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Contributor

So, I'm really not a fan of this switch over to Charles Schwab. They talked it up for weeks in emails and letters to me about how they were going to ensure it would go smoothly and easily. Honestly, I know USAA was never exactly "the best" for investing, there are obviously better financial institutions that specialize in that. But I like USAA, and I already bank with USAA, and have insurance here, etc, and thought it would just be easier (which it was) to manage if everything was in one place. So with everything moved over, I go to set back up my automatic investing back into my mutal fund, and I'm informed by Charles Schwab that that fund is disqualified from automatic investing. So now, not only is it not in the same place like it once was, but I can't even just set it up automatically - because it's a USAA mutal fund. Thanks guys. Honestly, I've had local banks that I do business with that have been after me for a while for my investments, but I would leave USAA. Since they kicked us all out anyway, I'm not sure why I'd stay with Charles Schwab. But honestly USAA, not at all impressed with the switch. I liked your platform better.

4 REPLIES

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Thank you for your membership @TiffSliff and sharing your recent experience with the transition.  I am sorry to hear that the move has not been smooth for you and certainly understand that previous platform was better.  Your feedback is truly appreciated and your comments has been forward to the appropriate area as it is used to improve USAA's products and services.  If we can further assist you with any of your banking or insurance needs, please don't hesitate to reach out to us via chat, phone or social media.  ~Marco

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Tiff,

  I share your thoughts completely.  USAA is a great insurance company and reasonable place to invest and remotely bank.  I've been electronically transferring money for 2 decades with them.  There savings/CD rates aren't the best, but are competitive.  Have you seen the very poor CD rates Charles Schwab offers?  0.20 percent/1 year.  I still have a savings account that earns more than that.  When they moved my IRA and Brokerage over, I had a few USAA CDs (<5% of my portfolio), earning 1.5 and 2.2%.  They rolled into a Money Market Mutual fund earning nearly nothing.  

 

I'll be looking to roll my IRA out of Charles Schwab.  

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The Charles Schwab web site doesn't work well with the new Chromium based Edge browser.  The graphs can rescale in it.  I've tried the Schwab chat bot, but was turned off by it's simplistic answers to my problem.  It points you to a phone number to call that you have to navigate a phone tree.

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I share your sentiments exactly and had the exact same issue with automatic investments. In addition, it has been impossible to setup a linked transfer account to transfer money from USAA checking to the new Schwab account. I started a conversation with the CEO office and its been nothing but blame transfer and "talk to Schwab" instead of attempting to understand and correct the problem within the USAA bank. This is the absolute worst service I've received from USAA and it all results from the new CEO decision to divest the brokerage. The man should be fired for his poor decision making. I'm seriously considering switching banks and insurance now. There isn't much left of USAA as a financial center anyway. Its now a shell of its former self.