Linking external accounts to USAA worthless endeavor

[oldesoldier]

For 2+ years USAA promised the ability to link Victory Capital [I guess that includes Schwab] to my USAA accounts page.   Finally came to pass, but rather worthless product.   We had no choice about investment accounts being “sold” to outside agencies; six of my accounts went to Victory Capital [VC…very appropriate acronym].  VC’c website is a royal pain in the patootie; as a bad website, it’s the poster child.  I assumed, since VC supposedly has a section of employees who are devoted to managing USAA members, that linking VC to USAA would be a way around having to go to VC.   But after finally being able to link the VC accounts, displaying them on USAA’s page, it turned out to be a fiasco.   All USAA does is display balances from those accounts.   You still must go to VC to make adjustments, or track transactions.    If I call up any of those six accounts, I’m directed to go to VC to see details, make transactions, or see statements.   Where’s the meat?   That is worthless info.   Another CEO “representative” called last week about this issue.   He informed me there was never a plan to allow transactions between USAA and liked, external accounts.   I corrected him on that issue.   I have had an external account at one of my Credit Unions linked for years.  I don’t look at its balances, because I go there daily.   But I can transfer money between it and USAA at any time: either from it, or USAA.   USAA’s page lists that Credit Union balance, and allows bill paying from it or my existing USAA checking and savings accounts.   If my credit union account can be accessed through USAA, why can’t USAA do the same with VC???   That credit union doesn’t tout a dedicated staff that handles USAA members!   It’s simply one company having interoperability with another company.   Note to CEO: don’t have anyone call me about this.

[G-11]

OldeSoldier, 

I can understand. It might would be nice to use one site to manage other accounts. Yet, I am not sure that I would want something like that. For me, the balance is good. It gives me a quasi-networth, at a glance. I watch it go up and down. With the things that our current Government is  doing, I have been watching go down lately. Of course, it is no fun. However, the products that I am invested in seem sound. So, I plan to hold on during the ride. Hopefully, the ride will only be for a little while longer.

[oldesoldier]

If you’re happy, that’s fine.  I raised the issue for myself, not everyone.   So your input is fine, but unnecessary.  It also indicates you weren’t saddled with VC by USAA selling us off.   And stop putting political spins on unrelated subjects.   Inappropriate.   There are always wild rides in commerce; those blaming everything on “the government” automatically generate a picture of a MAGAT wearing a red hat, supporting a traitor and national downfall.   Might have not been you nor your intent, but that’s the way you were viewed.  So just leave all that stuff out of the conversation, please.   

[G-11]

Interesting. Lots of this impact the economy. I just try to call it like I see it. Inflation is here for a reason. And, I think management (Government) is a prime mover. If you consider that political, so be it. I consider it reality. I noticed a big change over the past two years, of the cost of things. In addition, I have noticed the depreciation of investments. Part of investing is being aware of the environment. If the environment is not taken into consideration, some bad choices can be made. It is a total package, not a vacuum. I am not financial expert. I just try am make the best choice with all available information that I have. Nonetheless, to each their own. Some people see the glass half empty; others see it half full. I am one who just try to make lemonade, when I am given a lemon. Whatever you want to call that, that is what I am. 

[oldesoldier]

You had no reason to reply, but you did.   The “government” doesn’t control the economy.   It controls parts that go into the overall market and economy.   But in the larger context, cost of living, inflation, and general money matters are merely reflections of outside impacts.   The last two years saw downturns, again, due mostly to the Pandemic’s effects on the overall market; disrupted supply chains due to factors like reduced spending [travel, restaurants, hotels, major end items, etc]; jobs lost or altered; foreign impacts [Russia’s invasion of Ukraine]; world commodity exchanges; and many, many other impacts.   We’re currently at around 7% inflation; Europe varies at around 8-10% inflation; Canada was 7% the last time I checked.   Inflation is a prime part of our market/economy health.   Inflation is not an American problem…it is a global problem.   There are many who say foreign conditions aren’t important: that it’s only conditions here that matter; that putting America first and only is the way to think.   But those people are wrong on soooo many levels.   We are part of a global economy, whether we want it, or not.  That global economy impacts the constant complaints about “high gas prices” [which aren’t high at all, in relation to international fuel prices] because petroleum price fluctuates due to international competition for that dwindling commodity.   Food prices are impacted due to mismanaging our climate and water resources; just the war in Ukraine impacts worldwide food resources because Ukraine is one of the top food producers on the planet.   Of course the government has some impact on prices: that’s why the Administration tapped the petroleum reserves to help ease gas prices [as it was designed to do: two uses for the reserves are military use if fuel is cut off due to wars, and to help lower fuel costs here].   Price gouging by oil companies is rampant; hospitals lobby against drug cost controls to keep their costs up; tax burden relief for large corporations in 2017 caused a huge amount of the problems today; many large companies and the very rich today pay even less in taxes than they did prior to 2017.   They weren’t paying much prior to 2017: GE hadn’t paid taxes for decades; Disney reportedly “made” a half Billion dollars the day tax rates changed…not because thy sold that many tickets or Mickey ears, but because their tax rate dropped a half Billion.   So once again, you are placing most/all the blame where it doesn’t go: on the government.   You are free to have an opinion and express it, but you aren’t necessarily right in doing so.   Don’t bother replying: I only replied because you did.   Now I’m leaving this topic and thread to you.   Have a good day. PS: don’t forget that the current administration left it the worst economy since the Great Depression.   We barely avoided a bad Recession.   Tchuss!!

