USAA Customers to Receive More Than $12 Million for Alleged Violations

"...USAA Federal Savings Bank will pay more than $12 million to 66,240 military, retiree and veteran account holders to resolve various allegations relating to members’ accounts and resolving errors, in a settlement reached this week with the Consumer Financial Protection Bureau.

The CFPB alleges that USAA failed to properly resolve errors; failed to honor members' requests to stop preauthorized payments through Electronic Fund Transfers; and that it reopened accounts without members’ authorization and without notifying them.

The bureau found the alleged violations during a review of the bank’s practices...."

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