I joined USAA in 1962 while in officer training for the USAF. I remain a member simply because I became so entangled with insurance, banking & investments that it is too hard to break out. USAA is a COOP of which I am a member. It is NONPROFIT. Yet they have evolved into engaging in the worst practices described in this article. In particular, the practice of finding exclusions — that is, reasons not to underwrite risk or cover claims. The USAA CEO makes $4.8M
@OlDude82 My mother’s still got almost a decade on you as far as USAA membership. I’ve only been a member since around 1976ish. We have all our insurance with them. I changed once, and went back less than a year later. Even in hurricane row, they pay off.
@AlliFlowers
Here's a letter i got from USAA yesterday. Zoom in and read the line of tiny print below the signature that begins, "Use of the term ...". When i joined in 1962, USAA was a NONPROFIT co-op. My initial deposit into a membership account was my OWERNERSHIP share in the co-op. Somehow, since that time, they have divested themselves of ownership by the members and transferred our ownership to something called "USAA Membership Services" which is apparently valueless
@OlDude82 Worth investigating?
@AlliFlowers
Wouldn't know where/how to start; nor do I, at 83, have the energy to do so.
@OlDude82 Definitely has me curious though.
@AlliFlowers
I don't know how or when that transfer took place, but I have consistently received my "Subscriber Account Bonus" and "Senior Bonus" every year. No mention that I recall that such membership no longer meant that I owned any part of USAA. Seems absolutely illegal to me