USAA no longer represents its members - money market

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It is the worlds grossest oversight that USAA through their "affiliate" for the money market will no longer accept government deposits.  WHAT?  I have been making deposits into my MM account since 1985.  This entire community is based on government deposits, whether annuities or deposits from active military and treasury.  How can you no longer accept government deposits for money market purchases?  Next, I expect that USAA will no longer be doing banking with federal employees.  I will be seeking other areas to deposit my funds and hope that USAA gets back to their core mission.   I am not sure that USAA is representative of its members and has grown out of its core mission of serving active and retired military.  It is all just a tag line.    

5 REPLIES

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diyguy - I understand your concerns and will engage an investment expert to address them. Thanks, Jason

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So much for USAA making things transparent to members with their sale to Victory Capital. I don't think USAA's members have seen anything yet--now that Schwab plans to be in the picture.  All you can hope for is that the CEO puts some information quickly. The CEO was quick to sell their mutual fund business with no input from its' members and now says that it will benefit everyone. Usually, those benefits are allocated to a very select few--usually those individuals who made the sale happen.

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Hello @USAF_Ret, I appreciate you taking time to post your thoughts and I'm sharing your concerns with the appropriate area for review. Thank you. 

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 wrote:

Hello , I appreciate you taking time to post your thoughts and I'm sharing your concerns with the appropriate area for review. Thank you. 


Thank you for responding to my post, but I think there are a lot of concerned USAA investors out there who need USAA's help. Very little has been put out by USAA on the sale--except the usual "How great it will be..." statement. Now newcomer Charles Schwab & Co. is reportedly planning to overtake Victory with its own $2 billion deal to buy the two remaining USAA financial services units. I decided to move my mutual funds a couple years ago when I saw the direction USAA was going with their expense ratios and low returns over the past 10yrs. USAA still has a lot of work to do in order to reassure its investors. Thanks again.

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I wish the message could get further out on these internal boards LIKE  THEY  ARE  PROLIFERATING on internet complaint forums available with simple searches. If you are new to USAA then you are used to THE NEW  USAA.  LONG TERM Members are finally seeing past the illusion and leaving. Caveat Emptor.  The old USAA was awesome.  The NEW USAA is an illusion still wrapping itself in the mission of the past.  Money talks  in the executive suite and old members walk because it is just like every other provider....... but better than Comcast customer service..... !

 

The NEW USAA  "executive resolution team"  is a data collection operation who cannot fix anything. Huge waste of time.

And every social form letter response is terribly insulting.

 

The truth is that the NEW USAA is just like every other provider, wrapped in illusionary perception - because FAKE SELLS.