Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

USAA Investment Account Transition to Charles Schwab

Ladies and Gentlemen,

USAA will complete the transition of it's investment accounts to Charles Schwab company by the end of this month. I have a USAA brokerage account that I have managed on Quicken for many years.

I believe the DO NOTHING COA will involve establishing a new Schwab investment account on Quicken and closing the existing USAA account ..... but there goes all my history!

Is there anyway I can make a seamless transition to this new Schwab investment account, keeping all my USAA account transaction history?

For me, that would involve simply substituting the Schwab account information for the USAA information in the download TAB...... but I don't think I'll get away with that.

Any Ideas? :)

Best Answer

«1

Answers

  • Rseeb
    Rseeb Member ✭✭
    How about Quicken for Mac
  • isonclubikin
    isonclubikin Member ✭✭✭
    I'm trying this now. Unfortunately, when I try to re-setup the online services and choose "Charles Schwab & Co., Inc.", all I get is "Sorry. We encountered an error. (It's not your fault.)" and an option to try again or enter transactions manually. Trying again just repeats the error. Any idea what to do?
  • isonclubikin
    isonclubikin Member ✭✭✭
    To clear the "Sorry..." message, I had to go to the Schwab website and "Enable Third-Party Access" under Security Center > Third-Party Access to Account Information. I'm going through the results, now, to see how it went.
  • isonclubikin
    isonclubikin Member ✭✭✭
    Right off, I'm seeing that I made a mistake in my process. I thought I'd be careful and just do one account at a time. So, when Quicken came back with my various accounts at Schwab, I only changed the one I was working with at the time. So, I ended up with the other account duplicated. My fault for not thinking things through. I'll see if I can delete that and start over (otherwise, I'll be restoring my backup).

    If you have multiple accounts, make sure you change ALL the accounts in the list to link to existing accounts.
  • isonclubikin
    isonclubikin Member ✭✭✭
    Yep. Deleting the duplicated account and then re-setting up online services for my actual other account worked fine. It looks like the only transactions it added were ADD transactions for each security. I'm deleting those. I think I'll have to manually convert my USAA sweep security to whatever Schwab's version is. It looks like that came over as an ADD cash transaction.
  • isonclubikin
    isonclubikin Member ✭✭✭
    I'll have to re-read the stuff about Schwab sweep accounts. For now, I'm just doing a SELL on what was in my USAA accounts' sweep account. Hopefully, when/if that gets swept on Schwab, I'll see what's what.

    Also, it looks like on the Schwab site, the Dividend Reinvestment status of all my securities has defaulted to NO (even though it was YES on USAA). So, check that on your accounts.
  • lshaddix1
    lshaddix1 Member ✭✭
    How do I change the account details from one financial institution to a new financial institution?
  • Quicken Francisco
    Quicken Francisco Moderator mod

    Hello @lshaddix1

    Thank you for reaching out on the community and telling us about your issue. There's two ways you could approach this one would be you can add the account as a new one. The most recent transactions would be from the recent transfer so it would be a fresh set of transactions. This would be the easiest way since there should be no issues downloading the new account


    I advise to save a backup if you do want to go with this second option. 

    The other would be able to deactivate the current account and reactive it with schwab. In order to do this you would deactivate the account first and then add the schwab account as if it were a new account so you can link it to the existing account.  One screen will give the option to add the account and nickname the account. Click on the add drop down and it should have an option that says link -> followed by the account you would like to link it to. This should get it connected to the existing and also download the transferred information.


    Let us know how it goes!


    Thanks,

    Quicken Francisco


  • Redneck
    Redneck Member ✭✭
    I get an error when trying this
  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Hello @Redneck

    Thank you for giving those steps a try and letting us know the results.

    To better assist you, can you please provide us the error message that you have received?

    Also, have you tried adding an account to see if you are able to connect?

    Please let us know!

    -Quicken Tyka
    ~~~***~~~
  • Paul15
    Paul15 Member ✭✭
    I know about Carey, but it started for me on 5/26/2020, after the divestiture of Investment division. It was intermittent for the last 7 or 8 months, usually breaking after a Quicken update. USAA used to allow downloading from their website via .ofx files, but that stopped on 5/26/2020.
  • Brewno
    Brewno Member ✭✭
    I'm using Quicken for Windows subscription version 26.23. I have four accounts with USAA that I update daily around 6 pm EST. Passwords have been set up in Quicken using the Password Vault so this is a one step update. Beginning May 27th I began to have problems updating the USAA Mutual funds account. A password was being requested for the mutual funds account and the letters zzz- was appended to the mutual fund account when viewed in the quicken "Edit Password Vault." I created a new Quicken file and tried to add USAA Mutual funds account but it was not listed as one of the choices.
    USAA is moving Mutual funds accounts to Victory Capital and Brokerage accounts to Charles Schwab. So if your account at USAA has only mutual funds it will be going to Victory Capital and your USAA Mutual Funds account has probably stopped working in Quicken.
  • lshaddix1
    lshaddix1 Member ✭✭
    Msg: Sorry, we encountered an error. (It is not your fault.)
  • tim.rohrer
    tim.rohrer Member ✭✭✭
    edited May 2020
    USAA shut down their investment management company and transferred those services to Schwab. This means I have years of historical transactions that remain in closed accounts in Quicken, and future transactions starting in different Quicken accounts (under Schwab).

