I'm pretty aggravated with this transition. After many calls back and forth to USAA and Schwab today regarding the transfer I was told that if you had a previously existing Schwab account there were significant issues that were not communicated to members. Many accounts did not 'merge correctly' and I guess I will not be able to see my USAA brokerage accounts in my Schwab account until the end of this week at the earliest.
Also, one of the benefits with using USAA for banking as well as my brokerage account was that I could transfer money into the brokerage account for trading and use this money almost instantly to make trades. There is no same day funds transfer with Schwab without a fee. Any transfers from outside of Schwab take 1-2 business days. I do feel that USAA patted themselves on the back with all the good coming from this transition yet this really does inconvenience members. If USAA and Schwab are working together for the benefit of members, then there should be a fee-less same day transfer option between a usaa account and a Schwab account.
Anyone else having any issues or info regarding fund transfer between USAA banking and Schwab brokerage accounts?
Yes, I am having difficulty with Schwab. Trying to transfer money from my IRA to USAA checking. Don't know how to do it. Can't get a Schwab representative on phone or online chat. Guess I got spoiled with USAA service. Disappointing to say the least.
I agree with you. This delay during the funds transfer cost me dearly today on a desired stock trade. Better to have the all accounts together. I guess I've taken this for granted for some time. Didn't have your problem with the transfer of the invetment accouns, however, snce I didn't have any Schwab accounts previously.
Seriously USAA WTF!!!!!!!!!
I called USAA multiple times prior to today and was told there shouldn't be any issues and I'll see my positions in my current Schwab account on 26May.
Schwab was able to provide me the temporary account number so that I can make trades by calling them directly.
Schab doesn't allow two accounts with the same SSN and physical addresses must match as well.
This is the last straw, I'm done with USAA.
My accounts are GONE. They are not in USAA and when I log in to Schwab I get "There are no accounts in your list. Please call us at 800-435-4000."
I have been on hold at Schwab for 50 minutes now.
Transfers to Schwab takes 1 day, I think as long as it's before 1600 EST. Direct deposit into Schwab shows up on payday and not the day before.
If you have a Fidelity account, the transfer is immediate with linked bank accounts.
I finally got in to my accounts with the incredible help of Kevin who was moved from USAA to Schwab, this was his 2nd day at Schwab.
He apologized for the problems and helped me get through the glitch of logging in. After his help all of my accounts showed up and everything was there. He helped me set up the external transfer locations.
I am happy at this point.