My EMG confirmed yesterday that in recent strategic planning sessions it was confirmed that we are expanding eligibility again next year. Wayne even eluded to that in Q4 Employee Meeting.
Does anyone have details on what that? I'm concerned about us expanded too widely and growing too fast again under current conditions. If it's a minor change we might be able to handle it but we even admitted that growing too fast was how we got where we are.
Then USAA becomes just like other “military banks“, BOFA even stated at one time they were a military bank.
It's confirmed. We used to take their word but since compliance became a thing, they started checking.
Does USAA even check if people are eligible for membership or just take a customer's word for it?
Of course we need to expand the membership. How else are we going to get the revenue to make up for the billion spent in BCC related expenses? Current members are dropping like flies.
Many don't understand the concept of a niche insurance company or the concept of usaas company of placement, for those eager to join in hopes of great saving, customer service and claims satisfaction you will be disappointed. The only people that get the best rates are e7 or above or employees vested for first years, but everyone gets the same lame service, to add fuel to the fire the algorithm has been broken/behind for decades, employees are already stretched thin maybe Mr Fantastic or stretch Armstrong will save the day? Oh duh I mean 3P (quality) only the best!
At some point USAA will have to open up eligibiity to anyone, like all the other ins. cos. This is b/c non-military ppl's money is as green as militarys'. Mark my words!
It truly feels like at some point we are just going to go public. Wouldn't surprise me if you see us as a publicly traded company in the future.
* The only other group I can think of would be extended family like siblings of service members, parents, grandparents, perhaps cousins? Just taking a shot in the dark, I don't have any inside information.* can’t say much more besides this is a pretty good shot in the dark.
We need expanded eligibility to increase cashflow and guarantee Mr. Weacock's multi million dollar salary.
HILS = Hypocrisy, Iniquity, Lying, Suffering
I would LOVE to see parents become eligible because of the sacrifice they make when their kids are serving. But I am worried about too much growth too fast in our current situation.
My grandfather was in world war two and a 20 year Navy retiree. And then he worked as a civilian on base for another fifteen years. I don't know if he ever got USAA membership. But I know my parents would love to be Eligible for PC.
I don’t know if I imagined it, but I thought they mentioned expanding membership to US GOV employees
I can appreciate trying to generate revenue, but we are already spread to thin.
Makes me wonder who they could add. We already accept officers, enlisted, anyone who's honorably served, and their immediate family members (spouses, children, and down, but not sideways [siblings] or up [parents, grandparents]). I've heard people throw the idea of first responders gaining eligibility, but that doesn't fit with the spirit of military-only.
The only other group I can think of would be extended family like siblings of service members, parents, grandparents, perhaps cousins? Just taking a shot in the dark, I don't have any inside information.
There are regulators in certain states that don't like that we are military only, but USAA has sort of been grandfathered in. I think if we deviated too far from that and included first responders like EMTs, police officers, and firefighters, it might end us up in hot water with regulators. If we expand to extended family of service members, eventually we'll have "members" whose second cousin twice removed's sister's husband was in the military and feels entitled to the same level of service we give to a full bird colonel.
I don't pretend to know the ins and outs of this decision, that's just where my mind goes with it.