USAA has lost its way.

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Locked
Topic Author
Wricha
Posts: 488
Joined: Sun Mar 25, 2012 10:33 am

USAA has lost its way.

Post by Wricha » Thu Nov 07, 2019 2:26 pm

USAA is now requiring that you tell them your net worth, income, sources of funding for each bank account, uses of money for each account. They (supervisor) claim they need this information to comply with the patriot act. The patriot act was 2001 vintage USAA must be slow on the uptake. If you do not give them this information they will lock your accounts. Maybe I am just old but I find this to be intrusive, heavy handed, and dangerous. Are all banks requiring this type of information? Are other USAA members providing this information?

12thKnight
Posts: 24
Joined: Fri Nov 23, 2018 12:43 pm
Location: Philadelphia

Re: USAA has lost its way.

Post by 12thKnight » Thu Nov 07, 2019 2:28 pm

Wricha wrote:
Thu Nov 07, 2019 2:26 pm
USAA is now requiring that you tell them your net worth, income, sources of funding for each bank account, uses of money for each account. They (supervisor) claim they need this information to comply with the patriot act. The patriot act was 2001 vintage USAA must be slow on the uptake. If you do not give them this information they will lock your accounts. Maybe I am just old but I find this to be intrusive, heavy handed, and dangerous. Are all banks requiring this type of information? Are other USAA members providing this information?
This is standard KYC (Know Your Customer) information which is required to open any brokerage account anywhere. It is part of anti money laundering best practices.

Topic Author
Wricha
Posts: 488
Joined: Sun Mar 25, 2012 10:33 am

Re: USAA has lost its way.

Post by Wricha » Thu Nov 07, 2019 2:31 pm

12thKnight wrote:
Thu Nov 07, 2019 2:28 pm
Wricha wrote:
Thu Nov 07, 2019 2:26 pm
USAA is now requiring that you tell them your net worth, income, sources of funding for each bank account, uses of money for each account. They (supervisor) claim they need this information to comply with the patriot act. The patriot act was 2001 vintage USAA must be slow on the uptake. If you do not give them this information they will lock your accounts. Maybe I am just old but I find this to be intrusive, heavy handed, and dangerous. Are all banks requiring this type of information? Are other USAA members providing this information?
This is standard KYC (Know Your Customer) information which is required to open any brokerage account anywhere. It is part of anti money laundering best practices.
I don’t have a brokerage account just a savings/checking account. I have open other checking accounts and never been asked those questions.

Startingover2019
Posts: 21
Joined: Thu Oct 17, 2019 7:24 pm

Re: USAA has lost its way.

Post by Startingover2019 » Thu Nov 07, 2019 3:19 pm

Wricha wrote:
Thu Nov 07, 2019 2:26 pm
USAA is now requiring that you tell them your net worth, income, sources of funding for each bank account, uses of money for each account. They (supervisor) claim they need this information to comply with the patriot act. The patriot act was 2001 vintage USAA must be slow on the uptake. If you do not give them this information they will lock your accounts. Maybe I am just old but I find this to be intrusive, heavy handed, and dangerous. Are all banks requiring this type of information? Are other USAA members providing this information?
I have not yet encountered this.

victw
Posts: 142
Joined: Sat Feb 20, 2016 4:07 pm

Re: USAA has lost its way.

Post by victw » Thu Nov 07, 2019 3:21 pm

We received the same questions from Chase opening a checking account a few years ago.

Vic

User avatar
FIREchief
Posts: 3582
Joined: Fri Aug 19, 2016 6:40 pm

Re: USAA has lost its way.

Post by FIREchief » Thu Nov 07, 2019 3:27 pm

12thKnight wrote:
Thu Nov 07, 2019 2:28 pm
Wricha wrote:
Thu Nov 07, 2019 2:26 pm
USAA is now requiring that you tell them your net worth, income, sources of funding for each bank account, uses of money for each account. They (supervisor) claim they need this information to comply with the patriot act. The patriot act was 2001 vintage USAA must be slow on the uptake. If you do not give them this information they will lock your accounts. Maybe I am just old but I find this to be intrusive, heavy handed, and dangerous. Are all banks requiring this type of information? Are other USAA members providing this information?
This is standard KYC (Know Your Customer) information which is required to open any brokerage account anywhere. It is part of anti money laundering best practices.
Are there any consequences for just providing inaccurate information (particularly net worth and income)? I don't understand the "sources of funding," as they would certainly know where deposits are coming from.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

Flyer24
Moderator
Posts: 1161
Joined: Sun Apr 08, 2018 4:21 pm

Re: USAA has lost its way.

Post by Flyer24 » Thu Nov 07, 2019 3:32 pm

Thread has run its course (rant). Topics must be personal and actionable.
Welcome to the Personal Finance forum. This subforum is for personal financial issues that don't involve investments. Examples of acceptable topics are:

- insurance
- employment issues
- credit card and credit rating issues
- mortgage and loan issues
- legal issues that have a financial component like wills and pre-nuptial agreements

Note that topics must be directly connected to your (or your friend's or family's) financial life. General comments or complaints about these topics will be removed. If you aren't sure if a topic is OK, ask yourself these questions.

1) Does it relate to finance issues (but it's not an investing question)?

2) Is it personal? In other words, is it about you (or on behalf of someone specific).

3) Is it actionable? Can you do something with the replies that will make a difference in your financial life or the products or services you buy.

These requirements are in addition to the general forum rules found on the Policy and Etiquette post.

Locked