The ability to be able to make an informed decision is a right of the consumer when making a purchase, investment, contract a service or otherwise engage in commerce. This is what the FTC defines the criteria for a sound and ethical business transaction. You must be informed.
To simply state that "we offere quality services and products" is not enough. The reason is simple. by iusing the word quality alone is misleading and an act of ommision. Is the quality of the product good, bad, indifferent, or better? Even when you describe the quality as being better, is also not enough! Better than what? A headache is better than having the pain of childbirth? Better than our competitors. Thats better! but who are the competiters. What is thier record?
When it comes to Financial products and services, as well as Insurance and Securities, a few of the services offered by the USAA. These services are regulated by very strict standards of ethics, laws and regulations, and vary from State to States. Even each States has thier own laws and ethical operating criterias. The FTC controls fair commerce and enforces rules concerning fair disclosure. The SEC controls most of the rest.
There are differences in Banks, Insurance Companies, Security and stock service companies, mortgage companies. Yet they all have to perform thier business under applicable laws, and these laws tell them what must be contained in contracts, banking policies, and essentially make rules that cause these services from every company to be quite alike!
It is the information that you receive regarding these products, the history of the company, and the customer service of the company that genuinely make each compoany different. They are all selling you the same products!
When USAA expanded and decided to make USAA a one stop shopping center for all your financial needs, they essentially removed the competition from the decison making process. The only thing you have to compare are variations of USAA products. Which just happened to be wrapped in a yellow ribbon and a military package. Just for you. You are the Target! The USAA wants the military membership.
To make themselves appear to be military, they create a website, that appears to be military! Now they have your attention, they intruduce you to thier superior products, without telling you what that are superior to, and nothing to compare it to.
When you claim that you are affiliated with a mnilitary organization, you are required to define that relationship. USAA does not, but boasts they have so many. It you buy a toaster from a store, and the store claims that the toaster is the only one of its kind, but upon examination it is no different than any other toaster, then you have been mislead. Misinformed. Now had the Toaster operated under a new type of technology, or does things that no other toaster can do. Then thier claim is truthful. Telling the membership you are affiliated with 50n plus military non-profit or Fraternal organizations without clarifying the statement only creates a perception, and since the entire designed perception of USAA is to look military, you believe that these relationships exists. You made a decision yet you were not properly informed of the real relationship. This is an example of the requirement by the FTC that all commerce provide and disclose the necessary information to the potential buyer or member prior to the purchase, Had you known that that toaster was no different than any other. Would you have bought it?
Had you know that all the affiliations and relationships, or family ties, that USAA claims with the Military Community were no more than Advertsing in those Organizations Media. Would you have joined?
Had you known that the product that you bought from USAA was in fact inferior or more expensive but alike a similar product offered by another company. Would you have bought it?
I am just trying to Get USAA to be honest. Be fair. Treat the military members with a little dignity and show them that you care by actually doing what USAA is supposed to be doing. Taking care of the customers they have. Look at the policies, accounts and portfolios and actually try to help them earn money instead of profiting from it without doing the rest!
I did make an error by stateing that USAA Bank is not FDI insured. They are. It was their ambigous and confusing rhetoric that made me come to that decison. You see thats my point. They say yes three times on one page, no on 4 others, them on a disclaimer notice they clarified it. Why is it so difficult to get the information you need to make a decision. I admit it I made a mistake, like millions of others. Give us the information we need to make a good informed decision on your services and products! Dont hide the disclosures where we can not find them . The FDC states that disclosure , endorsements, or no endorsements should be clearly visible and as close to the claim or inferance as possible. Not at the bottom of the page, below what we believe is the end of the page.