‘It's just a nightmare’: More and more USAA members who lost thousands of dollars are sharing their stories of fraud — say they’ve now lost trust in the bank

moneywise ^ | July 5, 2024 | Serah Louis

[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.”

[SaveFerris]

I did an interview with a company called USAA Administrative Services - I *think* it’s the same company - I saved my interview comment on another device

Before I relate that story I just wanted to be certain that it was the same company - that was a name I knew in the mid-1990’s (what I said above)

As I recall, it was targeted towards military/ex-military

[SaveFerris]

Oh thanks

Still, I think it’s nice that GEICO put Hillary to work so she wouldn’t starve

https://www.youtube.com/watch?v=ZJMybRz4Hnk

[pfflier]

United States Automobile Association?

No, United Services Automobile Association, not to be confused with AAA or similar companies.

Also the debate centers on investment banking, not their insurance assets.

It is still the best insurance company in the country. I would watch the media coverage pattern, I think they are getting "the Boeing treatment" in this matter.

[OldGoatCPO]

Don't get me started on Navy Fed. As a Chief I had to deal with them a few times. If you do not have a bank account when you arrived at basic, you will sign up for one for direct deposit. One of the banks was and still is Navy Fed. When they signed up for the acct Navy Fed encouraged them to take a $200 or greater high interest loan to “establish credit.” They do not need the loan. What could possibly go wrong./s/ NFCU kept lending them money, for computers, cars etc… I had to go with Sailors to Navy Fed a number of times to consolidate loans. Often time NFCU refused.

Canceled my NFC membership in 1986. Years later as a DOD contractor. I applied for an account and was denied. I joined another credit union. When I was overseas, received a bill from NFCU. NFCU said I owed them $200. That's was pocket change then so I paid it. Fast forward a number of years. Came into some money wanted it in a separate account, approached NFCU and was denied. They called some supervisor who said I owe them money. I asked what for. They said the $200 was just a settlement, I owed $500 for a signature loan my wife and I took at a Stateside branch in 1985. I told them I could prove that I was divorced in 1984 and was in Asia in 1985. This was a case of ID theft and they in fact owed me the $200 dollars I paid them. Supervisor got pissy, said as long as he worked for NFCU I would never get an account. My response was f’u. The clerk was apologetic said she did not understand his attitude even if I owed $500, I was depositing tens of thousands. As far as I am concerned NFCU is a predatory lender.

[gloryblaze]

Power of attorney does die with the death, and no on except an authorized representative of the estate can get anywhere near a deceased’s records. So they were playing by the rules. But denying the mere existence of any account in the beginning is strange, for sure.

[WASCWatch]

Had been a member of USAA many years ago. Called them for quotes for Home and Auto. USAA was 3-4 times higher than State Farm.

[Mogger]

My wife and I, both USAF could have used USAA.

We use our local independent agent.

I have humans a one block walk from our house, and most of our insurance is through a company 2 hours drive away if I need to talk with a human.

I know it costs more, but IMHO is worth it to not have the aggravation that it appears is happening with USAA.

[Political Junkie Too]

News 4 San Antonio says it got the institution to revisit seven cases and so far, five have been resolved — with Murrah, Tienda and Rangel receiving refunds for the money they had lost.

Why did it take a news outfit to get the bank to credibly investigate the theft and make their customers whole? Shouldn't the bank have acted more responsibly on their own to their long-time customers with high balances?

-PJ

[military cop]

I’ve been a member since 1984. Absolutely going downhill in a hurry.

Anyone got a line on an alternative?

RLTW