[G-11]

I base my comments mosty from my situation. Yet, the Government did takes steps in reducing our production of oil (https://www.forbes.com/sites/rrapier/2021/01/29/how-president-bidens-executive-orders-impact-the-oil...), in the name of climate change. As we both can probably agree, supply goes down, price goes up. When the price of gas goes up, the price to supply goods and services also goes up. So, we have what we have, in part, due to some people claim about the impact of oil production on our environment. Yet, it is okay for us to import from other countries. As you point out, this is a global thing. So, why is it okay for other countries to impact their environment, but we are not suppose to impact ours? Something about that seems unethical. I am not against a cleaner environment. I am against making changes without the infrastructure being in place. It kind of like being a cattle rancher and deciding to become a veterinarian. That is fine. But, what do you do while you are transitioning your ranch to farm land? I suspect that person wants to live off of what he or she produces? Quitting cold turkey may work for cigarettes. But, it is no way to change the processes of a society.

[oldesoldier]

”the government” didn’t take steps to lower oil production.   Oil companies aren’t controlled by “the government”.   Oil companies ARE impacted by drilling leases, that’s true.   But for many decades oil companies have held leases but elected to not drill.   That was true waaayyy back in the 1970s when I studied Petrology as a Geology Major in college.   One often overlooked point is that no new refineries have been built in 50 years.   While consumption increased, production had to remain at a fixed level.  A lot of what you wrote is just too much to unpack; you throw in too many thoughts only barely related.   But one point is important: we need to lower our impact on the environment!   Not on a touchy-Frey, tree-hugging level, but simply because we live in an enclosed biosphere.   Anything we do to impact that biosphere must be positive, or we risk making life untenable.  Simple fact, really, but all too often ignored.   If you look at photos from pre-Covid and post-Covid, when vehicle traffic alone declined, there’s obvious evidence why we need to stop the pollution.   Hard to ignore reality.   You are correct changing infrastructure is difficult and takes time.   Switching from horses to horsepower took time.  But infrastructure changes will take off with demand; and no one is forcing anyone to go cold turkey.  There will be gas for gas dinosaurs for some time…until factories no longer produce ICE vehicles and oil companies no longer produce gas and diesel.   Of course, by then, we may not be able to raise crops because of environmental disaster.  Not to mention oil will disappear in time, anyhow.   

[G-11]

I agree; we need to be smarter about the things that we do. However, I suspect that greed stands in the way.

[oldesoldier]

Greed always “stands in the way”.   Yeas ago, when Allen Greenspan was asked why big companies “used and abused” the system, causing a huge impact on the market, he replied that no one expected greed would cause the big impacts.   A grown man who didn’t think greed would impact things?   Hmmmm!

[G-11]

P.S. 

Electric vehicles may be okay for around town. Based on the video below, they have a ways to go, for a long haul. This is a video of gas vs electric pickups making a short haul. 

https://youtu.be/-e55Vued028

[oldesoldier]

