is usaa in anyway related to wells fargo bank?
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Asked January 15, 2019
Actually, USAA and Wells Fargo are competitors and do not have a relationship. In fact, USAA filed an intellectual property lawsuit against Wells Fargo in June 2018. USAA claims that Wells Fargo has infringed upon four of USAA's patents related to remote deposit capture.
USAA has more than 50 patents related to mobile deposit capture. In 2017, USAA reached out to financial institutions across the country and requested that they pay licensing fees for using USAA's patented technology. Wells Fargo is the first institution that USAA is suing for using remote capture technology without paying a licensing fee.
Wells Fargo has responded by filing a countersuit against USAA in August 2018. In its countersuit, Wells Fargo has asked the court to rule that USAA's mobile deposit patents are invalid on the basis that remote deposit was routine and conventional" prior to USAA obtaining patents for the technology.
The battle between the two financial institutions went further when USAA filed a second patent lawsuit against Wells Fargo in October 2018.""
Answered January 16, 2019 by lawson