Just learned the hard way that Schwab charges a $49.95 fee each time you invest in USAA mutual funds.  So a no-load fund, actually has a "load."  Not practical to continue adding to my existing USAA funds under that kind of arrangement. 

 

Moved my existing USAA Mutual fund balances from Victory Capital to Schwab in order to simplify things, but that has now backfired.

 

Very disappointed in how USAA handled the entire Schwab / Victory offloading...

 

 

2 REPLIES

TY for this info. The face slaps from USAA continue. I wish you the best. Most of the time I use Vanguard to keep keep good service and cost low. Good luck.

By way of update, Schwab has since promised "no fee" transactions when adding to USAA mutual funds.

 

My first test of that promise resulted in a $49.95 transaction fee charge nonetheless.  After a hoop or two, they agreed to a one-time fee waiver as a courtesy. 

 

Upon further follow-up with a different Schwab contact, I was again promised no transaction fees on USAA mutual funds - we'll see...

 

p.s. I realize that USAA was paid well by Schwab and Victory Capital when they off-loaded their investment businesses, just wondering who did the negotiating for USAA, and if they picked the right buyers?