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USAA Bank when Filing Chap 7

missy42
Regular Contributor

USAA Bank when Filing Chap 7

I'm currently waiting to file Chap 7 BK.  I'm retired military/disabled vet and currently use USAA for my direct deposits.  I have no debts with USAA but worried they will close or limit my access to my accounts after I file.  The following credit unions are IIB

 

NFCU

PSECU

Eglin FCU

Apple FCU

Grow Financial

 

I currently have NASA FCU however since it was where my funds were going when I was working my lawyer had said to separate the accounts hence I moved my retirement/disability direct deposits to USAA.

 

Should I find another Credit Union ASAP?  Worried USAA will block me once I file for chapter 7 even though I have no credit items with them.  Please advise.

Filed Ch 13- 8/29/17
Message 1 of 12
11 REPLIES 11
Scupra
Super Contributor

Re: USAA Bank when Filing Chap 7

I'm hoping someone will chime in for you. I think @pizza1 may know actually Smiley Happy I believe they limit your online access so you may want to open another account somewhere just to be safe.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 2 of 12
missy42
Regular Contributor

Re: USAA Bank when Filing Chap 7

Thank you for responding, I hope to hear from @pizza1. When I had USAA back in 2007 they limited my online access but I had a loan and credit card with them. I was hoping since I have no credit they wouldn't but I guess I can live with limited access. My lawyer says the main thing is they can't take the $. Once I discharge I'm moving everything to NASA FCU. So I'll just wait.
Filed Ch 13- 8/29/17
Message 3 of 12
Scupra
Super Contributor

Re: USAA Bank when Filing Chap 7


@missy42 wrote:
@Thank you for responding, I hope to hear from @pizza1. When I had USAA back in 2007 they limited my online access but I had a loan and credit card with them. I was hoping since I have no credit they wouldn't but I guess I can live with limited access. My lawyer says the main thing is they can't take the $. Once I discharge I'm moving everything to NASA FCU. So I'll just wait.

Have you thought about looking into Navy Fed? NASA is not BK friendly until you pass the 2 year mark. Would hate to see you invest time and money with a lender that won't even work with you.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 4 of 12
pizza1
Community Leader
Super Contributor

Re: USAA Bank when Filing Chap 7

Hi,

I would move everything from USAA asap! They play hard ball will it comes to BK. Don't even tell them you're thinking of filing or they will flag your accounts.

I IIB them in 2013, and I'm restricted to having only my insurance with them for 7 yrs post D.C. I'm even blocked from their website to view my insurance which I've had with them since 1991. I'm only allowed basic Mobil access to view payments lol. What's funny though is I call in every month to pay my bill, and pay it with a CC LOL!!

What a joke, but they we're IIB so they can do what they want I understand. You wont be able to get any checking, savings, credit or loans from them at all for 7 yrs post D.C., and you'll be automatically flagged in their system until then.

Move everything to another lender asapSmiley Happy hope this helps, and if you have more questions just let me know !Smiley Happy

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 5 of 12
missy42
Regular Contributor

Re: USAA Bank when Filing Chap 7

@Scupra I'm burning Navy Fed to the tune of $41K, I know they're a great CU but I also know I will never be able to rebuild with them as I heard they want you to pay everything back and why file BK then pay it back and I'm in no position to pay the funds otherwise I would not be filing BK. Not planning on NASA for credit just need to keep them so I will have a place for my direct deposits after BK
Filed Ch 13- 8/29/17
Message 6 of 12
missy42
Regular Contributor

Re: USAA Bank when Filing Chap 7

Hi @pizza1 I IIB in 2007 and had the mobile access only as well. I'll just have to live with that until after my discharge and then move my accounts to NASAFCU. I do know that NASA is not BK friendly but its the only account I have pre BK that will survive Post BK. Because I'm waiting to file it's hurting my credit even more but I had no choice but to wait. Not sure anyone would even open an account for me at this point. Any suggestions would be great, right now I'm burning a lot of folks so who would even open an account for me?
Filed Ch 13- 8/29/17
Message 7 of 12
UncleB
Moderator

Re: USAA Bank when Filing Chap 7


@missy42 wrote:

I'm currently waiting to file Chap 7 BK.  I'm retired military/disabled vet and currently use USAA for my direct deposits.  I have no debts with USAA but worried they will close or limit my access to my accounts after I file.  The following credit unions are IIB

 

NFCU

PSECU

Eglin FCU

Apple FCU

Grow Financial

 

I currently have NASA FCU however since it was where my funds were going when I was working my lawyer had said to separate the accounts hence I moved my retirement/disability direct deposits to USAA.

 

Should I find another Credit Union ASAP?  Worried USAA will block me once I file for chapter 7 even though I have no credit items with them.  Please advise.


Good advice here so far, but my only question is that since you don't owe USAA any money (so they won't be IIBK) I don't think you have anything to worry about... the only time they restrict people to the mobile site is when they are burned, which isn't the case with you.

 

With a little luck @Ozix will be able to shed some light... he used to work for them, and is a great source of the in's-and-out's of how they do things.

 

FWIW I know first-hand what you're going though (I had BK, then years later lost my job and then had a foreclosure, so I genuinely know...).  Hang in there... once  you get these 'bumps' worked out it does get better.  Smiley Wink

Message 8 of 12
Ozix
Established Contributor

Re: USAA Bank when Filing Chap 7

Unless things have changed since July 2016 (when I last worked at USAA), USAA will not take action against any members, to include active accounts, nor limit access (restrict you to mobile view only, even on a desktop) unless USAA is IIB.

 

Hope that helps,

Oz

Message 9 of 12
Ozix
Established Contributor

Re: USAA Bank when Filing Chap 7

I wanted to go back and expand on pizza's post.  If the OP had included USAA in the bankruptcy, everything pizza mentioned is 100% spot on.  Restricted access (mobile view on a computer), a CAD (corporate account declined) code on your account, meaning no new bank products for 7 years post BK.  Anytime you'd call into USAA, the MSRs would not be able to suggest any products that you specifically didn't ask for.  Say for example you call in for an auto insurance quote, the MSR wouldn't be able to suggest looking into a Renters Insurance, Homeowners Insurance, etc. unless you asked for it by name.

 

Now since the OP has did not include USAA in the bankruptcy, you have nothing to worry about with your existing accounts.  I highly doubt you'll be able to open new chk/svgs accounts with USAA since we run something similar to a Chexsystems report, USAA uses a different company that I'm blanking on atm, but your existing accounts (banking, p&c insurance, investments, life insurance) will be AOK.

 

Oz

Message 10 of 12
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