I have been a member of USAA since 2001. I use their investment, banking and insurance products and services and am part of their wealth management elite group of members, meaning I have significant assets under their management. Just this week I was reminded once again that USAA does not KNOW WHAT IT MEANS TO SERVE, despite their incessant commercial reminders. In this one incident they made a mistake on one of my accounts that was only discovered because I used TurboTax software to do my tax return. USAA made a mistake that has resulted in hours of my time and effort spent to understand what happened and ultimately will never be corrected to my satisfaction. They have acknowledged their error and that there have been real consequences to me and my brothers, but have justified not compensating me for my time by saying that it would be a precedent to do so, as though a precedent is inherently a bad thing.
I hold an investment account with USAA jointly with my two brothers which has substantial assets. I am the one who opened this account and since this account (or any account with USAA) can only be associated with one social security number, my social security number is the one. One of my brothers moved to a new home in 2013 and notified USAA of his new home address because he holds several USAA accounts, other than our joint account. Unfortunately, USAA made the mistake of changing the address on the joint account to his new address even though the joint account has my social security number association and therefore all IRS reporting is with relation to me. This resulted in the annual 1099-B and 1099-Div statements to go to my brother instead of me. TurboTax, on the other hand, correctly imported from USAA all information tied to my social security number, including our joint account. This caused quite a bit of confusion for me when I attempted to validate the numbers on my tax return with and tie these numbers to statements I received from my bank and investment accounts. I finally figured it out and contacted my brother about the joint account 1099. Blame for the error is clear, USAA. They don’t dispute it. They believe the fair thing to do is to apologize and move on. I, on the other hand, believe that since USAA KNOWS WHAT IT MEANS TO SERVE, they should take full responsibility for the consequences of their error and pay for my time, that of my accountant, and shoulder the responsibility if future IRS issues result from their error.
If you don’t mind paying for the consequences of mistakes of others, specifically USAA, then USAA is the place for you. However, if you just want to pay for your own mistakes, I suggest you look elsewhere for your investment, banking and insurances services.