Shocked by USAA!!!

[score_building]

Just got in with them after swearing would limit relationship to banking (only qualify as a limited member.)  It is just so rare to hear that a full member in good standing with your impressive history and credentials gets hosed down like that, sorry to hear it.  

can only imagine a speedy restoral and resolution.

even though HTSU offers a plausible read it just seems so 'EXTRA' on the part of USAA.  C'mon folks, how many posts do we see with the usual suspects--AMex, etc slashing these days--very few... based on the OP profile presented this sounds rather odd coming from USAA.

Please post the update with the details of the letter explanation if willing...  in the absence of it, really only left with, 'WOW, USAA is not playin' "

[JagerBombs89]

USAA softs me on Experian every month... So without the letter to backup their reasoning, I can only speculate that something has changed on your credit profile that made them uneasy.

[score_building]

There was a post from a member during the height of the recession IIRC re: his DS pen fed CLD. 

It was ultimately restored and didn't appear to be  more than an isolated occurrence but created a bit of stir.

If CU were going to aggressively impose AA too, where would the 'safe havens' be?  

USAA is a rare bank that can be considered among the mostly CU 'safe haven' banking institutions, hope that doesn't change.

[Anonymous]

At the very minimum it was nice that they notified you ahead of time that they were going to be conducting an account review and that it may result in an adverse action before the did it.

[john398]

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@score_building wrote:

There was a post from a member during the height of the recession IIRC re: his DS pen fed CLD. 

It was ultimately restored and didn't appear to be  more than an isolated occurrence but created a bit of stir.

If CU were going to aggressively impose AA too, where would the 'safe havens' be?  

USAA is a rare bank that can be considered among the mostly CU 'safe haven' banking institutions, hope that doesn't change.

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I am pretty sure USAA is a bank and not a credit union

[Anonymous]

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@john398 wrote:

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@score_building wrote:

USAA is a rare bank that can be considered among the mostly CU 'safe haven' banking institutions, hope that doesn't change.

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I am pretty sure USAA is a bank and not a credit union

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uh huh.

[trumpet-205]

USAA is a bank, not CU. It is insured by FDIC, not NCUA.

[Anonymous]

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@trumpet-205 wrote:

USAA is a bank, not CU. It is insured by FDIC, not NCUA.

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Probably why it is called USAA Federal Savings Bank.

[chasmith]

USAA is a mutual (member / policyowner owned) insurance company, which owns a Federal Savings Bank and also an investment company that offers mutual funds and brokerage services.  So because of its mutual ownership roots it does act more like a Credit Union.

It was started to offer auto insurance to military officers, and full membership (to get auto insurance and some other benefits) is still limited to military (active duty, retired, honorably discharged) and family members of those folks.  I have membership because my father is retired Navy.

Member owned (Credit Union, Mutual / Cooperatibve Savings Banks, Mutual Insurance Companies) often offer better rates, better service etc.  But that doesn't mean they are interested in losing money on uncollectible debts, so they will reduce credit lines, and be aggressive in collecting if they feel a loan is at risk.  Bottom line is they are good to deal with but still responsible for seeing to it that their loans are repaid.

[Anonymous]

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@chasmith wrote:

USAA is a mutual (member / policyowner owned) insurance company, which owns a Federal Savings Bank and also an investment company that offers mutual funds and brokerage services.  So because of its mutual ownership roots it does act more like a Credit Union.

It was started to offer auto insurance to military officers, and full membership (to get auto insurance and some other benefits) is still limited to military (active duty, retired, honorably discharged) and family members of those folks.  I have membership because my father is retired Navy.

Member owned (Credit Union, Mutual / Cooperatibve Savings Banks, Mutual Insurance Companies) often offer better rates, better service etc.  But that doesn't mean they are interested in losing money on uncollectible debts, so they will reduce credit lines, and be aggressive in collecting if they feel a loan is at risk.  Bottom line is they are good to deal with but still responsible for seeing to it that their loans are repaid.

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I think I came across something before which stated that in Texas a reciprocal inter-insurance exchange is not actually owned by members and thus members have no rights as owners.  Also, from what I have seen of Texas codes, a reciprocal inter-insurance exchange can buy own own other entities -- such as USAA FSB -- and that entity is a totally separate company that is not included under the reciprocal inter-insurance exchange umbrella.