I appreciate it, Paula, but I called and spoke to someone in your IRA department, and they said they couldn't waive the transaction fees. Furthermore, as I understand it, everytime I deposit money into a non-USAA mutual fund, I'd be charged fees. That makes me feel like USAA is saying buy our funds or suffer the extra expenses. I also was told by you guys that my IRA didn't count as a multi-product discount on my car insurance - further incentive to leave.
I already started the transfer process to Vanguard. My money is going to be invested in an IRA for 20 years, with changes along the way. I can't be worried about higher expense ratios and transaction fees. USAA is gonna have to do a lot better than that to keep me.
Customers like choices. I made mine, but unfotunately you lost my business for my IRA.
Read your post with interest. I'm looking at moving my IRA and my wife's IRAs as well--to Vanguard. I've got them USAA mutual funds now. I too like choices. Our are probably not as large as yours, but it would be nice to look at alternatives. Makes no sense to keep them invested in something that gives little return. I'll have to go back and see what USAA gets. I should have done that a long time ago.
Hi jazz8, if you set up automatic investments, they do not charge you everytime you invest in the fund. I found that out through discussions with them. They are not helpful sometimes when discussing fees and they leave alot to be desired regarding USAA funds. Their expenses for the return they provide in their own funds are excessive. I believe they should be a brokerage for other investment firms that provide better returns and focus on working with them on fees and deals for USAA investors, sadly, they like to tote that they are away from wall street so they have an ability to look at things clearer, but maybe they need a closer look. I know you probably have moved this out by now, but just giving you that answer.
Well, I moved my IRAs/Investments out of USAA seven months ago and I'm glad I did. Vanguard's cost ratios are much lower and my returns since then have been very good compared to USAA for the past 10yrs. Easy to move stuff around and their website is easy to learn. Wish I would have done my research before setting things up with USAA. Did get stiffed with a fee by USAA when I transfered one of my investments out.
I am looking to also move my funds over to either Vanguard or Fidelity. Could you explain all the fees you had to pay? I was told they charged fees and was very dissapointed. The expense ratio's are hideous on the mutual funds and $8.95 brokerage trade fees are way out of wack for industry standards. Any help letting me know what I am getting into so I can make it up on the back end either at Vanguard or Fidelity would be great. Thanks!
B-Money1, I understand that you have questions about fees for USAA brokerage accounts. Please allow me to engage a brokerage specialist to address your questions. The specialist will conduct a follow-up with you during regular business hours. ~DC
I read the message about IRAs limits this year and was considering USAA. Have just trusted them to do the right thing in the past but after reading all the negative comments, will be going elsewhere for any new investments and will probably transfer what we already have...
No, I do not want to be contacted by an advisor.
Give Vanguard or whoever you're thinking about using. That's what I did. They can tell you if USAA might charge you a fee for transfering certain investment funds. It depends on the type of investment/IRA you're moving out. USAA charged me $35 to withdraw/close their Cornerstone Conservative Fund. I had several others with them but they were not subject to any kind of fee. I did use Vanguard to transfer my finds out of USAA once I signed up for an acct with them. Process was pretty easy. I didn't want to call USAA and get a one hour lecture by their brokerage dept about how I was making a big mistake, how great they were, I need to reconsider my decision, and then thrown into their phone transfer carousel. I had that experience a few months ago when I closed my credit card, checking and savings accts. I was tempted to drive down to USAA to lodge a formal complaint, because they were treating this 31+ member (ret. O-5) like a child who didn't know what he was doing.