For Those Using USAA Banking

[ExFlyBoy5]

I saw a story on this a few days ago and was somewhat surprised that no one has posted it as of yet. Seems like USAA keeps stumbling...

https://www.americanbanker.com/news/usaa-ordered-to-improve-risk-management-information-security

Banking regulators have identified a range of operational shortcomings at USAA Federal Savings Bank, criticizing its risk management program, its systems for complying with various laws and regulations, and its information security efforts.

In an agreement that was made public Friday, the Office of the Comptroller of the Currency ordered the San Antonio bank to develop plans to remedy the alleged failures.

The 21-page agreement does not include any financial penalties. USAA, an $82 billion-asset bank that serves members of the U.S. military and their families, neither admitted nor denied the claims.

This is unrelated to this: https://www.americanbanker.com/news...cfpb?tag=00000158-b171-df83-abd8-bdf581570000

The CFPB alleged that USAA reopened deposit accounts without customers’ consent and neglected stop-payment requests. The bank agreed to pay a $3.5 million fine and $12 million in restitution to 66,000 customers.

 

[REWahoo]

They have definitely started collecting black eyes. DW and I have seen a couple of minor hiccoughs in our transactions with them over the past couple of months and after this latest news discussed banking elsewhere. After almost 50 years with them I never thought we would consider moving our accounts, but we are looking at it.

 

[JDARNELL]

They have definitely started collecting black eyes. DW and I have seen a couple of minor hiccoughs in our transactions with them over the past couple of months and after this latest news discussed banking elsewhere. After almost 50 years with them I never thought we would consider moving our accounts, but we are looking at it.

You will
Have a good dividend check.

 

[Fairfax2018]

I blindly invested and banked with them for years. About 6 months ago I moved nearly everything to Vanguard.

 

[REWahoo]

You will
Have a good dividend check.

Yep, it totaled almost $1k this year, but that comes from the insurance side of the business, not the bank.

 

[athena53]

Wow. I got a USAA checking account in 2014 when, for some reason, they opened them up to people with no military connections. I've been very happy with them other than the fact that you can't access any transactions on-line after 6 months. USAA was always regarded as a company with superb customer service. Sad to see them slipping.

 

[cbo111]

I’ve been with USAA for 30+ years for banking, insurance, some investing. Never had a problem, although their fees for investments was a bit too much so I discontinued that service.

 

[braumeister]

I've been using them for over 30 years (insurance for even longer) and I've never had a problem. I'm assuming they'll fix what's wrong. They obviously know that there are plenty of good alternatives if they don't.