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Occasional Contributor

When we joined USAA over 40 years ago, there were several things that attracted us.  Military connection, variety of services under one umbrella, ease of transfer between accounts, and last but not least the fact that USAA is a credit union.  That means it is run for the members not for the stock holders.  The transfer of our money market accounts to a virtually unknown Victory entity and our investment accounts to Schwab means that those values no longer apply to our investments.  Very unhappy!

5 REPLIES

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Hello @Fiddlegirl, I would like to have your concerns reviewed. I will forward your message to the appropriate area. 

Although we are not a Credit Union (banking) we are a member owned company. 

Thank you for the opportunity to have your concerns reviewed and your patience during the review process. ~ Lori C

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Speaking of commercial for profit investing.  Is Victory even a part of USAA or have they purchased the name and members' accounts for something totally separate from USAA?  I have a problem with Victory retaining the USAA name since I believe that is false advertising.  Same thing goes for Schwab, although I don't know yet how that relationship will manifest itself. 

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I just wanted to mention that USAA operate sort of like a credit union, but they are not a credit union and never were. A credit union has members who vote on issues concerning the membership or that may impact the membership, no such options here. They do not put the profit back into the membership here either, they retain it for board member salaries and profit for themselves. I received one dividend in over five years of membership and my insurance rates went through the roof to boot which led me to move on. Don't let them suck you in with the membership schtick, simply put Victory is its own entity, as you know Schwab is as well. They are offloading these services to third parties, as they have mortgages and essentially everything but banking and insurance, which seems to have subpar offerings and no one who has any authority to do anything really. USAA has turned to algorithms to make all decisions for them and no longer is there any common sense used. It is their right, just as it is my right to move on if I so choose. I say this to say that you simply have a decision before you to make, stay with them or move on. Choice is and always will be yours. Best of luck!

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Thanks jimmyb84!

Fiddlegirl

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@fiddlegirl1, I am going to have your questions and concerns sent to the team of specialists that can respond to clarify any confusion that this change has caused. We appreciate you reaching out in our Member Community. Thank you. ~ Suzy