USAA Investment Management Company

If you’ve worked as an independent contractor for less than two years, don’t try to get a mortgage through USAA. I know this is oddly specific, but just don’t. We are supposed to close on our house in two days and I’ve just received a call of denial from them today. This is the first time that the nature of my work has been brought up. We got a conditional loan approval last week and now we have to start the entire process over again with another company and wait another month to close.
They have been unhelpful and unorganized for past 43 days of working with them. I’ve had to submit documents multiple times because they «don’t show up». The loan officer was unprofessional and made me believe that our application would be accepted. Unless you work for a corporate organization, don’t bother applying for a mortgage here.

I have largely been happy with USAA. I’ve never had trouble accessing my money and they are largely very helpful with any issues. My only real complaint is that they push managed accounts pretty hard. They charge a ~1% management fee and then invest the money in mutual funds which also have expenses. I’ve done just as good if not better picking my own funds.

USAA has stollen $ 300,000 in savings from my widowed mother. My father died over three years ago, and they have used every ridiculous excuse not to give her the money. They have an outside idiot attorney named Ted whose sole purpose is to block withdrawals. Unfortunately, your agreement with them blocks any lawsuits. So there’s basically nothing you can do. I have rerouted them to the SEC. I have hired a lawyer.

USAA generally provides excellent banking services, insurance, etc. However, the investment side of the bank is the normal wolf-in-sheep’s clothing. After a «wealth management» consultation, they talked me into putting a bunch of money from savings into a life insurance annuity, claiming it would be save, I could take it out anytime, etc, etc. A few years and some additional knowledge later, I looked into removing the funds. There are service penalties, tax penalties, etc, etc, that the agent who sold me the annuity didn’t mention. These guys are simply salesmen masked as financial planners. I’ve trusted USAA for decades, but should have known better. Shame on you USAA.

Stay away from them! Unless you have $ 500K plus they put you into their mutual funds. Now you paying a fee for the mutual fund and a fee to manage the account. What a rip. In three years with them they made roughly $ 30k in fees and I made $ 3k. And that’s after I made $ 108K in dividends and interest. So really I lost $ 105K. Don’t like them charging fees on cash in the account, and don’t like the reinvesting dividends before the payment date. Most of the time I got burnt paying a higher price.

Untrustworthy to do business with refinanced and two days after final closing they call and tell me I owe them $ 1,000 more on the loan I asked him why and they can’t tell me put me on hold hang up on me then I contact the complaints department so they can’t help me either I spoke with Andrew Williams he was incompetent tried to talk to David Cordova wouldn’t answer his phone spoke with someone named Crystal and she was unable to explain why all this money I suggest if you are a veteran that you find somebody else to do business with the incompetence and lack of caring or professional ability is not with these people do not refinance or do any of your financial mortgage transactions with this group of people they are unethical and criminals

As a long-​term member of USAA for auto/​home owners insurance I decided to open a managed fund account with USAA. After a few years of low growth and excessive fees (over 1%) (compared to other managed funds, e.g. Vanguard, etc.) I transferred all my funds to another account. I still recommend USAA for insurance and banking options but not for investing.

beep boop, lovin it.
My only complaint is that it appears most members dont review unless they are unhappy. Can we hear from a happy member. Forgot, people dont care unless its time to complain. beep boop, lovin it.

Around 2013 I transferred my money from Wells Fargo investments to USAA UMP. That meant it was managed and had moderate growth. In the spring of 2014, I added another $ 50,000 to the mix. Then my accountant told me at the end of the year that USAA was reporting mutual fund gains so I would pay income tax, yet I wasn’t making much money in real dollars on the same money??? Over about 2 years, maybe I made $ 2000 in good market. But my 1099’s said I made much more even when I lost. WTF?
Now, today? Get out fast. I’ve lost almost $ 9000 since my high gain. Since initial investment plus the additional $ 50k, on Monday the 31^st of August would have been loss of over $ 1000. Today??? Quoted almost $ 5000 loss. In their MANAGED ACCOUNT I PAY EXTRA FOR. Get out while you can.
I’ve been an insurance customer since I was commissioned. 1979. I’m thinking Amica looks better. Don’t trust USAA managed accounts.
By the way, as I was losing hand over fist my money??? USAA has so far this year taken over $ 1300 in fees TO MANAGE MY MONEY. ROTFLMAO!
I understand this has been a bad year. And last year was a bad year. So why when I lose money do you report me as making money? I think you are serving not us vets. You are serving the bottom line. Which now makes me question every product you offer.

