Your recent decision to raise trading fees for all accounts is out of line with the market and is going to drive me to pull my investments after being a member since 1978. Other firms have tiered costs absed upon assets under management, and trades per interval. I have $1.5M in my investment accounts and do a couple of hundred trades a year. Moving your platinum investers into the the same cost basis as the occasional investor will only drive business away. The USAA investments services isn't on par with the likes of Ameritrade and now you are driving us to their services both for capabilities and cost. I do not see how that is in the best interests of the membership.
I am extremely disappointed in this decision.
I'm in a similar situation and was initially concerned about the same issue. However, I learned that an important difference in the new system versus the old system is that trading large numbers of shares doesn't increase the commission. So, I'll actually be saving money on most trades since its a flat rate rather than a lower rate that increases when you trade more shares.
Hi BillConroy. I can certainly understand and appreciate your feedback. We know how important this issue is for you. Therefore, I have forwarded your concerns to a subject matter expert and they'll be contact to discuss it with you soon. Thank you for your continued patience while we review this matter for you. ~ Stacy
After 13 years of using USAA as a brokerage, I am looking to move due to the rate increase and lack of platform. Not to mention, they took away my margin account when I didn't fill out all the new paperwork. Hey USAA, what are you going to do to keep my money with you?
Suck it Trabeck,
We appreciate you taking the time to share your experience and we are happy to help. We're engaging a subject matter expert to reach out to you. Thank you for your membership.
The increase in brokerage fees is ridiculous. I've emailed them directly but it's nice to see that I'm not the only one. I've closed out my Roth IRA and Rollover IRA with USAA and plan to move my remaining funds over to Vanguard. Their fees on funds and ETFs are extremely lower as well as their fees in their brokerage accounts.
The good news is that USAA raising it's fees forced me to explore other companines. I believed Vanguard is superiour in all investment categories over USAA, with Fidellity being a close second.
Sad day when USAA, the one company you were told was looking for you, is no longer on your side.
While we have a brokerage account, we don't use it much. Although, I expected to jump into the market after the next correction. Things are crazy out there when revenues decline and prices increase. FED is seriously messing with the market.
As far as the fees, I don't understand it myself. USAA should have enough resources to be a market maker. They could have reduced fees for memebers in house trading and still scoop up outside trades with the spread making them money and saving us money.
I mean they don't exactly have brokerage houses on every corner. They are a net bank pretty much with little over head. The only reason I could give is they see something coming we don't. I'm expecting to see a 10-20% drop next year. I will want to buy then. I'm not really a day trader but maybe they need a lot more actual traders to justify the costs of running a brokerage. This is way them becoming a Market Maker could help them and us.
I am floored USAA has increased the commssion fee for those that are holding a tier of funds in the brokerage account. This is not on par with any other investment platform. I really hate to move my investment accounts to another broker, but this is pretty much the last straw. There are too many other platforms out there that offer more. I would really suggest USAA take a hard look at whom the brokerage services are being contracted to, the value those services are offering, and fee schedule they are charging USAA members. It is not congruent with the value of USAA.