I have to admit USAA that I’m quite infuriated at this point. Why did you decide to transfer your brokerage operations to Victory and Schwab? Why? And why not ask your “member owned” clients first, to gauge whether this would be horribly unpopular? With all the other stressors of military life, it was very helpful having all my accounts under one financial institution (Banking, Insurance, Investments, etc). I truly enjoyed USAA for the past many years and would recommend them to everyone I knew.
Now, half of my family’s accounts are at Victory and the other half at Schwab. The transfer has been anything but smooth. I won’t get into all the specific issues here; they’re thoroughly documented elsewhere on this site. At this point, I’m not sure why USAA still appeals to military families and I’m reluctant to give them a positive recommendation. USAA seems to be just another bank, one with mediocre rates for loans and savings. The insurance seems to be ok, but honestly I’m one of the ones who hasn’t shopped around in years. If I’m forced to have half a dozen separate financial institutions, I might as well shop around for better rates and products in all areas.
I was able to locate your information and will forward your account with your concerns for review. While I can't provide a specific time, I appreciate your patience while waiting for a response from this area. -Nick
I agree wsith most of your points. USAA transferred over $81,000 in five, 529 accounts for my grandkids. If I wanted my money in Victory Capital, I'd put it there. But according to Victory, they were the ones who did the actual financial control for USAA many years. Today, it's a challenge just logging in to Victory to check on those accounts so I can inform my kids of their kids' balances. Getting to data on their site, when I can actually get on, is a pain in the patootie. It's apparfent the management fouled up, again. Again. Again. And again! Service is lousy; their ongoing harm to us by mis-reporting accounts "closed by grantor"; and all-around lack of business expertise is appalling. Many years ago my only bank was USAA since I could trust it from overseas; up until a few years ago, USAA controlled/manmaged more than a half million dollars for me (savings, investments, loans for house/car/truck/camper, 529 accounts for my children, etc). Today, I keep only about $2,000 in USAA (savings and checking) for emergencies? Bujt why give USAA some aura about "service above and beyond" for the military? USAA is a company...nothing more. Trouble is, USAA is no longer as slolid a company as it was. Going downhill.
I rarely log on to my account because we typically refer to my husband's account- everything is joint except for an In Trust For type mutual fund for my grandson. In looking at my account page today, however, that UTMA account doesn't seems to exist. Did USAA actually transfer the entire account elsewhere? Or did they somehow lose the money (we had $1,200 simply disappear and it tooks 2 weeks and hours on the phone and chat with feckless representatives for them to "find" it). Does anyone know what USAA might have done with my grandson's money? I have really come to hate USAA: their endless and empty "we value your membership" nonsense as they fumble about reading scripts under the guise of customer service.
Thanks for reaching out, @pkh - I'm sorry to hear of the confusion your UTMA account has created. Rest assured, your account has not been misplaced or lost. I'll forward this to a colleague in the area that handles this so they can address any concerns you have. Please know they aren't in the office overnight, so will need time to respond. In the meantime, I hope you have a great day. - Cathleen
Victory Capital shouldn't be in business. They are difficult if not impossible to reach by phone. Their answers to email questions are nearly useless. Their advice on where to find things on their web site is frequently wrong. The website itself would have been better if our 10yo grandson had designed it. You can't even find a detailed accounting of asset transactions on their website. They do not provide a download of account info into Quicken. I could go on, but it's a waste of time. I too am getting fed up with USAA, whose decision got us to Schwaab and Victory Captial. I've been with USAA for all my insurance and banking since 1970, and what was once a great service-oriented company has been "spiraling in" for a while.
@AFRetired42, thank you for taking the time to share your feedback with us. I regret to hear about the difficulty you've experienced with Victory Capital. This is not the experience we want for our members. I will be forwarding your feedback to the appropriate team for review. Thank you. - Rhonda
I agree, Victory Capital is not good at all, very difficult to reach. I ended up getting so fed up that I called Vanguard ,set up an account and let them have the hedache of dealing with Victory and transferring my mutual fi=und account. It was USAA cornerstone mutual fund when Victory took custody the fee went to 1.14% No regrets moving to Vanguard balanced fund 0.08% expence ratio fee and Wellington fund with 0.25%. So glad to be out of that Victory capital nightmare .I cant see areason why any USAA memeber would put up with Victory capital. Vanguard, Fidelity all so much better.
During the year I asked Victory to make a charitable non-taxable distribution for me from my IRA. They said use the regular form and mark "charitable" on it. I did and a few weeks ago I received a 1099 telling me and the IRS I have received a taxable distribution. I called Victory a little over a week ago and told them they made a mistake. They told me to just work it out with my tax preparer. I said that I'm a retired CPA and I do my own taxes, and if I file the return with them reporting a taxable distribution, I'm going to be billed for over $1K and it will take much correspondence and phone calls to resolve it. I need a corrected 1099 to be sent to me and the IRS. The fellow went off for a while and came back saying that a corrected 1099 will be prepared in 3-5 days. It's been over a week and I called back. The person I spoke with tells me that my request is on a manager's desk, and he's real busy right now. Thanks, USAA for the switch to Victory.
USAA seems way more interested in advertising to everybody and anybody and seems to have lost interest in serving 50+ year members like me and other ordinary military members.