MyBankTracker rated USAA based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
I have been an USAA wealth management customer for around 10 years. Yesterday i tried to deposit a $49,000 check. I have deposited many checks made out to the same payee without issue, but today i was told that usaa will not be able to deposit my check. Further, they said they sent back to me. At this point my USAA online account shows that the $49,000 check has been deposited, so i am unable to submit the check to another bank. Without an usaa status letter the check will remain un-deposited. USAA has refused to cooperate. USAA's lack of follow through in removing the funds from usaa could prove disastrous if i redeposit the check. This leaves me in the unenviable position of not being able to do anything with my check.
This is just my most recent problem. In the summer of 2012 while traveling overseas i required usaa's assistance with a credit card identity theft issue to no avail. I was unable to protects myself by canceling the card, i was unable to get a usable replacement card, and usaa kept me on the phone for several hours in the middle of the night in israel. Additionally, i have also had to escalate the handing of several insurance claim matters due to incompetent customer service agents. I have referred many customers to USAA over the years, but no longer.
Both their banking and insurance customer service representatives have not performed consistently and have been unable to provide me with rational explanations for their actions relative to my accounts. With significant assets in investment and bank accounts one would expect i would be treated with their elite level of service, but today i was informed their customers are all treated the same, contrary to what they have been leading me to believe over the past 10 years. Anyone who wants to be able to reliably depend on the treatment they receive from their bank (and insurance company) should seriously consider going somewhere other than usaa.
I have been banking with USAA for over 10 years, I have numerous accounts with them and have always raved about them to others. However, within the last year or two, that all has changed. They have become just like every other large bank and completely stopped caring about its customers. Today, they have adopted the the ''largest transaction first' technique, resulting in more over draft fees than if they were to simply post the transactions as they happen. They have also started back dating transactions and payments and delaying deposits, resulting in even more fees. Everyone has an "oops" moment. In general, people don't purposely overdraft their accounts and in the past, I have always been able to immediately deposit/transfer funds when I had realized my mistake (within a matter of minutes of going into the red) and it has never been a problem. Not true for today. Even if you had the funds already, their shady ways of back dating payments and transactions will make you overdraft or return payments (resulting in even more fees and taking even more money out of your account. Money that WOULD HAVE kept your account in the positive for other transactions).
Customer service has become a sad joke, I'd get better results if I had been talking to a wall. Whereas before, it felt like I was talking to an ACTUAL human being who truly cared. 2-3 years ago, I would've said,"yes! Definitely bank with USAA!" However, sadly, I cannot say the same today. They have become the sad, money hungry, shady corporation that every other large bank has become.
All the complaints I read always seem to be with deposits or lack of and auto pay when your account won't cover. I understand the frustration but it is the customers fault almost every time.