USAA agrees to pay $62M to settle lawsuit over bank fees charged to customers

[pizzadude]

USAA has agreed to pay about $64.2 million to settle allegations that its banks wrongfully imposed fees on military members and veterans for products that were not requested or useless.

The plaintiffs had credit card accounts and loans with the USAA banks during some period of active military service after May 4, 2009. They say the obligations were subject to interest rate reduction protections under the SCRA, the Military Lending Act — or MLA — and USAA’s proprietary fee and interest reduction program.

Instead, their amended complaint said, the banks overcharged some customers during and after their active duty, “illegally” raised rates on veterans and imposed numerous wrongful finance charges and fees.

https://www.expressnews.com/business/article/usaa-bank-class-action-settlement-64-million-19620299.p...

[TrapLine]

Common pizza dude ... don't be bringing this bad stuff on USAA Fderal Savings Bank!

This is the fifth matter that has cost USAA Federal Savings Bank millions of dollar and a potential violation of the moral trust of veterans since 2015 (I am a Veteran of Foreign Wars and this was suppose to be our bank).

By now you would think some one at USAA Federal Savings Bank would get it and engage services of leadership that understand banking? I would go into a rant explaining all the serious violations of banking practices but I won't. Within this Forum going back one could find the bad stuff.

[Momof5]

Cant read the article unless you subscribe. 

[pizzadude]

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@Momof5 wrote:

Cant read the article unless you subscribe. 

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It's not paywalled for me.   Maybe try opening again in incognito browser ?

[NoMoreE46]

This article opened up fine for me.  I am in FL...

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@Momof5 wrote:

Cant read the article unless you subscribe. 

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[keekers]

As a USAA member for almost 30 years and an employee for almost 15 years (until earlier this year), I can tell you that things have gone downhill over the last 5+ years or so. I can't express to you my disappointment of such a fine institution.

[KatzNDawgs]

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@keekers wrote:
As a USAA member for almost 30 years and an employee for almost 15 years (until earlier this year), I can tell you that things have gone downhill over the last 5+ years or so. I can't express to you my disappointment of such a fine institution.

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I'm a veteran, been with USAA for over 20 years, and agree they have gone quite downhill. I do keep as my hub checking account though as transfers from outside banks are immediately available.