Compiled from Public Data by FairShake
The US government’s Consumer Financial Protection Bureau (CFPB) collects complaints against financial companies.
In 2017, the CFPB received 1093 complaints against USAA. USAA ranked Number 31 among all financial companies for the most complaints.
Date of Complaint: February 8, 2017
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: CA
Product: Consumer Loan
Sub-Product: Installment loan
Issue: Taking out the loan or lease
Full Complaint:
XX/XX/XXXX I contacted USAA and asked for guidance. I was nearing the conclusion of the escrow for my home at XXXX., XXXX , CA XXXX. My home was under construction and nearing completion. My question was to a loan officer. I needed guidance as to what I could do to finish the back yard and other finishing construction needs once I closed on my home. I knew that I would have {000.00} in equity upon closing between the purchase price and the value of the house without the upgrades.
I was advised to take out a personal loan with the purpose of converting it into a Home Equity Loan after closing. I was concerned that the payment was high and told the loan officer that I could only carry that payment of over {0.00} for two months at the most. I was assured that I would only be responsible for that payment for 30 days at most. After several days of consideration and discussion with knowledgeable friends, I consented to the arrangement on the condition the loan would be converted right after closing in XX/XX/XXXX
I closed on my home, activated the USAA loan as agreed, and called to convert it to an Equity Loan in XX/XX/XXXX per our agreed plan.
I was told nothing could be done at all because USAA ‘s technological system was being updated.
I called in XX/XX/XXXX and was told the system was being updated and nothing could be done.
I called in XX/XX/XXXX and was told the same thing.
I called in XX/XX/XXXX XXXX times and was told the same thing.
I called twice again in XX/XX/XXXX and was told the same thing.
I called three times in XX/XX/XXXX and was told the same thing.
I called multiple times in XX/XX/XXXX and was told the same thing.
I called in XX/XX/XXXX many times. The third or fourth call I was told USAA was not granting Equity Loans any longer.
I asked what other options I had, and was not guided in ANY way.
I called back in XX/XX/XXXX and was not guided or helped.
I called back in XX/XX/XXXX and was told to go to another institution. I was not guided as to what institution or what to ask for.
I called back in XXXX XXXX and was not given any options by USAA.
I called multiple times in XX/XX/XXXX and was just told to hurry up and find something.
I have requested someone from your office to contact me for help in finding a reasonable product. I have made this request in XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. I have not heard from anyone in your office and it is XX/XX/XXXX.
USAA Banking knew from the beginning that I was seeking an equity loan not a personal loan with a monthly payment of over {0.00}. An equity loan came with a monthly payment of {0.00}. I was purposely put of with the objective on USAA ‘s part to keep me at the $ XXXX monthly payment when they knew from the beginning that I did NOT ask for or seek in any way a personal loan!
Complaint Tags: Older American, Servicemember
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
FairShake accessed this complaint from the public archives of the Consumer Financial Protection Bureau (CFPB). You can file your own complaint with the CFPB here.