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Contributor

How is this possible?  2 days that you cannot trade in your brokerage account?  This is the year 2020 and you cannot do an overnight transfer to Schwab? Unfortunatelly USAA is going to lose many customers who simply do not want Schwab or do not want a black out for 2 days. Why cannot they open both accounts and transfer over the cash portion of the account to Schwab on day 1 while having the USSA stock transfer on the next day business day keeping both accounts open for a grace period. Lets get some common sense going here USAA.    Sad

9 REPLIES

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Can a USAA Representative chime in on this???

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Not only that, I can't exchange funds within my IRA from a mutual fund to a cash (Money Market) fund right now!

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Why? Is there a black out now?

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I realize this transition has been planned for a while, but with the highest volatility in the markets since the 1930's, my suggestion would be to work with Schwab to delay this transition to the end of Q4 (November/December-ish).  I'm disappointed that this is even happening in the first place, but I agree that if this transition can't be postponed until the markets stabilize, then the transition should happen 100% over the Memorial Day weekend when markets are closed.  Not a happy customer right now....

I realize this transition has been planned for a while, but with the highest volatility in the markets since the 1930's, my suggestion would be to work with Schwab to delay this transition to the end of Q4 (November/December-ish).  I'm disappointed that this is even happening in the first place, but I agree that if this transition can't be postponed until the markets stabilize, then the transition should happen 100% over the Memorial Day weekend when markets are closed.  Not a happy customer right now....

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Whu is USAA not responding to this?????

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Hello @sillyme24. I will forward your inquiry to a subject matter expert. Any replies will be sent to your messages on usaa.com. -Colleen

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Thanks for your patience as I tracked down more details.

 

Additional details and a time line can be found here: usaa.com/transitionhub

 

 

  • Wednesday, May 20, 2020 – Last day to trade equity, ETF, and fixed income securities.  All open orders in these securities will be cancelled after the market closes.
  • Thursday, May 21, 2020 – Last day to trade mutual funds (with limited exceptions) and options.  All open orders in these securities will be canceled after the market closes.
  • Friday, May 22, 2020 – You will not be able to trade in your account. However, you will be permitted to close out option positions by phone.
  • Tuesday, May 26, 2020 - Once the market opens you will be able to trade in your new Schwab account. At that time, you can reestablish any previously cancelled orders.  However, as described below, if you have non-sweep money market fund shares that will be exchanged to corresponding Schwab money market funds, you should expect that you will not have access to these shares until Wednesday, May 27, 2020.

Thank you

 

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So it is 3 days you cannot trade in your account!    ?

Again:

Why cannot the Schwab account be opened after the 11TH and the cash portion of the USAA brokerage account be moved over to Schwab to have both accounts open for a grace period???

 

USAA:  ?