I've been a USAA member around 40 years and have had a brokerage account with USAA longer than I can remember. The commission increase in Oct. was very disappointing. I'm an active trader, so the fee increases will be more than a nuisance. I intend to move most of my trading to Ameritrade--lower fees and better website.
USAA used to be an organization that served its members. I guess that is over now.
Can you at least fix the clumbsy website?
Anonymous222, thank you for your tenured membership and certainly appreciate you bringing this to our attention. I know how important this matter is to you and have forwarded your feedback to the appropriate area for further review. They'll be in contact with you shortly. ~ Stacy
Check out the Robinhood app on either apple or android. They have $0 fees per trade. They are a new startup, but I've used them for 2 months now and it is awesome. Hopefully they shake up some institutional norms like uber did to the taxi service. Why am I paying huge fees on trades when I do all the research and just use the USAA interface to accomplish it?
ODLAW, We understand your concerns regarding the changes; however, please understand that for several years our commission schedule has remained steady with no increases, yet the cost to do business among the industry continues to rise. The flat rate commission is actually a benefit to members that trade in high volumes. Please be assured that we continuously monitor our products and services to be sure that we remain competitive while still being able to cover our costs. Because our membership feedback is important to us, we will share your message with our Brokerage Product Management team. Thank you, Jen.
"The flat rate comission is actually a benefit to members that trade in high volumes."
Agreed, but that is not what we are talking about. We are talking about my being an active trader, where high commission costs are a significant un-benefit to me.
In any case, please be aware that I will buy from the least expensive service--which is definitely not USAA.
Thank you for your reply, Anonymous222. I understand that you have concerns about brokerage fees. I have shared your posts with our brokerage team, and I have asked for a specialist to reach out to you during regular business hours. ~Darcy