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 a customer of USAA for 10 years and have always received great service. However, recently I made a deposit of a check that I wasn't sure was good. Despite this I made several calls to customer service to see if the funds had cleared and been verified. On the 6th day after the deposit I called again and was told that the funds had cleared and had been verified. Based on this information I made a transaction using some of the funds from the deposited check. Well, the check bounced the very next day. USAA charged me a fee and took the money from the account. Charging me a fee, fine I get that, but I only used some of the money AFTER contacting customer service. I trusted the information I was given and it has cost me. After several weeks of getting the run around from the executive resolution department I was told that the bank wasn't going to do anything to correct this situation. The rep I spoke with said the other resolution team members should not have led me to believe this would be taken care of and will be "counseled". I have never had a reason to believe that information given to me from customer service representatives isn't accurate. Now I know, you can't trust anything and that USAA will not stand behind their customers when customer service representatives give them wrong information. The entire situation has been an expensive pill to swallow.
I've been banking with USAA for years and never pass up an opportunity to praise them. Great customer service, great rates (on everything but savings accounts), and always a great experience.