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Usaa ach credit and debit3/18/2024 I told her I have a recording of the phone call to prove we are not on the bank account at this other bank. The USAA rep informed me that they are under no obligation under the law to take these extra investigative steps. (10) I informed USAA what this bank told us and mentioned they had already performed the investigative work by contacting the other banks involved. I recorded this call for documentation purposes. She confirmed we have no bank accounts with their bank and that the account involved at their bank had already been flagged for fraud, and they were in the process of restoring their customers' account. (9) The same day, we reached someone (quite easily, I might add) in the Fraud/Identity Theft dept at one of the banks. (8 ) Serendipitously, a couple days later, we reach a USAA rep willing to go off script, and she instructed us how we can obtain the full account and routing numbers of the external accounts to at least do our own investigative work, like contacting the other banks involved in the fraud (by doing an online search of the routing numbers). This isn't really true, as we did as they instructed, and we still have no copies of the documentation or any meaningful information that helps us understand how they reached their decision. (7) The next day, USAA denied our claim and stated "no further action will be taken." The letter said we could call to obtain a copy of their documentation used to make the decision. This effective messaging persuaded me to pay off the fraudulent charges, having to dig into our family savings to do so. Though the fraud investigation was still in process, USAA demanded that I bring our accounts positive (around $15,000 needed to be collected) and threatened that if we did not, we would all be locked out of our funds/savings/services/everything with USAA, and they would even refuse to serve us if we walked into a physical banking facility. (6) USAA Collections then called us to collect on the accounts that were made delinquent due to the fraudulent activity. But we could not access any of our funds. They continued to allow $15K more fraudulent bank transfers to go through over two additional business days. (5) USAA indeed locked the accounts-to us, that is. We BEGGED USAA to lock the accounts or do something to prevent more theft/loss. (4) We reported the fraud as soon as we noticed it. (USAA allows "unlimited" bank transfers under $5,000.) (3) Unauthorized bank transfers, each in the amount of $4,995, flowed in and out of our checking and savings accounts, resulting in a net loss/theft of around $20K. There is zero human intervention in this process it's entirely automated. (2) Hackers easily added external bank accounts (they hacked customer accounts at different banks, too). (1) My spouse's mainly dormant USAA account was hacked. I've been a USAA member for most of my adult life, and I'm also a professor in the field of information systems-so what I've learned is informed by these experiences. Hopefully, some of my experiences can help you determine how to safeguard you and your family. Out of great concern to people who are USAA members, I'd like to share my recent experience becoming a victim of identity theft and bank fraud and how USAA has completely mishandled my claim.
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