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.
Usaa is a large insurance company who claims to serve our nations active and former military and their families. They have had a good reputation in the past however they have adopted the same business practices that have corrupted many other companies. I have been with this company since i was 16 years old which is nearly 30 years ago. Recently i received the harassing phone call of the "you owe us money and we will not stop calling you until you pay us" phone calls that everyone seems to receive despite their credit standings or their diligence to pay on time. I have both home and vehicle insurance with usaa. Without notification usaa raised the rates on my home insurance and took the funding out of the payments made to my auto insurance.
They then told me i had until the end of the month to pay a hundreds of dollars or my auto insurance would be cancelled. This is extortion since they know that it is illegal to drive a vehicle without insurance. Usaa bank is associated with usaa and therefore receives the worst possible rating due to this practice. I recommend that usaa be avoided since this is a substantial violation of customer trust in what a company can do with their customersâ? Accounts and how they extort their customers by placing them in jeopardy of the law. Additionally the downloads to account management software did not work well. They do not provide the names of businesses with credit card with drawls.
Instead they provided business addresses. When 1 and 2 dollar charges were being made it was very difficult to determine if they were legitimate since businesses will frequently check to see if the account is good with a minimum charge then come back and charge the account later. I found the customer service was sometimes very good and they would assist with solving the banking problems. Recently i've found that the insurance is hit or miss. I do not reccomend this bank nor insurance company.
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.