA.  What has been intentionally done to USAA is a disgrace.

Wayne Peacock, the new CEO, has a compensation package of around $5 million a year. He makes up for the guilt he feels for being so wealthy and privileged by using the company, and prestige of USAA members, to make himself appear woke and hip in his circle of similar elites. It's great being obscenely wealthy, all the power to him, but in his mind even better than being in the top 0.1% is to be wealthy beyond comprehension and  lauded as a social justice warrior. He's not alone among the privileged- this mentality seems quite common these days. Sadly, the Board is too spineless to keep him from destroying the honor and integrity of USAA and/or it's financially worth their while to allow him to do so.

Meanwhile they put a hold on my paycheck through Thanksgiving so I had no money to feed my kids. I was told it doesn't matter that you're a veteran. We don't care what day it is only our risk. Can't make it up.

I understand the seriousness of the situation. I have located your information and will engage a specialist to review the details. Thank you for speaking up today. - Jason
 

It's strange how USAA has gone from leadership with professional military background to those who couldn't hold a candle to a Boy Scout.  

 

Under Parker and now Peacock, USAA has been clobbered with an $85,000,000 fine for illegally abusing over 550 deployed military personnel.  That in and of itself should earn USAA executives a dishonorable discharge.  

Wayne Peacock makes $5M a year? That's not as much as the damage he is doing to the bank side alone. He just missed a huge opportunity with us because customer service sucked so bad we are changing banks when after hours of listening to horrible hold music, and getting the shaft and runaround nonstop by bank employees who do not listen. I will watch as USAA runs a once-great name into the ground while burning through advertising dollars to sucker new members in. They're just riding on the glories of the past and cashing in on the name greater managers than Peacock built.

Very well stated and a smart move leaving USAA.

@raetsch1, this is difficult to read. I've shared the details you've provided with the appropriate team for review. Thank you for taking the time to post today. ~Holland

Holland,  if you've been at USAA more than a week it you should be used to reading comments  like this.

When will something get done about it!

I have written a number of times to USAA and the Board about sponsoring Tucker Carlson, his lies, conspiracy theories, and most recently Carlson's "Patriot Purge" "Documentary" series. Even Geraldo Rivera finds the documentary "inflammatory, outrageous, and uncorroborated", among other things. One conspiracy theory floated in the documentary

is that January 6 was a "false flag"; Democrats made it all up to cause trouble for Trump. USAA is  funding sponsors of the Texas anti abortion bill. It goes on and on. The response I get about ads is that it's marketing making those decisions. Apparently neither the CEO nor the Board has any control over marketing.

I have been a USAA member since 1983, but I am losing patience. I spent almost two hours today trying to use the new mobile deposit system with no indication what was happening to my deposit. Then I spent 15 minutes on hold trying to get help. By the time I got a response I had managed to get the deposits to apparently go through, but to check I had to go to a different system. I am not in Texas. It would be much more convenient for me to use a local bank or credit union and I am seriously considering it. USAA members are no longer the priority for USAA.

Hello and thank you for sharing your concerns with us. I was able to locate your profile and I have forwarded your feedback to the appropriate department for further review and research. Thank you!

The image all members once held that USAA was a great and fair company no longer exist. What a blow to all of USAAs past customer relationships. Very sad and a huge loss of a former trusted source of support. A total collapse of a once respected friend. Why? Who?