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Contributor
As of today I'm finally transferring my brokage account elseware. I should have done this from the very start but like many, I had naive faith in USAA. I have for the most part loved USAA for the great customer service and convenience they've always provided in just about every aspect of my financial life. My experience with their investment department has possibly been the tipping point for me to take my business somewhere else.

At 25 I own my own house, have a brokerage account of over $20,000, have money in a CD I can borrow against for emergency spending, and eveverything I own is paid for. On top of that I make less then $50,000 a year yet have achieved all this and provide for my entire family so my wife doesn't have to work. I've done this all on my own, no help from anyone.

USAA has twice denied my request to add option trading to my account because "I don't met the annual income requirements." As someone who has constantly been told throughout life I don't qualify for something that was going to benefit me financially due to my age, experience, credit score, income, etc; it really annoys me that I'm being told I'm not smart enough to trade in the stock market how I want because I don't make a certain income each year. I understand why I wouldn't be eligible for a margin account as that then creates a level of risk on USAA. I would have no problem if that's what I was getting denied for. But to tell me I can't make trade decisions which only create risk for myself due to my income is honestly offensive.

I'll be moving to a much more advanced platform, cheaper commission costs, and customer service which doesn't belittle me because I don't make a certain annual income. If you're wanting to start trading don't open your account here

1 REPLY

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Chemical Cowboy,

I am sorry to hear about your recent experience. I’d love to get you in touch with someone who can help. Please email socialmedia@usaa.com with your member number and contact information.