They are thieves!!! They won’t let you trade online, then when you report that, all they tell you is you can trade online (blatant lie — since I keep getting an error, which is the reason I reported it to them). They won’t let you transfer your money back to your account either. DO NOT SIGN UP WITH THEM!!!
USAA will steal your money and their representatives will constantly lie to you. They can’t even get their story straight. I deposited money in my brokerage account, but when I tried to buy any stock, I got an error saying I couldn’t. The various reps I talked to said either it was a available to trade (uh, no, no matter how many times I tried), or gave me different excuses as to why I couldn’t trade, how long until I could, or what I had to do to be able to. Often times they said I had to call a number, but that the office wasn’t open atm, so I would have to call later (convenient, right??). Since I couldn’t use my money for the purpose I deposited it (and opened a BROKERAGE account) for, I decided to transfer it back to my bank account… guess what? I got an error message saying I couldn’t do that either! Again, various reps gave me various excuses… told me I had to call offices «later» because they weren’t open now. told me that I need to jump through more security hoops to get MY MONEY back to MY ACCOUNT. I already set up a secure connection between the two accounts, and they didn’t seem to care about security when taking my money… why do they care so much about giving it back? Obviously «security» is complete BS, makes no sense! Anyway, after being put on hold for 30 minutes by one rep, he told me that I had to call back tomorrow to get to the office who handles transfers, because the office was suddenly «closed»… actually, he WAS in the office that handles transfers, I know because that’s who I requested, and that’s what I was talking to him about before he put me on hold! On top of that, he refused to answer what the hours were for the transfers were. I kept on asking to please just tell me what the hours of that office were so that I knew when I could call back, and he just kept on ignoring me, refusing to tell me the hours, and telling me to call back tomorrow. He ended up hanging up on me rather than simply telling me what the hours to back were… there’s no excuse for not giving someone hours of availability when you’re telling them to call back another day because they’re closed now! Very clearly just lying and jerking me around so I’ll never get my money back.
Anyway, I guess USAA doesn’t know this, since they don’t seem to care at all, but we can very easily file and win a class action lawsuit for damages due to inability to access funds… which is exactly what’s happening to me and many other people on here it seem. So I strongly suggest someone gets the ball rolling on that. I may do just that. I’ve already reported them to the SEC for this, which is another viable option.
Update: sorry for all the typos, but I was mad! Anyway, it seems as though reporting them to the SEC and then letting them know you have and then letting them know again when they’ve accepted your case is the most effective way to get your money back… Again, it is illegal for them to not let us access our funds and we can sue them and report them to the SEC for this.

After 50 years with USAA I an truly disappointed with their lack of responsiveness and utter confusion when seeking assistance. I had an error in my account and asked for an explanation. The first rep told me it was my computer, the second rep said it was an IT problem, and the third rep said no one could explain it but would get back to me. Three weeks later and no reply! do MOT use their brokerage service unless you delete the word service.

