Posted on 07/05/2024 5:57:03 AM PDT by where's_the_Outrage?
Curtis Murrah says he’d been a loyal customer with USAA for 28 years — until his wife rang him up one day saying she couldn’t make their mortgage payment because there wasn’t any money in their account.
Murrah, who’s based in Georgia, says he took a closer look at his accounts and discovered someone was making deposits in and out of his accounts.
“It was like they were playing mind games,” he told News 4 San Antonio. “They would deposit $9,800 then turn right around and withdraw $9,800. They would deposit $4,000, turn right around and withdrew it.”
Murrah contacted USAA and convinced the institution to conduct an investigation — but USAA allegedly told him there was no evidence of fraud, despite a $14,174 loss across two of his accounts, including his emergency savings. Then, the bank unexpectedly closed his account.
News 4 San Antonio organized a video call with several USAA members who lost funds due to fraud — and have been left with little to no recourse. Some of them also belong to the Facebook group, USAA Fraud and Victims, which has 2,900 members.
A few USAA members even reported being asked by the institution to cover the negative balances on their accounts after their money was stolen.
“It's just a nightmare that you’d be treated that way and disrespected,” says Tiffany Tienda, another USAA customer who lost about $3,700 to fraud. “It’s emotionally and mentally draining and offensive that they’re so dismissive of the whole situation.”
(Excerpt) Read more at msn.com ...
Former JAGC here. Every time I got a homeowner’s quote from USAA it was way higher than everybody else. We used to have mutual funds with them but the basis problem was more than we were willing to deal with, so we went straight into the market and didn’t do mutual funds anymore.
I had the same experience at Costco, they knew USAA was better, at that time.
Every institution in the US is under attack, they are being Bud Lighted.
ouch. My husband was in the Marines for 20 years but wasn’t an officer, ( the horror) and we managed to squeak by to join USAA.
Careful there, most insurance companies out there are not your friend.
Seriously....invest an hour or two of you life calling around to some other major insurance providers....
You will save youself thousands.
I used to think the exact same way you did....you know “I have USAA..I can’t get any better than that!”
Then they pissed me off bad on a legit claim I made for a busted windshield a few years back, and that gave me the motivation to look elsewhere.
When I did...I couldn’t’ believe how much better other major insurance carriers were...
Same insurance...much cheaper...etc.
USAA was great when they limited membership to officers and NCOs. Still very good when it was restricted to military and immediate family.
Now? If someone in your family fought in the Civil War, USAA would find a way to make you a member. After 40+ year I still use them as a bank and have my car insurance with them, but most of my money is in other banks or investments. They haven’t been anything special for a long time.
I dropped them from auto and homeowners years ago as they were not the cheapest. They did have good claim service then.
30 year member and looking at alternatives as well. Insurance expensive and customer service terrible.
[Car Insurance alone I am saving 1500 a year.]
Wonderful!
But who did you move TO? TIA
Thanks for all the feed back. I joined USAA in 1967 and have been with them ever since. I have noticed it is difficult to get through to the department you are looking for and when you do get through the person does not speak good English. This is disappointing. I recall back in the 60’s you had to be a military officer to even join the association. I log on every day to check bank accounts and credit cards. I will keep a close eye on this from now on.
” Number 1! How is that possible?”
As I mentioned “Subscriber accounts”, what they are is holdback money USAA uses to shore up its financial stability. So they are backed by lots of cash in case of major events like Katrina.
But asking again
Is this USAA (administrative services)?
Want to know if it’s the right company before I relate my story lol
In the mid-1990’s the USAA I dealt with was providing service mostly to military and ex-military as I recall.
I just use USAA for banking and insurance, for 20 years, mostly all good, never any issue except their stupid driving app for insurance discount, still need to follow-up on that. Had Navy Federal account as well, but that was in past, had issues with them.
Lots a retired military still work for USAA, but as recruiters and salespeople. You are not going to get retired military members to work customer service. The military reduced its size since USAA was founded so the theory went; if we bring in more people, we keep rates low. Had the opposite effect. They have always allowed dependents to join. Two of my children joined in high school and have been member (insurance) since. That said I have always been suspicious of an insurance company that moves into banking. Banks and credit unions do what they do and insurance companies need to stick with what the do best.
We had to do the same. USAA just absolutely destroyed their reputation with us, so we switched to Statefarm. I agree with your take on what happened after the memberships were opened up to pretty much everyone.
NFCU is going downhill as well.
A coworker of mine was affected by this. She received all sorts of MFA codes on her phone when neither her nor her husband were attempting to access the account. Then the “USAA Support” calls started.
Fortunately, she immediately called USAA directly and moved all her funds to another bank. She’s since closed her USAA account.
Rampant fraud, unfortunately, is now a permanent part of the consumer banking landscape.
The people in the article didn’t check their accounts on a regular basis. Those large deposits and withdrawals would’ve put up big flags if they had been paying attention, and the problem would likely have been kabooshed early on.
Many banks already offer services that include alerts for certain types of transactions. Customers have to be a lot more proactive nowadays.
Not sure what your question is - I’m referring to Member Services, whether it’s for insurance or the bank. I also have many friends who are employees and they uniformly hate the DEI focus and uncaring attitude of the management staff. One, my neighbor, was let go at 29 years because they “downsized” his department. Didn’t offer him another position, just said,
“Here’s your 60-day notice”.
I opened my bank accounts with them when the bank was in a double-wide trailer on the construction site. You can still walk into the lobby, but the feeling that they like working there and care about the member is missing.
Progressive
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