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Prestigious Contributor

Has anyone experienced exasperation over the USAA mutual fund situation?  Not just that management sold off that function to an outside company (without our agreement nor input) to Victory.  Never heard of that company until after my money transferred from USAA's control to theirs.  As at least one other member posted, we received two 1099-DIV (and I suppose two 1099-INTs) per account with no announcement from usaa or Victory.   Just a "surprise! You've got 1099s!".  We have to file both when we file income taxes.  Not a huge issue, execept for possible human error.   When I downloaded my 1099, I save two 1099s.   Silly me, I thought USAA accidentally posted duplicates.   So I started to delete one, not knowing both were real.  The fact both totals were within $6.00 reinforced the idea only one was real.  Contacted USAA to ask what was going on, but Victory replied.  If I had wanted my money at Victory, I would have sent it to Victory.  But I sent it to USAA.  Went to Victory's site but it was almost psychedelic.  And in addition, buying shares isn't sensible.  You can't just go to your account; hit a button for buying/selling shares.   Found I had to go to the generic mutual fund page to buy shares (unless I withdraw all and move to a different company).  

2 REPLIES

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@oldesoldier 

Thank you for providing feedback.

 

I wanted to update this thread with the link to USAA's Tax Center. The FAQ section has been updated to cover questions like yours about multiple forms. You can find additional details here:

 

1. Naviage to the Tax Center FAQ Page. usaa.com/tax

2. Scroll midway down the page to "New This Year—Investments"

3. Click "Expand All"

Tax form FAQ Navigation.jpg

 

Thank you for taking the time to post. Please let us know if you have additional questions.

 

 

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Ummmmmm...I had already downloaded and printed my 1099s.  Didn't see this disclaimer when I did so.  A representative called me yesterday about the Victory comments I posted.   He told me when he checked his account he didn't have the same issues (most notably the part about my displeasure USAA sent my money to another company, or at least allows that company I didn't choose to handle my money).   I'm happy he didn't experience the same effects (defects?) I experienced.  But my comment had nothing to do with whether he had the same issues.  His accounts are his; my accounts are mine.  My question if others had the same dysfunctional experience was for other members....not USAA employees.   Whether or not he experienced the same issues is moot...I don't even know if he has accounts with USAA.  Bottom line: I had a certain range of issues; I viewed the Victory page and service as I observed it.  In Vistory's defense, it was Victory that informed me of the duplicate 1099 issue (USAA forwarded me to Victory when I contacted USAA.