I put years into USAA many years ago, before USAA even advertised on TV much less did any performative woke sh--. I was there in C when Bob Davis decided that parts of USAA and the people who work there are just disposable biomass. Much like the Indian contractors who vie for izzat points nobody outside the building cares about now.
Have had several friends and family members also come and go from USAA over the years. Short of the period Joe Robles was trying to repair the damage from the Herres/Davis years, everyone left the place never wanting to return or hear of it again (IOW, the typical USAA exit experience).
Overall, a large chunk of USAA membership is now fully aware they are getting subpar financial products, particularly with the bank. But of course also with dwell and auto. It's probably been 15 years now since I've heard a single veteran sing the company's praises. They're still with USAA only because of inertia and the chore of moving accounts away (a chore that's less of a chore now thanks to Plaid).
Then occasionally USAA does something to knock off a few procrastinators who take their business.
Let's take the ridiculous marketing and advertising of P&C this summer, specifically the laughable auto rates that the quotes system has been handing out. How many millions were poured into getting us all to laugh? Many LOLs were had by prospects sharing their USAA quotes on Instagram this season.
Like... GEICO writes motorcycle policies for $75 a bike on a FULL YEAR TERM, right now without UIM and $175 with UIM. USAA can't even underwrite that sector anymore (it used to, back when it also sold jewelry in the basement of the AB building LOL), pays PRO's fees and hands out a sh-t laughable quote 20 times higher. I sat with my sister (she has a perfect FICO 850 no claims) and got a $4,900 annual for a Nissan with 2k miles. Everyone else came under $3,000. The only way I could describe this behavior coming from USAA, and this is my opinion of course... but I'm confident I'm not alone with this opinion: USAA has finally devolved itself into a full-blown FTC-violating scam operation.
It's either that or there is some serious FCF problem at the company to be throwing quotes out multiples to the market, higher than Chubb.
I mean, I guess the new overpaid IBM Bob AI can figure out how to right the company since hundreds of leaders that have come/gone can't seem to figure it out. Perhaps its hopeless.
Remember: USAA was once a business that was growing with no advertising and it also built its HQ on Fred Road while it was never advertising. It had a culture. Which has been completely destroyed and is never coming back. The members were once so excited about the company and the culture, the business sold itself and members told others of its values for free.
Look at it now. USAA is a cesspit masquerading as finance.
Maybe USAA should go ahead and re-register itself into Virgin Islands shell husk like CIGNA did and free the HQ building and the land up. Nobody needs any of the products the company offers any longer.