Schwab Transition Nightmare - account lost for a while, now in limbo

Highlighted
Contributor

My wife and I have been members fro 29 years. We have had a numberof investment account in that time. We have never had an experience like this and I don't know if USAA is going to do a thing to help.

On a Rollover SEP IRA account, low 6 figures, belonging to my wife the transition hub showed the account going to Schwab up until the evening of the 25th. When we tried to establish her login creditentials at Schwab the page redirected to an error page saying to call Schwab. We first called USAA abd the rep stated there was nothing she could see that caused the problem and see what Schwab had to say. We called Schwab and the rep stated he couldn't find the account but that was not unusual and probably best to call on the 25th when the account was transfered.

Yesterday morning we called Schwab waited for 56 minuts and got a very helpful rep who still couldn't find the account and let him reachout to his transition team and get more info. Low and behold THIS MORNING the transition hub lists the account as having gone to NFS. Another hour on hold getting to them and yes they have the money but can only transfer it to a 3rd party or write me c check. Remember this is an IRA and we really don't want to trigger a taxable event.

Back to the same rep at Schawb and he was able to determine that the two USAA money market accounts that held are not holdable by Schawb. USAA money markets -- not Frank's Garage Used Grease Fund -- USAA money markets.

If I had known these money market accounts were a problem I could have done something. They had notified us a couple of left over brokerage account were not eligable to transfer and gave detailed instructions. Apparently they care about an old account with  $0.06 but not a largish IRA.

Schwab guy thinks they have a way to rollover the account to a Schwab rollover IRA so we spend another hour on hold trying to get a conference call with NFS. They never answer. Now he is to continue to finalize communication with NFS and his team and we'll talk tomorrow.

I'm incredibly frustrated and I can't raise anyone at USAA that  will offer any kind of assistance.

 

USAA what are you going to do to help?

4 REPLIES

Highlighted

My husband and I are having the same nightmare. In the days before the transition we called USAA to sell the shares of our Mutual Funds so we could transfer to Vanguard. We were given a confirmation #. When the funds didn't land in the sweep acct the next day I called USAA. A rep said we missed the cut off date to trade, so it was never placed. How in the world can a rep look at our acct and give us a confirmation number and then never place the trade?

 

That same day we were given 3 different deadline dates as to when funds can be transfered to another firm other than Schwab. When we called Vanguard they admitted USAA was a "mess" they were giving customers one date and Vanguard another date. One USAA rep was openly hostile when I asked for his name!

 

USAA has become a utter joke. 

Highlighted

USAA - "knows what it means to serve" - not any more

Highlighted

Hello @Frustrated in DC, 

Members will be able to link their Schwab account to their My Accounts Summary list on so they can continue to view their account balances on usaa.com and mobile.

Members must adjust the third-party sharing security setting at Schwab to enable this option.can visit usaa.com/investmentupdate for more information.

Members with investment accounts transitioning to Schwab can also visit usaa.com/transitionhub for more details

on the transition.

 

I will forward your message to the appropriate area. ~ Lori C

 

Highlighted

You and any one else with Schwab transition problems REALLY need to file a complaint with FINRA. The FINRA senior helpline is 844-574-3577. If you're not a senior, they will tell you how to file a complaint. FINRA can force them to change behavior alot more effectively than we can complaining here. They clearly do not care about members.