USAA Epic Collapse

[bcuziknow]

Stunning this place is still open. And that clown is still CEO

https://www.msn.com/en-us/money/companies/us-watchdog-orders-usaa-bank-to-rectify-practices/ar-AA1wbxxf?

[bcuziknow]

This action is a response to practices deemed unsafe or unsound by the OCC, particularly in areas of management, earnings, and information technology. 

Practices “unsafe and unsound” was the justification OCC and FDIC closed Washington Mutual 2008

[FUSEPLUG]

Pulled my last two accounts from them earlier this year.  I think the ads finally sent me over the edge.  

[uhhello]

Any recommendations for everyday checking/small savings

[bcuziknow]

Navy Federal 100% 

[SurelySerious]

American Express has decent checking and high yield savings (~3.69% now) that works pretty well. Fidelity CMA is probably better for checking, though; FDIC option is 2.2% interest and reimbursed ATM fees.

[uhhello]

What a pain in the ass.  Been with them forever but writing is on the wall.  Only having checking with them but switching everything over sucks.

[Sua Sponte]

Switched to Navy Fed in 2019. Left insurance in 2023 for State Farm. Only have a small insurance policy with USAA just to remain a member. 

Edited Saturday at 07:18 PM by Sua Sponte

[Sua Sponte]

32 minutes ago, uhhello said:

What a pain in the ass.  Been with them forever but writing is on the wall.  Only having checking with them but switching everything over sucks.

It’s not that bad. Navy Fed is amazing.

[SocialD]

3 hours ago, Sua Sponte said:

It’s not that bad. Navy Fed is amazing.

 

What makes them amazing?  I'm in the middle of researching different banks, after being with USAA my entire adult life, I'm bailing on everything.

[Sua Sponte]

46 minutes ago, SocialD said:

 

What makes them amazing?  I'm in the middle of researching different banks, after being with USAA my entire adult life, I'm bailing on everything.

I’ve been a USAA member since 2001. Back then they were great with customer service, no issues. That’s how Navy Fed is now. I have two auto loans through them and they routinely beat USAA in APR. Their app (iOS, dunno about Android’s) is vastly better than USAA’s. 

[Lord Ratner]

Fidelity CMA with money market for the cash

[nunya]

21 hours ago, SurelySerious said:

Fidelity CMA

☝️  And use SPAXX for your cash reserves. Auto liquidation without any attention on your part and it pays 4.2% right now.