Financial Giant USAA Gets Downgraded After De-banking Trump Lawyer, Going Woke – IOTW Report

Financial Giant USAA Gets Downgraded After De-banking Trump Lawyer, Going Woke

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For almost my entire military career and beyond, USAA, the San Antonio-based insurance and financial services giant that built its reputation serving military members and their families, provided my family with auto and home insurance, and even a credit card.

But as I wrote last year, I left USAA after a long slide in customer service crystalized when I heard of USAA’s debanking of conservative lawyer John Eastman. And the hard lessons for USAA continue.

USAA’s troubles hit a new low when S&P Global Ratings downgraded its financial strength rating from AA+ to AA, following Moody’s decision to drop USAA’s rating from Aaa to Aa1 on May 19. The culprit? Persistent issues with USAA Federal Savings Bank, which has attracted regulatory scrutiny and suffered financial losses. MORE

9 Comments on Financial Giant USAA Gets Downgraded After De-banking Trump Lawyer, Going Woke

  1. Uncle Al…I was a stalwart USAA member since my cadet days in early ’80s…just shy of 40 years. I endured their progressively watering down the brand by continually expanding the membership, eventually opening it to their non-mil banking personnel. In the early days, they were the best around…services and support. Unfortunately, in addition to deep-diving down into leftist dark-side, they evolved into that corporate class of ‘too big to fail, too big to care’. About 5 years ago I finally just had too much, and completely divested of all accounts…Veh & Prop Ins, banking, savings, and investments.

    I truly regret introducing this faithless outfit to my children, grandchildren, as well as each and every referral I’ve made to countless young soldiers and their families!

    TWD

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  2. Hey B. didn’t assume you were.

    All banking and savings went to an outstanding local CU (had tried a large local bank down in Amarillo, as well, for business accounts, but discovered they are dangerously undercapitalized. So, all are with the CU, now); Local TX Farm Bureau provides Insurance products (Ins has been great, but not too happy with some of the state Org’s recent farming (and non farm) policy positions. Unlike USAA, however, they all know me, or know of me, and I can drop by local or Waco offices anytime and ‘vent’. Some of which has actually been fruitful).

    Moved all investments over to one of Dave Ramsey’s regional SmartVestor Pros. They’ve been very accessible and friendly, but I’m considering something different. They only use canned portfolio products. I have been investing since a teenager, so want greater flexibility. I need ability to include my Motley Fool & Tech Intel picks, as well as being able to exclude companies I will not do business with.

    It’s a journey.

    IATS
    TWD

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  3. USAA used to be a great company. I have a friend who works for them. Their company Christmas party was in the Alamodome and ZZ Top was the entertainment. Today’s USAA is not the same USAA of the past.

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