Feedback on the Investment/Brokerage Department

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Contributor

I've been very pleased with USAA's various services (banking, credit, insurance) except for one area:  the Investment/Brokerage Dept. There have been two big mistakes on my accounts and I wasn't notified in either case.  

 

First, I made a deposit into a Roth IRA mutual fund.  When I had to recharacterize the deposit (no earned income that year), I asked that it be put back into the same mutual fund, just not as a Roth IRA.  The investment broker put it into a money market account instead without notifying me.  I lost a lot of potential earnings on the investment before I caught the mistake and corrected it with USAA.

 

Today I found out that a ~$800 check I deposited into my investment account through the mobile app 7 months ago was rejected because I'd endorsed it with my checking account number.  Again, no notification from USAA and again, I lost a lot of potential earnings on that deposit.

 

With the statements all being delivered electronically, it seems like it would be easy enough to send a text or email when something goes wrong with a transaction.

1 REPLY

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JLM87m, I'd like the opportunity to have this matter reviewed. I will be forwarding your message to a subject matter expert. ~ Lori