The USAA downtown offices
A settlement through USAA feat Credit: Scott Ball / San Antonio Report

USAA Bank customers surveyed for the business magazine Forbes say the San Antonio-based bank is the best in the nation.

Forbes announced USAA Bank as the top-rated bank in the United States on its first-ever World’s Best Banks list. USAA was ranked the best among 60 banks in the U.S. based on a survey of 40,000 customers around the world.

Working with market research firm Statista, Forbes asked survey participants to identify all banks they do business with via checking or savings accounts and to rate the banks on a number of factors, including general satisfaction and key attributes like trust, fees, digital services, and financial advice.

“We’re proud to be named one of the world’s best banks,” said Chad Borton, president of  USAA Federal Savings Bank. “We continuously strive to offer the military community and their families highly competitive products and services that help them achieve their financial goals.”

In February, the Office of the Comptroller of the Currency (OCC) – an independent bureau within the U.S. Department of the Treasury that charters, regulates, and supervises banks – filed a consent order stating USAA has failed to implement and maintain a risk management program suitable for its size, complexity, and risk profile.

USAA responded by stating it is complying with the OCC’s regulatory expectations and that it was “proactively addressing these issues and made progress enhancing systems and processes.” The bank’s agreement with the OCC does not involve a fine or require restitution to members.

Earlier this year, the Consumer Financial Protection Bureau also filed a consent order outlining violations by USAA Bank of the Electronic Fund Transfer Act and the Consumer Financial Protection Act of 2010. USAA agreed to pay $3.5 million in a civil penalty and $12 million in restitution for those violations deemed “unfair acts or practices” in the consent order.

USAA Bank is the 28th largest U.S. bank based on deposits at $71 billion (2017), according to a company fact sheet.

Only two of the “Big Four” U.S. banks made the cut on Forbes’ customer-rated best banks list. Chase Bank ranked 37th, while Citibank finished 51st. Bank of America and Wells Fargo both fell short of the Top 60.

Forbes also ranks the 100 largest publicly-traded U.S. banks, based on balance sheets and profit/loss statements, annually in January. Home BancShares tops that list with $14.9 billion in assets, and Cullen/Frost Bankers is in the 12th spot with $31.3 billion.

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Shari Biediger

Shari Biediger is the development beat reporter for the San Antonio Report.