R Alan Gross sent a message to Stuart Parker that said:
Dear Mr. Peacock
I am writing to you because I have been unsuccessful in getting a Transfer on Death document (TOD) executed for my classic checking account.
My initial quest was submitted via your web site document upload system in September 2019 and was apparently lost. My next submission was on April 10th. Upon following up to ensure my submission was received, I was told I submitted the wrong form and on April 16 I received an email regarding the âcorrectâ form to submit.
The form I received was a âMemorandum of Trustâ form, which requires 3 pages of information. I called to get an explanation why such intrusive information was required. All I want to do is add the name of my trust as a contingent beneficiary for my classic checking account. I have done this with another bank and three investment companies without a problem.
After talking to three people at USAA, nobody could provide an explanation why such information is required other than âthat is what USAA requires.â In fact, one person apologized because she needed time to read instructions before attempting to answer my question.
So, I am still at a loss why USAA requires such information. I am forming the opinion, based on this and other recent experiences, that the USAA I have known for so many years is changing into a bureaucracy more worried about lawyering and profit than service to members.
I would appreciate an explanation why I cannot simply name my trust as a contingent beneficiary for my classic checking account like I have done at other institutions.