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Absolutely unacceptable...simply put it's reckless for USAA to stumble their way through upgrades and not have any handle on what to expect...the leadership here should be held accountable...

5 REPLIES

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I completely agree!

Larry

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The incompetence shown with the change in the investment accounts  is stunning.  I see they have removed the star rating system from their web pages, surprise, surprise .Besides the loss of Quicken for three weeks instead of three days, and the unavailability of cost information, there is also the issue of unavailability of funds after the sale of securities.  USAA prior to the change allowed immediate reinvestment in most cases after the sale of a security "as a courtesy."  Without any notice, they have done away with this "courtesy."  In my opinion it is unethical for them to communicate all the supposed advantages of the changes, without also advising of this one very significant disadvantage.  It makes no difference that such unavailability is the policy in other brokerages.

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This weekend there was a short note stating that Quicken download would not be available now until mid September.  For someone who closely manages cash flow, this makes the task of reconciliation more time consuming.  With the conversion process still ongoing and the problems it has created thus far, one can only wonder who is in charge of this process.  If the issue had been identifiable earlier, I would definitely have moved all of my accounts out of USAA. 

 

USAA should be ashamed that the process has taken so long and that it is placing additional burdens on its members.  I certainly agree with other comments that the service and execution of USAA over the last years has decreased remarkably.

 

My suggestion is to stop all the TV commercials and invest in the business.  If a company cannot execute, the advertising is a waste of money.

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Palmetto, you are spot on. USAA called me and advised that they have 55,000 affected customers with this SNAFU but they cannot say when it will be fixed. I had already moved from another brokerage because, at that time, I trusted USAA more. This is not their first technology blunder; I feel certain there are capable specialists somewhere in this Country that USAA could hire. I hope some heads rolled over this. Oh and I agree, quit spending money on TV commercials.

Larry

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I want to spread the word about the Consumer Financial Protection Bureau. It is a government agency formed to take action against companies who take advantage of and/or mislead consumers. The more information they get about a company, the more they can help you and others. If you feel so inclined, file a complaint at consumerfinance.gov.