un freaking believable. they have had my IRA funds transfer request for over a month. I have had to call so many times, and each time i called i found the transaction was lost in a crack. It happens to be a type of account they don’t do anymore. They have a new transaction processor NFS too. My request was in march. Still not done. Again, they say it’s been «escalated». What else that’s got precedence are they working on. Absolutely everything should be behind me in the queue. If I saw this as a supervisor I would be furious and have someone hand carry it through all the people who needed to approve it till it was done. Drop everything. I get, «do you want to speak with my supervisor?» and then «How can I help you today?“The one person I got on a fluke, he just piced up one of my calls on a Wednesday, knew more than anyone else but REFUSED to give me his extension so that I could talk to him directly again. Erik Gibson. From my Wed ap 15 call retd my call Saturday saying it was lost but now in process. by Wed 22 Ap, still no transaction. When I call, they don’t mention the notes from Erik on the account, which in the message, rather than tell me how to reach him, says «anyone here can update you non the status.» Just unacceptable. Lost best transaction date and price, Can’t pay my bills, penalties, and so much time wasted. Who is so much more important than me that you can’t finish this 6 week old request before you work on whatever you have to do today? I didn’t give them enough lead time to get this done? 6 weeks? total BS and no satisfaction and no recourse. I’ve been a USAA member for 30+ years, and it’s as if they sold the company! Not the same at all anymore. No bank is but this is ridiculous
ap 27 they sent me an apology end of last week in my secure messge box, saying sorry fax were not received (from USAA to NFS, not my fax), saying they would not have known had I not called them Ap 15 (that was my 5^th call when i happened to get Erik Gibson, only by chance, anyone else request would have remained lost – you understand, just by a fluke i got him and he started process again), and message admitting they LEARNED on my account how to do this transfer type. That was something.

Their brokerage is terrible. Do not use them for investment services.

I was a government employee, both federal and city, and I transferred my IRA’s to USAA since they have an excellent reputation in matters related to insurance. I transferred money to open an IRA and a ROTH IRA.
My initial elections didn’t fair well in the market, so I blamed myself as I am no financial expert. So I contacted USAA and spoke to a financial advisor and expressed that I may not have made the best investment choices, and I requested that they make any investment choices on my behalf moving forward.
My investment choices earned an of average of a 1.5% gain prior to to handing over all investment decisions over to the advisors of USAA.
After handing over control of my investment elections to USAA I have continually seen declines quarter after quarter. As a busy professional I just don’t have the time to watch the market and adjust accordingly, but even without the market savvy I can attest that the return on investment just doesn’t add up. I don’t hand my money over to professionals just to see continuous declines; and for that reason, I would not recommend their retirement program with as much confidence as I would the rest of their product lines.

Since the August 6, 2014 conversion to the Fidelity trading platform, USAA Investment Company is the worst company to use. It’s not worth the lower commission, I have since transfered my available cash to another brokerage firm. I have maintained an investment account with them for the past 9 years or so, never again. I had an Self directed IRA account and now I’m not allowed to manage the account as I see fit.
The other services of USAA has been outstanding, but not the investment company!
Horrible!!!

Just transferred jobs and rolled over my IRA to a USAA Brokerage IRA since I’ve had nothing but excellent banking experiences with them. It’s been 3 months since they received my roller over and not only have the funds not been released but it seems they’ve been «lost» the actual cash. I’ve made no trades and have not been able to get a clear response to any questions. I’ve only been transferred to different people in the department. Brokerage agents are very rude and unable to cope with responses that are not preprogramed. Will be transferring my money out as soon as they find it. Very disappointed in them.

This is an unbelievably bad, difficult obfusicating, over paperworking company. Easy to get money in, you’ll never get it back.
My father died 9 months ago, and to get a simple, uncomplicated trust pay out has taken an unbelievable amount of paperwork, calls on hold, unreturned calls etc, and now they are telling me to open a bank account to get money they should simply give me.
Do not do business with them
Marsh

I went online to check my USAA accounts. I can’t believe my USAA Managed Portfolio is missing from my USAA Investment groups (IRA, Brokerage, etc) I am unable to reach them in the evening (9PM PST). I hope it is just a problem with their website. I’m going to switch to Vanguard this week. This sucks.

Their IMCO is terrible. Go somewhere else like Scottrade or T.D. Ameritrade if you want real do it yourself brokerage accounts. Half of their CSR’s there have no idea what they’re talking about. A lot of them don’t even know that a trade takes 3 business days to settle… come on!!!

They are great… trade stocks, have their own mutual funds (which have consistently been doing better than mutual funds I have through my IRA broker).
USAA is a full service institution, investments, insurance, banking… if they had a restaurant, it would be amazing.
The customer service is like none I have ever encountered. I love them… literally.