Article

2020-04-17 Economy

USAA will stop seizing troops' coronavirus stimulus checks after public outcry

[Army Times] Following criticism over its handling of federal emergency payouts related to the coronavirus outbreak, the military-focused financial company USAA announced Thursday it will no longer seize customers’ checks to cover existing debts and will refund any past such actions.
"Existing debts" = Overdrawn Accts
The move comes after a report in the American Prospect that the insurance and banking firm was taking veterans’ and military family members’ stimulus checks — some totaling $3,000 or more — to settle existing account balances and debts. Company officials initially defended the move as permissible under federal rules.

The checks were part of a $2 trillion economic stability package passed by Congress last month designed to help families cover immediate debts and expenses related to the coronavirus outbreak, which has sickened more than 600,000 Americans and closed down numerous businesses indefinitely.

More than 22 million Americans have filed for unemployment benefits in the last month, according to the Department of Labor.

Posted by Besoeker 2020-04-17 07:51|| || Front Page|| [11128 views ] Top

#1 USAA passing along their losses to other paying customers, how very WOKE. Nothing personal, it's just the insurance business.

Posted by Besoeker 2020-04-17 08:02|| 2020-04-17 08:02|| Front Page Top

#2 Like AARP, you are a traitor to your fellows if you don't sign up.

Posted by M. Murcek 2020-04-17 08:05|| 2020-04-17 08:05|| Front Page Top

#3 Actually that's the credit card business. Why do you think besides skimming the interest rates stay high? Give cards to totally unqualified people who run up debt and then discharge it. Other users bear the cost, not the company. Don't give the cards to any applicant and they're declared racists and elitist (which they may be indeed), but its not good PR.

BTW, to our uniform personnel who are in debt, failure to honor just debt is the basis for UCMJ action. Have to make good faith effort to avoid such action.

Posted by Procopius2k 2020-04-17 08:17|| 2020-04-17 08:17|| Front Page Top

#4 Ref #3: BTW, to our uniform personnel who are in debt, failure to honor just debt is the basis for UCMJ action.

If your Special Security Officer (SSO) is on his or her toes, your security clearance will likely be suspended as well.

Posted by Besoeker 2020-04-17 08:39|| 2020-04-17 08:39|| Front Page Top

#5 They are talking about checking accounts, not insurance. If your BofA account is overdrawn and the USG puts $1200 in it, they will take it too. This is a bullshit hit job on USAA, which by the way, refunded 20% of premiums to their insured customers...

Posted by 49 Pan 2020-04-17 11:10|| 2020-04-17 11:10|| Front Page Top

#6 Good point, Besoeker. Of course, self-reporting will go a long way. But we've been down this road before with the mortgage insanity 10 years ago or so and the bankruptcies that followed.

I thought USAA had a good reputation. But, it is a business.

Posted by Clem 2020-04-17 11:17|| 2020-04-17 11:17|| Front Page Top

#7 Re how it treats customers, USAA has the best reputation in banking. This seems like another hack journalist hitjob.

Posted by Lex 2020-04-17 11:24|| 2020-04-17 11:24|| Front Page Top

#8 Good point, 49.

Posted by g(r)omgoru 2020-04-17 11:27|| 2020-04-17 11:27|| Front Page Top

#9 USAA may be top flight in regard to their. banking business (I have no way of knowing), but many of us in Real Estate despise their lending arm. They treat contract closing dates as optional, and move at a snail's pace. I've heard customers complain about their home insurance products as well.

Posted by Crusader 2020-04-17 12:05|| 2020-04-17 12:05|| Front Page Top

#10 Ref #5: USAA, which by the way, refunded 20% of premiums to their insured customers...

That they did.

Posted by Besoeker 2020-04-17 12:08|| 2020-04-17 12:08|| Front Page Top

#11 Navy Federal is better for banking.

Posted by Marilyn Tojo7566 2020-04-17 16:44|| 2020-04-17 16:44|| Front Page Top

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