Victory Capital

Dealing with a very strange situation.

USAA moved IRA and investment accounts to Victory Capital a while back.

I had two IRAs there that I would check on occasionally, a few times per year. When I looked yesterday, both were zeroed out. I figured it was a glitch, and I would check today. Still zeroed out. I called Victory Capital just now, and sure enough they show the money (around $22k) was transferred out on 4/5/2022. I did not authorize this, obviously. They could not tell me where the funds went.

They are researching what happened, and asked that I wait a few days. This seems very weird to me. Has anyone else had issues like this with Victory?
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As an update - Victory Capital is being unhelpful. They all agree it’s weird, but nobody can tell me where (or how) the accounts were transferred. This seems impossible to me - how can a financial institution do this?

I’ve requested to speak to the security team several times to no avail.

If you have funds with VC, you may want to get them out. I wish I had. This is terrible.

I think that I do recall a similar issue, when I checked my account with VC. Like you, I thought that it was a glitch. So, I waited a day or two. Then, the funds were there again. I had trust with USAA. Now, I have been passed off to a company that I was not aware; and one that I may not would even choose. At least, we could have been assisted with a transfer to a custodian of our choice. But, I guess USAA would not have received a kickback for that? 

Agree - have had other minor issues with VC, but nothing like this. Disappointing that USAA sold us off to this subpar company. Inexplicable how they “lost” these funds. Really curious how it resolves.

Hello @AmyFe

This does sound strange. 

If you have access to your Victory Capital Statements, you should be able to see the activity for any credits or debits. Also, check your USAA bank account statements during that monthly cycle to see if perhaps the funds were moved to your deposit account. 

~ Lori C

Is USAA able to help me unravel this mess? The VC rep said she’s never seen anything like this…
Statement shows them cratering on 4/5/22. VC cannot explain what happened. They show no paperwork from me to authorize the transfer.

I am also concerned with tax consequences since these are IRAs. Not happy!