Full Show: Clark to USAA: Treat Members Better and Never Put Your Money With Big Banks

USAA was once known for its stellar treatment of customers, and Clark has been a USAA member since the 1970s. But recently, we’ve received several complaints from readers, listeners, and callers about USAA’s lack of customer service. Now, members are saying that the company is doing little to help protect their accounts from hackers. Clark reviews the issues and shares if he is planning to leave USAA as a customer. Also, Morgan Stanley was just in the news because the giant is being sued for paying customers such poor rates. Clark explains why it’s so important to avoid big banks and where you should put your savings instead.‌

Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the July 8, 2024, episode of The Clark Howard Show.

00:00 - Intro
01:05 - Clark to USAA: Treat Members Better
08:43 - Ask Clark - Tips for New Roth Member
10:23 - Ask Clark - Cheaper Wifi on Cruise Ships
12:33 - Ask Clark - Pay Car Cash or Finance?
15:01 - Never Put Your Money With Big Banks
20:43 - Ask Clark - High Commission Paid to Financial Planner
24:12 - Ask Clark - Synapse bankruptcy
27:10 - Ask Clark - Credit Dropped after Paying Off Credit Card

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Our Promise to You:

[whittkatt]

The USAA issue is real. They used to have the very best rates, and that’s no longer the case. And customer service has tanked, especially the insurance dept, when dealing with a claim.

[jeanfrost]

I left USAA after 37 years to horrible customer service.

[cynthialandrum]

Left USAA after more than 40 years. They couldn’t deal with a simple revocable trust. Moved everything to my Credit Union 8 years ago. I’ve written multiple letters of complaint to USAA president. They are just another mega big bank. Interest rates are horrible to boot.

[Photoboy]

USAA has lost its way. They spend millions, maybe billions, in advertising yet their rates keep going up and their interest rates on checking and savings accounts are abysmal. I’m shifting all my money to Navy Federal Credit Union which gets a much higher customer satisfaction rating and pays much higher rates on accounts. Time for a major shakeup from the top down.

[rebeccagmeiner]

We have been with USAA for over 40 years. I have never had a bad experience until recently. We were proud to say we are members, but if our recent experience is a sign of where they are headed...count me out. It used to be the very best of the best. It's looking more and more like those days are over.

[majorronaldmandell]

I have been a USAA member for 40 years, and never ever had a problem. In fact, it’s been the exact opposite. They have leaned over backward for me time, and time, and time again. They have been extremely polite and courteous!

[K.JamesToledo]

Went to a USAA-approved shop for accident repairs. The shop collected $3K for installing a new exhaust system. I checked under the care. Not installed and when I demanded the receipts, the shop admitted they never even ordered the part. USAA's response when I asked to take the car elsewhere - "We have to give them a chance to correct the error." An amazing response to outright fraud.

[bobbyvee]

I have had MULTIPLE issues with USAA, and have move 95% of my funds away from them, and am currently researching options to move all my insurance from USAA. USAA is NOT the same company it once was. I DO NOT recommend this company!!

[joeblow]

USAA doubled my premiums with no claims

[IrnBruNYC]

It is a chilling sign that USAA is now hiring former Wells Fargo executives: "The company also hired Mani Sulur, previously executive vice president and control executive for the consumer lending businesses at Wells Fargo, to be chief risk officer for USAA Federal Savings Bank. Both executives are based in USAA's new Charlotte, North Carolina, office."

[MannyGarcia]

Clark your video is already helping me. Today I received a call from the office of the CEO/USAA. They are working to fix my many problems 😊. I am also reaching out to the members of the board, certainly they do not know how I have been mistreated.

[wwz]

My last time banking with a big bank, they suddenly doubled the price of a safety deposit box. So I go in to talk with them. "All of our competitors are doing it." "Really, how about the bank across the street (a smaller regional bank)" "we don't consider them a competitor". Smug, arrogant, I emptied my box, closed my account and left.

[lpc]

My wife and I have been USAA members since the 1980s. Over the last several months we have been gradually moving all our banking business to Fidelity, and we are almost done. We recently moved all of our Vanguard business there as well. We sure could use some advice for where to move our insurance, but the initial comparison from other insurers was no better than USAA.

[brownro]

We have not had any problems with USAA Bank. I can see why others might have. USAA's efforts to grow into a major bank have outpaced their ability to maintain the high level of customer support they had when servicing a smaller customer base. The current senior leadership is not as dedicated to the military clientele as previous leaders with actual military experience.

[pensacola]

After taking most of a substantial amount of business away from USAA, I got a call from a "President's Representative." She had absolutely no interest in my issues or what I had to say. A joke. Total bunker mentality.

But sadly, the worst part about USAA is the way that they prey on lower ranking service members. Shame on them.

[jaywatson]

USAA made my family's life pure hell after the passing of our loved one. We had to jump through multiple loops in the process of closing accounts of our loved one. USAA made the process painful compared to other banking institutions. It seemed as though the right hand had no clue as to what the left hand was doing. Our entire family has served in the military, but you couldn't pay us to do business with USAA again

[coldkissofsteel]

They need to treat their employees better before they can address treating customers better. One of the worst companies I've worked at.

[BobDobbs]

I use a small independent local bank. I don't need much customer service but when I do it is efficient and personable. The bank president's office is off to the side of the lobby and customers are welcome to visit.

[SilensXXI]

USAA is attempting to compete with bigger banks which makes no sense. What USAA has always been good at is service. In the last 4 years things have changed in the interest of achieving this big bank status. It's a tragedy. I too have been a member for 45 years and watching it's decline is heartbreaking

[DWHCBPM]

Member since 1963. Have watched with sadness a steady, then rapid decline in service and corporate attitude particularly the last 15 years. Claims and policy service is slow, unreliable and frustrating. The phone wait time, the annoying music feed, are unacceptable. The online site is a steam engine and usually fails to”unable to complete, contact rep”. And no-one answers phone. Moved money out years ago. Looking for insurance alternative. Very disappointed, formally was best around.