USAA Complaint - Unreasonable and Unwilling To Work with Their Customers
SAN ANTONIO, TEXAS -- I have been a member of USAA for 26 years. I never had an issue with them. The reason is most likely due to having filed only one claim in my 26 years of membership. My view of them started changing approximately one year ago when I attempted to refinance a property through USAA.
Having been a loyal USAA member of 26 years they were the first company that I went to for a refinance loan. However, from the moment the application process started I was getting the run around. After I initiated my application I heard nothing for weeks. When I finally called to follow up I was asked for more information for the underwriters. Now keep in mind my situation had never changed. Gainfully employed, never missed a payment of anything, yet I kept getting asked for more information.
After being asked and providing more information I heard nothing. I called every week with no success in reaching the person servicing my loan. One and a half months went by and when I refused to wait any longer, I called USAA and after some ranting and raving was told that the person servicing my load had left the company. I couldn't believe what I was hearing. Every month of delay was costing me $300 in interest that I could have been saving had they just processed and approved my loan application.
My application was then passed onto another 'service representative'. Actually two people were assigned to my loan application with the promise that they would get my loan application processed. Then the 'I need more information' game started again. The underwriters needed more information which turned out to be the same information that I had already supplied! Now it was three months since I first applied for the loan. I had it and asked if USAA would refund me my $350 application fee that I would go elsewhere. They did and I refinanced through another institution with no difficulty.
Now arriving at today - another and much larger USAA disappointment. As most of you are aware the US economy has been shaken to it's knees by the corruption on wall street and the reckless behavior of the banking industry giving loans to millions of people who could never afford to pay them back. Because of this the housing market imploded. Many banks have realized the hurt that has fallen on home owners and at a minimum, yes at a minimum had allowed home owners to refinance their homes for the purpose of getting a lower interest rate. NOT USAA! I have a home equity loan with USAA at a 7.5 interest rate that was taken out four years ago. Now with interest rates around 4.5% many banks have worked with their customers to offer them a lower rate. NOT USAA! They refuse to offer me a lower interest rate. I never asked for them to reduce the amount that I owe only the interest rate. They offer some nonsense excuse that they cannot lower the rate because the loan is locked in! I thought every mortgage in America was locked in, yet many many banks have shown some understanding and assistance to their customers by being willing to alter conditions. These banks recognize that these economic times are quite different than they were four or five years ago and are willing to work with their customers. NOT USAA! By given some nonsensical excuse why they cannot offer me a lower interest rate they are quite content collector the extra four hundred dollars a month from me in interest. Straight profit to their bottom line when fully knowing that the going mortgage rates are around 4.5%.
USAA speaks a good game in regard to offering stellar customer satisfaction, but I assure you that this is one customer who has not once, but twice been horribly abused by their lacking of professionalism, followup/follow through, their greedy nature, and their total disregard for their customers. I just talked with them today about lowering my interest rate. Again not altering what I owe. I borrowed it so I will repay it. But to hold fast to a high interest rate when the only outcome is extra money to them is inexcusable. THEY ABSOLUTELY REFUSED to lower the rate STATING HOW THEY WOULD LIKE TO WORK WITH ME AND HELP ME, WHILE AT THE SAME TIME REFUSING TO REDUCE THE INTEREST RATE ON MY LOAN.
This company is far from being customer centric. How can they sleep at night knowing that they have the ability to instantly help a home owner who is having trouble making ends meet and refuses simply based on the statement 'we would like to help you, but we cannot offer you a lower rate'. This is a company who seems more content putting the squeeze on their customer so they can fill their coffers with the customers hard earned money. Just to share with you - I have called USAA four times over the past year asking for any type of relief from this high interest rate. Again while stating how informed they are regarding today' economic conditions, they are quite content sitting back and stealing hundreds of dollars from me every month and are totally unwilling to offer me any type of lower rate. I have been a loyal customer of 26 years. Now I am strongly considering going to an attorney to see is I can put some legal pressure on them. Does this sound like a company who is focused on providing quality service and products to their customers? Well we're sorry, but you took this loan out four years ago and locked in the rate. sorry, we would really like to help you, but after all you locked the rate in and there's nothing we can do about it! Give me a break. what makes USAA so different from any other bank who is willing to work with their customers. Just six months ago I approached Citibank with the same request. They altered my loan down to a 4.5% interest rate for a nominal fee. WHY CAN'T USAA DO THIS. I'll tell you why - they are greedy and have a business model based on getting as much money from their customers as possible while at the same time telling them what a great service they provide. Fact is they couldn't care less about their customers and hang on stating vague technicalities as excuses to why they cannot help or re-work loans with their customers. They are unreasonable and unwilling to help their customers out and instead are quite content making as money as possible off of them.
Stay away from USAA.