Thnx for the video.   It doesn’t really mean anything, however.   Electric trucks and other vehicles are in heir infancy caused primarily by “big oil” hamstringing “big battery”.    The technology will iron itself over time, just as it did for gas vehicles.   My son has now made two, long distance trips in his 2022 Ford F150 Lightning; his only problem came from finding ground truth about charging stations between Springfield, MO and Austin, TX.    The online Apps that list charging stations by type and location were highly inaccurate in Oklahoma.   The Okies listed chargers as Level 2 and 3, but turned out to be Level 1 all too often; some were not installed fully, or inoperable.   As for not pulling camping trailers far per charge, it’s not an issue for him because he doesn’t have one.   It would impact me because I own four campers [three vintage campers 1946, 1950, and 1964 plus a 2018 Keystone Montana fifth wheel], forcing me to use a 2017 Ford F250 Super Duty.  To be fair, I couldn’t use a quarter ton ICE truck, either due to the Montana’s size and weight.   As soon as I can buy a Lightning, I intend to dump our 5th wheel and F250!   We’ll downsize to a TT [travel trailer] that the Lightning can pull.   As for range and having to take time to charge, my doctors would applaud my having to get out of the truck for a while!   Like most people, I tend to stop only long enough to fill the tank and get back on the road for hours on end.   My wife always wants me to get out, move around, and get the blind flowing, but we guys aren’t built as smart as women.   Being forced to wait for a charge is actually preventive maintenance for this old soldier’s body.   Of course, when electric vehicles get even better, she’ll be back to wanting me to stop and exercise…if I live long enough to see those days.   Today, the fastest land vehicle is an electric car; the torque from an EV vastly exceeds ICE vehicles; and the environmental impacts from switching from oil to electricity exceeds the nitnoid issues raised by “gas dinosaurs”.   The costs alone make up for current shortfalls: no gas burned needlessly; no emissions; no trips to gas stations; no more oil changes; and the list goes on.   Yep, it will be a while until the infrastructure sorts itself out.   But until mankind is forced to adapt, mankind tends to not adapt; simple, human nature.   Neanderthals couldn’t adapt, so they went away.  Time to accept reality and adapt, or we ALL will go away.   Surprise: we live on an enclosed biosphere.   How we treat that biosphere will determine if our great-grandkids will be able to live.   Our choice, not theirs.

[G-11]

Well, at least, you have a positive attitude. I agree, it is only a matter of time, before electric vehicles will be a mainstay.

[oldesoldier]

And the distance the first automobiles could go was farrrrr less than what a horse or team of horses could provide.   Today’s electric vehicles are in their relative infancy compared to what they will be in just ten years.   Most of that comes from bad thinking on the part of consumers, and, to your point, greed.   Battery powered cars outdated internal combustion.   We’re finally dumping ICE for many reasons: climate change being an important part.   Losing ICE will come, eventually.   Oil is an important commodity that shouldn’t be wasted on cars polluting the atmosphere.   And there’s nothing new about that!   As a Geology major, all that was part of my education in the late ‘60s and ‘70s.   Oil production has declined, but that’s a good thing, overall.    It’s far past the time to change our bad habits.   Gas dinosaurs will whine until they die or can’t find gas.   Human nature at play.   But the fact we haven’t prepared ourselves for this eventuality says a lot about us.   Only a fool thinks we can continue like this forever.  And only an uneducated person never looked at Petrology in its broader context as how it applies.   I’m looking forward to $30/gallon gas.   It’ll be fun listening to the whiners; and maybe then we will work TOGETHER to fix our situation.  

[G-11]

Even though the link that I previously provided is a good reference, the conclusion seems premature. This is a link that shows how our production of oil has decreased, over the past two year. Considering that demand remained constant, a logical conclusion is that the price of oil would increase. U.S. Field Production of Crude Oil (Thousand Barrels per Day) (eia.gov)

[oldesoldier]

Don’t overlook the impact of the Pandemic and Russia’s invasion of Ukraine.   Beginning in 2020, demand for petroleum products declined as people [the intelligent ones] stopped buying gas.   Look back over that period about oil tankers “parked”, full of oil, with no way to download at refineries.   At one point, the number of tankers just floating around, offshore, was in the hundreds.   That is what is call “demarage” [storage] of ay resource.   The shipping companies were being paid millions for ships tied up; crews trapped onboard; fuel consumed just tooling around.   Demand DID NOT remain constant!   Anyone who can read or see reality understands that shipping ground to almost a halt; people began working from home fulltime; many businesses folded because shoppers weren’t shopping; online shopping increased, but the real transport money went to FedEx, Amazon, and similar.   Look at photos and air quality data from during the height of the Pandemic.  The reason air quality improved was reduced consumption, not some magical improvement in vehicle emissions.   Only a stooooopid oil company would continue pulling up oil to run through its refineries just to pay its storage costs.   There’s a major reason an EV buyer pays a premium to buy an EV: demand.  We bought our VW ID4 EV the day after it was unloaded from the truck; if we hadn’t jumped on it then, the next day we would have paid MSRP plus $5,000.   Some manufacturers are adding surcharges of $20-$30K per vehicle over MSRP.   I’m very much looking forward to seeing oil consumption for fuel go away.   As a Geology major in the 1970s, we knew oil was going to disappear some day.   Today is closer.