I called Victory Capital to suspend my RMD for 2020 per the CARES act. Although the gentleman with whom I spoke was polite and handled my request, he told me that I would NOT receive a confirmation number or an email confirming the transaction. The only confirmation is the recorded phone call, which is really not acceptable and a poor way of doing business. My USAA transactions have always provided a confirmation number and/or an email confirmation, so I am not impressed with my first interaction with Victory Capital. I requested a suspension for my other RMDs from Fidelity and Vanguard and not only did they both provide a confirmation number that I could print out for my records, but I was able to suspend the RMD myself online.
I may have to rethink my finances with Victory Capital.
@IT Person, thank you for sharing your experience with Victory Capital. I can certainly understand your desire to receive a confirmation number or email, confirming the transaction. I will share your feedback with the appropriate USAA team for review. ~DC
Thank you for your understanding and forwarding my concern. But the RMD saga continued with two documents dated August 21, 2020 and sent via US Mail referencing my recent request to change the automatic investment/withdrawal plan on my Victory Capital Mutual Fund accounts. Per both documents, the date/day of investment/withdrawal shows November 15 on an annual frequency. That is exactly what I requested be deactivated for 2020 per the CARES Act. Since my tolerance for incompetence has increased with my age, I immediately contacted Fidelity with whom I have several other IRAs and gave them the trading symbols for my two IRA funds and three other jointly held (with my husband) funds to see if Fidelity was able to administer all of them. My private client adviser replied within hours and we initiated the transfer of assets paperwork via my PC the next day, 3 September. Per my USAA account this morning, over $660,000 worth of USAA mutual funds have been transferred in kind to a company in which I have a great deal of confidence.