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 took the bait when USAA sent me a offer of low credit card balance transfers, so I transferred my high rate cards. What I did not know is that after a short promotional period they would treat the balance as a cash advance, big bucks as we all know. I now pay more than before I transferred my balances! So I asked if I can pay off what they considered "cash advances" separate from my regular credit card balance, no! I take full blame for not getting out my microscope to read the entire journal (agreement) but, damn!
So, don't buy into all the "we help military personnel and their family's" crap. Your better off with Capitol One or other major credit card companies who don't go waving the American Flag while they give you a financial enema!
I became a USAA member when my Air Force Reserve recruiter recommended them to me. It seemed legit and I had a great experience with them for the first few years.
Then about three years ago, I had bill-pay setup and then they started retroactively bouncing my checks. When I called to complain, they said that the checks were drawn on the account on the day they went out, which completely defeats the purpose of automatic bill pay! I said " screw it" and cancelled my bill pay; I could pay my bills myself without the extra worry of USAA randomly changing bank policy just so they can get a few extra dollars from me in NSF fees. No muss, no fuss.
Then last year, I wrote a check to pay my rent while I was on TDY. I was already late when I paid it because USAA also had a new policy of retroactively bouncing physical checks that I would personally write and mail in to my leasing company two days early. I didn't make a stink about that, even though I hated that I couldn't trust them to do the right thing. But this time, I waited till I got paid, wrote the rent check on Friday (the same day I got paid) and went about my weekend. On Monday I got a call from the leasing company that I would be evicted if I didn't pay my rent. I checked my account and sure enough they bounced my check even though there was more than enough money to cover it. I called USAA and there was no explanation given. I demanded back the NSF fees and the $50.00 fee my leasing company charged. The lady I spoke to was nice enough to give me all that back, but the damage was already done.
If I can't trust you with literally the most valuable stuff I have: my money, then I want nothing to do with you. USAA made me look like a deadbeat to my leasing company and put a mark on my rental history.
If you value your credit and your money, you should steer far away from USAA. I have been telling everyone in my unit that USAA is a ticking time bomb waiting to blow up their lives. Run!