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Regular Contributor

So, the sale of the mutual fund business to Victory was promoted as something that would better serve members and have no effect on us.  But it seems like this sale now means that when I need money from my mutual funds transferred to my checking, I have to wait days.  Before, it was a same day -- and at worst a next day -- proposition.

 

How can you promote this sale as having no effect on us, when that effect is dramatic? I might as well have my money anywhere, if there's no benefit to having it in a USAA mutual fund.

10 REPLIES

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Yep, no more direct deposit and no more bill paying from your money market account. Tell me now, who exactly this change benefitted? Sure as heck wasn't me.

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Hopefully this sale with Schwab goes through sooner rather than later and we get the functionality they have, which I believe means cash management services and I’m hoping direct deposit, it’d be nice to be able to automatically direct money to my brokerage, even through the savings booster.
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Yes.  Just a few days ago I spent over 20 minutes on hold waiting for  a Victory mutual fund person "supporting" USAA to pick up the phone so that I could liquidate my Coverdell education mutual fund for my daughter, who is starting college this fall.  After having waited this amount of time I then found they could not simply deposit the funds in my daughter's checking account, even though we have a joint USAA account, because they can only access one account - my primary checking.  So I have to have the funds placed in my account and then transfer them to her.  Quite convenient.

 

Given this display of customer service I intend to transfer all of my mutual funds from USAA (Victory) to a real financial institution.

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Agree that this seems like a poor decision and poorly implemented. Discovered yesterday that automatic monthly redemptions from my IRA to my USAA checking stopped as soon as Victory took over, WITHOUT notification to me. Spent over 20 minutes waiting on the phone to Victory, only to discover that they require a separate form be filled out for any automatic redemptions to resume. They actually suggested snail-mailing it to me and the same for a return to them, but they finally uploaded a form to my account that I now have to print and fax (!) in. 

Worse yet, their "advisors" have NO direct extension numbers, so I can never speak to the same person twice. NOT IMPRESSED, USAA - this is NOT "service".

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A transfer that I requested on Thursday STILL has not been deposited to my account.  How is Victory providing me with a useful service?  How can USAA claim that the sale to Victory would be seamless for its members, when I now apparently have to wait 5 days for money to transfer between accounts?

 

Big whoop, I get to see them all on the same USAA web page.  That's absolutely meaningless when the money is not accessible to me.

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This is my first ever post here or anywhere in regards to USAA.  I have been a member since 1988 - but after this fiasco and the slow service - we are moving as many monetary assets away from USAA as possible.  They have become just like any financial institution in my book - there are now better options.  Unbelieveably poor choices they are making.

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Hello @ Scooners, I am very sorry to hear that you feel this way. I have forwarded your concerns to a subject matter expert for further review. -Colleen

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Like a few who have rolled in hot here, I have been a USAA member for decades and never participated in this forum. Thought I'd dive in and 'out-gas' a bit over my frustration and disappointment with USAA who, until now, I believed always had my 6 covered.

 

I was out of town and in a bind trying to move MM $$ over to cover my aging parent's unexpected expenses only to find that my dollars were now 'held hostage' by Victory. No notice whatsoever and I was just as stunned to learn that USAA leadership never gave thier front-line team any heads-up on the impending move. 

 

I'm beginning to believe that Wall Street, not a comrade in arms, is now at the helm of USAA and their connection to the pointy end of the spear has been lost entirely. And this saddens me to no end.

 

I'm meeting with a new financial planner tomorrow and taking my lifetime of investments with me.

 

:PUNT: