First the Mutual Funds now the entire brokerage

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Dude, check your down riggers. I think your trolling gear is fouled.

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Jimmy,

I really wanted to reply sooner but I was traveling for work. I’ve read the articles and I’m aware that it is wildly trendy to do these bank sweeps which increase “their profits” but that’s kind of the point. That profit is money not going to the investor, specifically casual investors.

Schwab is a solid brokerage with a lot to offer but I’m just not sure it’s fits my style. I rely on money markets to hold long term cash for stability and buying opportunities which means I need some protection against inflation.

This change will force me to deal with money market like mutuals and ETFs along with risk to principal or settlements and possibly trades on margin.

I’m going set up some time to call Schwab and validate my assumptions before I decide but I’m still disappointed. I have always valued my all-in-one relationship with USAA and now this relationship will be reduced to primarily insurance and credit cards.
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Whew, you two’s conversation is getting kinda steamy, maybe you ought to get a room.
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I can’t even view or access ANY of my investment accounts now and have spent the better part of the morning on hold with USAA trying to resolve it.
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Good Morning @AFbrat12, I will forward your concerns to the appropriate area to review. ~Lori C.

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My understanding is that the link between USAA and Victory is temporary and when the transfer is complete we will access our mutual funds and money market accounts on a new Victory site.  Also the use of the USAA name will also go away as the link is to ease the transition and not a permanent part of the transferred funds.  If someone has better information please post it.

Thanks!

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I understand your concern with USAA offloading everything.  I used to feel the same and have been screwed by USAA a couple of times in the past (won't bring it up further to keep on topic here).  That being said, I long ago pointed out the many flaws with USAA's brokerage and investment services.  As a result, I started to look for a new place to invest my money, I first started at Capital One and they were just so so but still ok I guess.  I found Schwab a couple of years ago and moved all my money there.  If anyone thinks USAA has good customer service, I challenge them to call Schwab, they are polite, professional and are actually happy to speak with you.  They have solved every question or concern on the same phone call (or chat session).  USAA could learn a lot from Schwab in this department.  With how great Schwab has been I completely moved everything (bank account and all) to Schwab this year and am so happy with them.  I only have VPP with USAA any more.

 

I encourage people to at least give Schwab (who has interest rates on normal and brokerage accounts far superior to USAA) a chance as they are hands down better than anything USAA ever was or could be.

 

I applaud USAA for making this happen if the decision was based on what's best for members than  good job.  If it was based on profit margins, then good job as your members will now make more money in interest, fewer fees, better expense ratios, better funds, lower commissions and the list goes on.  USAA will be better able to focus on its own profits (and larger subscriber reimbursements to us) as a result.  So this is a heads the members wins, tails the member wins and USAA makes a bit more situation.

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RetiredSFC,

I appreciate your experience and I’m pleased to hearing its working out for you.

I spent some time on the phone with Schwab this morning and I have mixed feelings.

The biggest disadvantage I see (and the core of my concern) is that I will have to trade in to money market mutuals and I will need to trade out of those mutuals to cover other trades otherwise the new trade will sit on margin. Unlike a traditional default MM position which is treated like cash. On the positive, there are lots of funds with no-trade fees and they settle in one day but again, that’s more work to coordinate.

To make it work a little better, I feel like I’d need to move my primary checking over in to their brokerage checking to be able to move cash around faster.

Also, for anyone moving 100k they have promotion for free trades but I think you need to call in for that.

I’m undecided.