Administrator
Administrator
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120 Comments (120 New)

USAA Community w9 request.jpg

Community users have been posting about a request to update their W-9 forms and we wanted to provide some additional information.

 

What is a Tax Certification (W-9 form)?

A Tax Certification (W-9 form) is a form that certifies member’s tax payer information (name and social security number). For more information on W-9 form, visit irs.gov website.

 

Why am I being asked to update my W-9?

To ensure our members’ tax reporting information is up to date, accurate and reported correctly to the IRS, USAA may ask members to update their W-9 forms. We want to make sure we have the most accurate tax information on file. To assist with completing the W-9, we have created a digital option which allows for the document to be easily and quickly completed online.  If your account is eligible for the digital option, you should be prompted when reviewing your transactions on usaa.com.

 

Where can I update my information?

When reviewing your transactions on usaa.com you should receive a “digital detour” that will prompt you to sign the required form. This is also available on mobile. If you do not see the prompt on mobile, make sure to update your device with the latest version of the USAA mobile app.

 

What if I do not see the prompt?

Not all members are being asked to update their W9. Those members will not see the “digital detour”.

Or, your account is not eligible for digital detour. If your account is not eligible for digital detour, you will receive a W-9 form in the mail. If you prefer the W-9 form mailed to you, please call us at 800-531-USAA (8722).

 

Do you have any other questions we can help answer regarding the W-9 update request?

120 Comments
Thubbs
Occasional Visitor

I also got this prompt and its very concerning. I haven't had to provide any update to my "w-9" at any other bank. I talked with a USAA representative on the phone today and she stated that if I did not confrim my SSN that my account would stop earning interest, then after a certain amount of time I would be only able to deposit money into the account and not withdraw any funds, and eventually my account would be "frozen". This is not acceptable, If I do not get any clarification soon I plan on closing my account with USAA. USAA should not be inbed with the IRS trying to nickle and dime the 2 cents of interest I get from my savings account.

Thubbs
Occasional Visitor

So USSA is holding my Direct Deposit and will not let me access those funds unless they receive the updated W9. This is garbage.

tikal
Occasional Contributor

USAA this garbage!! We got some spam looking email to update or W9 or they will place our account on backup withhold... whatever that means.  All the other issues like this are done through my documents notifications.  Pretty hard to tell the email is not a scam.  Remember the good old days with USAA when you didn't have to go through the awful automated phone tree maze?  They use to limit membership to only military families, much different company now.  Rates are no longer that competitive and customer service reps sound like they have 500 people in the same office talking to other people.

 

USAA please don't answer with some, we have to remain compliant with the IRS, we already understand that.  Explain why you chose this uncaring, poorly thoughtout method to get the W9 information from your members.

USAA Service
USAA Service

Thubbs - I am sorry to hear that you are in this situation. Please call us at 210-531-8722 to address the matter. Additional you can initiate a chat by selecting HELP at the top of usaa.com or the “Ask a Representative” from the account summary page. I hope this helps. - Jason

navathehutt
New Member

Another reason why Im slowly canceling all my business with USAA, navy federal is probably a better option

HubbaHubba
New Member

I have been a USAA member for decades. They have all my information (PII, citizenship, SSN, etc.) and have been issuing tax forms (interest, etc.) to me without fail.

 

WHY does USAA NEED me to VERIFY my information YEARS after the account has been verified?

 

Also, WHY is USAA THREATENING to hold my funds?

 

I have other bank accounts and none of them ever asked me for W9. 

 

Something is amiss here and USAA is not providing the full story.

seawolf75
New Member

I recieved this email today and like everyone else, I am frustrated with the wording. I checked online and was not prompted for the W9. I bank with several other banks and this never comes up. I already dropped USAA for car and Home Insurance because you have become the most expensive option out there, but i have better things to do with my time than trying to navigate through and find a non existant w9 form I need to verify. 

 

I joined USAA because friends told me how wonderful you treated veterans and thier famillies, but really I don't see it. Even Wells Fargo has become easier to deal with than USAA. I am seriously considering closing up even though I dont have a ton of savings in USAA so it wouldnt hurt you one way or the other, but I am also considering telling my daughter she should consider moving everything back to her credit union. 

 

Between charging double or more than ANY other company for insurance, locking out the ability to transfer funds or deposit funds if you dont do so every 90 days or so, and silliness like this w9 stuff, i am starting to believe your company has become nothing but a money grab.

USAA Service
USAA Service

@seawolf75, I do appreciate your feedback. I will have this forwarded to a specialist for review. ~ Sam

ABQguy
Visitor

I am extremely frustrated with USAA. Over two months they withheld taxes (at 28% of the interest earned) from our savings and a CD account because they said we were missing an updated W-9 form. We've been USAA members for 10+ years and other than one lone email that was delivered to a SP@M folder, have never been asked to provide this form. 

How did this happen?
USAA sent one email message to my husband in late March 2019 asking for an updated W-9.  The email text is as follows:
"Thank you for choosing us for your banking needs. To remain compliant with IRS regulations and avoid placing your account into backup withholding, we need you to complete a new Tax Certification (W-9) form. This will be our ONLY communication to inform you that a new W-9 form is needed. All deposit accounts you are the primary account holder on will be placed into backup withholding if we do not receive your completed, valid W-9 form."

Please note that this email used the subject line, "IRS Information Required: Send Updated W-9 to USAA" and was found in his SP@M folder AFTER a USAA rep asked us to look for it. And with that type of signature line, I get why. It sounds "phishy". 

Important to note:
- Within this email they did NOT share a "due" date. Had we received the message or opened it, we would have had no idea that this was time sensitive issue. USAA removed the 28% interest from our account less than a month after sending this lone message. 
- This message says that it will be the ONLY form of communication we receive regarding this manner. I don't know about you, but USAA sends my family dozens of pieces of communication each week via snail mail, email, and push notifications, plus all the ads we receive from them. Why did they not try harder to give us this update? I receive new life insurance "opportunities" almost monthly, surely they could have tried more than once to let us know that they wanted to garnish our accounts. 

- The message does not clearly state that they will garnish the account if this form is not completed. Because this form is missing, they not only garnished our account, but they refuse to give the money back. 

I think that it's important to share that my husband and I spoke to four different people yesterday via four separate calls. Each call center rep shared different information and not one person was able to help us get our money back. The only consistent message was that we needed to fill out the W-9 form. Please note, that I never objected to filling out the form. Once I learned that they needed it for my account, I simply wanted to know why and how it would work. Each rep had different takes on the process. One rep said we just needed to fill out one for our entire family. Meaning that the account would be covered by our main account holder. Another rep said we needed to fill out a form for each interest-earning account. When I asked where to find the form, she said I would need to search through each individual sub-account: savings, CDs, etc. 

If this form is so important, why wouldn't this message be mailed, found within our USAA documents folder, or delivered as a pop-up message once I logged in?

We've been members with USAA for 10+ years and this is the first time I've ever felt taken advantage of and mislead. 
I want my money back and USAA refuses to help, not cool. We have been extremely loyal customers and I want them to fix this issue. After reading through the comments, it sounds like this is a true issue and that I am not alone with this frustration. 

USAA Service
USAA Service

Hello @ABQguy, I am very sorry to hear of this situation.I have forwarded your feedback regarding the W-9 process to a subject matter for further review. -Colleen