Compiled from Public Data by FairShake
The US government’s Consumer Financial Protection Bureau (CFPB) collects complaints against financial companies.
In 2019, the CFPB received 1354 complaints against USAA. USAA ranked Number 23 among all financial companies for the most complaints.
Date of Complaint: April 17, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: WA
Product: Debt collection
Sub-Product: Credit card debt
Issue: Attempts to collect debt not owed
Sub-Issue: Debt is not yours
Full Complaint:
On XXXX XX/XX/XXXX USAA violated the Electronic Fund Transfer Act and Regulation E by failing to properly honor consumers stop payment requests on preauthorized electronic fund transfers, and by failing to initiate and complete reasonable error resolution investigations. Their actions from XXXX XX/XX/XXXX to XXXX XX/XX/XXXX exhibit unlawful behaviour similar to earlier behaviour for which USAA settled with the CFPB. A summary of the events which took place is below : XXXX XX/XX/XXXX – Home sale, mortgage balance paid off XXXX XX/XX/XXXX – Unauthorized transaction by mortgage service company for a paid off loan XXXX XX/XX/XXXX – USAA approves unauthorized transaction XXXX XX/XX/XXXX – USAA creates an overdraft loan in customers name XXXX XX/XX/XXXX – USAA creates a finance charge for their overdraft loan XXXX XX/XX/XXXX – USAA reverses overdraft loan and unauthorized transaction XXXX XX/XX/XXXX to XX/XX/XXXX – USAA insists the finance charge is legitimate and must be paid, refuses to reverse the fee, sends overdue balance to credit reporting agencies which reduces the customer ‘s credit score from XXXX to XXXX.
In simple terms, USAA commited fraud and theft through clever use of timing of automated transactions on their ledger. By authorizing and then reversing third party transactions USAA is able to levy a very small fee on the customer who is told the fee can not be reversed. USAA then threatens to destroy the customers credit score if they refuse to pay the fee, relying on the fact that the fee is so small it’s easier for the customer to pay it than to fight it, thus extracting rents from their deposit holders.
Complaint Tags: Servicemember
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 17, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: NC
Product: Debt collection
Sub-Product: Credit card debt
Issue: Took or threatened to take negative or legal action
Sub-Issue: Collected or attempted to collect exempt funds
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 18, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: NJ
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Closing your account
Sub-Issue: Can’t close your account
Response Type: Closed with non-monetary relief
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 19, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: LA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-Product: Credit reporting
Issue: Improper use of your report
Sub-Issue: Credit inquiries on your report that you don’t recognize
Full Complaint:
I have no knowledge of the following inquiry : Usaa Federal Savings XXXX Please investigate to ensure there is no fraudulent activity
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 17, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: NC
Product: Debt collection
Sub-Product: I do not know
Issue: Communication tactics
Sub-Issue: Frequent or repeated calls
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 19, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: GA
Product: Debt collection
Sub-Product: Auto debt
Issue: Written notification about debt
Sub-Issue: Didn’t receive enough information to verify debt
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 18, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: CA
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Opening an account
Sub-Issue: Unable to open an account
Full Complaint:
On XX/XX/XXXX I’ve opened a USAA account and then opened a trading account with USAA. Today XX/XX/XXXX I tried to log on to start trading and I get the error message XXXX my account is restricted. I called USAA and I was told that USAA is ” excersing its rights not to do business with me ” FOR WHAT? I DID NOTHING WRONG ITS NO FRAUD NOTHING BAD IN MY NAME OR IN MY RECORDS OR WITH XXXX! My social is brand new after being a victim of id theft and I decided to give usaa a try and I get treated wrong.
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 19, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: CA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-Product: Credit reporting
Issue: Incorrect information on your report
Sub-Issue: Information belongs to someone else
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 19, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: GA
Product: Debt collection
Sub-Product: Credit card debt
Issue: Written notification about debt
Sub-Issue: Didn’t receive enough information to verify debt
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: April 18, 2019
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: CA
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Unexpected increase in interest rate
Complaint Tags: 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.