USAA will fork over more than $12 million to service members, retirees and veteran account holders as a result of a recent settlement with the Consumer Financial Protection Bureau, Military Times' Karen Jowers reported on Jan. 3.
The Consumer Financial Protection Bureau alleged 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," according to Military Times.
The result of which is that the bank will pay $181.59 to each of the 66,240 USAA account holders who were "denied a reasonable investigation of the error they reported" to USAA, the Times reported.
The Consumer Financial Protection Bureau found that "on numerous occasions, USAA representatives refused to investigate errors because they concerned payday loans," according to a consent order from the settlement. USAA did not admit or deny the allegations.
Additionally, the San Antonio, Texas-based bank was slapped with a $3.5 million fine, which it will have to pay to the Consumer Financial Protection Bureau, reports American Banker.
That said, the bank has been taking steps to repay members, with a spokesman telling Military Times that "USAA has been proactively addressing these issues for more than a year and most are resolved," and that in 2017 the bank "began providing restitution payments to some affected members, and improved our procedures."
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