I closed my manged portfolio with USAA due to several reasons, primarily poor performance and high management fee. When i closed the account i was appropriately warned that it might take three days to post in my checking, but more than likely just two days. Four days later, the managed account was closed but nothing was transferred to my checking. Rightly so, i got concerned where is my $60k...then comes Steve (a planner). He was so disrespectful.
He did not understand why i'm concerned where my money went. He was on his high horse that USAA manages 136K portfolios and it takes time to close an account. He said that it is complicated that he is not able to explain to me in a more simplistic way. Well, i guess a US Navy Commander cannot understand Steve's intelligence. I just want to know where my money is Steve, and I want access to it as explained to me by USAA.
Thanks USAA....your service is gradually declining. Navy Federal might be a better option in the coming days. Im disappointed.
I'm sorry to hear you had a negative experience with USAA. I use them for almost everything and have found them to give the best customer service of any organization I have ever dealt with.
That said, I do think you raise some valid concerns about the expense fees for investments. I recommend you take a closer look at the funds you are in and make sure you are only in low-fee investment options. If you end up switching somewhere else, you can't go wrong with Vanguard, as they are owned by the people who invest in them, and therefore don't have a conflict of interest between maximizing your returns (requires low fees) and maximizing shareholder value (requires high fees).
I strongly recommend the sense of empowerment and liberation that comes with educating oneself about investing and personal finance. It isn't and definitely should not be as complicated as it can look from the outisde. A great place to start is the Bogleheads investing start-up kit. Good luck!