    Is it possible to merge those accounts in Quicken? Even if it is, is that a good idea or a bad idea? A Schwab representative indicated something was being done to make cost basis information available (in a couple of weeks) but it isn't clear if that will be reflected in Quicken or only on their website.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @tim.rohrer The "best answer" really depends on exactly how the conversion was done on the financial institutions side.

    @isonclubikin's comments above it looks like they did it in a way that should work for "both cases", but for sure deactivating your accounts and then reactivating them and linking to the existing account(s) is the best way to go.

    If you continue in the same account(s) you will have to do like @isonclubikin did and delete the "adds" that they put in, but the history (and as such the cost basis) should be preserved.

    If you go with a new account(s) then in those add transactions you would put in the cost basis of the security when known.  Also you would have to do remove shares in the old accounts.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • tim.rohrer
    tim.rohrer Member ✭✭✭
    Thank you @Chris_QPW for your reply. I had searched for terms that made sense to me, but the earlier thread on the USAA->Schwab transition had not come up.

    For those reading this, the deactivate and relink process seems to be working. On Quicken for Mac, the keystrokes described by @isonclubikin won't help you much. On the Mac, deactivate is found under the Troubleshooting tab of Account-->Settings.

    As suggested, I am having to clean up a few transactions (delete the SHARES INs) and validate the money market funds sell/buys, but hopefully it will all settle out.
  • jvprice6
    jvprice6 Member ✭✭
    I do not know which of the two options (#1-Transfer online Services or #2-Start with a new account) I want to use yet. I'm thinking......

    I established my brokerage at USAA in 2104. Quicken accounted that as 'transfer of accounts' from USAA Investments to USAA Brokerage. My then new Brokerage account in Quicken had hundreds of transactions on that date. Each was an "Added" transaction with the description field showing shares, cost and date of the original transaction in the old account and memo showing "XFR from USAA Investments". These dated back to 1980. You can imagine how many transactions there were to account for 35 years of dividends, monthly purchases, sales, etc.

    All that information allows Quicken to produce reports and colorful graphs dating back to my very first entry into the investment/saving arena. I assume it will still do that under whichever option I take. Looking at my current account list I see USAA Investments with -0- Balance and USAA Brokerage with the balance before transfer to Schwab.

    I assume if I use the "switch on line services" option recommended by sherlock, the name now shown as "USAA Brokerage" on the account list will be simply changed to "Schwab Brokerage" Life will then go on just as before. But -- buried within that Brokerage account is now thousands of transactions dating back 40 years with various placeholder entries, corrections, etc.

    I wonder what other folks are doing? I would sure like to hear someone else's story.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @jvprice6 you bring up good point.  I don't know about Quicken Mac, but in Quicken Windows the investment accounts do tend to slow down when you have lots of securities/transactions/lots.  So starting a new account might have some benefit in this case.

    This is one of the cases where one size might not fit all.

    I will note that in this case if you choose to create a new account the "Adds" will be just for which ever securities you now own.  The old account will provide the past history.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • Brewno
    Brewno Member ✭✭
    > @jvprice6 said:
    > I wonder what other folks are doing? I would sure like to hear someone else's story.
    Here's my story. I went through something like this a few years ago with Vanguard. It turned out the best solution was to deactivate the account then rename it. Just do a search for your new account at Charles Schwab and link it to the old USAA account. On your first download there will be two or three Add transactions which can be deleted. This option lets you keep the basis of the old account. BTW be sure to make a backup first.
  • PeggySproul
    PeggySproul Member ✭✭
    I deactivated the account, reactivated as in the instructions above, downloaded and linked, sold the USAA Money Market shares, and deleted the ADD transactions for securities and the cash transfer transaction. All my history since 1994 stayed right there in the renamed account.

    Please note - I had my brokerage account and 4 UTMA accounts for my grandchildren to process. Make sure you deactivate ALL of the accounts which transferred before you go to reactivate the online access/downloads. This is necessary in order to Link all of the new Schwab accounts to the existing Quicken accounts.

    I added a Reminder transaction to each account about the transfer from USAA to Schwab, and I changed the Quicken name for the accounts from USAA to Schwab.

    Worked like a charm!
  • FEC
    FEC Member ✭✭
    USAA is now Schwab. How do I set this up in investing?
  • Ernest
    Ernest Member ✭✭
    How to deactivate accounts transferred
  • FEC
    FEC Member ✭✭
    Thanks but does not work for me. Set up a new Schwab account but does not merge historical data from USAA. Any instructions on how to merge USAA historical data to Schwab?
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @FEC, did you follow the Deactivate/Reactivate instructions in the linked thread? That should leave all your existing investments and history intact in an account now called Schwab.

    The other approach is to set up a new Schwab account and transfer your current holdings to the new account. That will leave the old transactions in the old account but your current holdings in the new account, including the correct cost basis and purchase dates. If you want to see performance over a period that spans the transition date, you will need to include both accounts in the analysis. 
    QWin Premier subscription
  • FEC
    FEC Member ✭✭
    I did with no luck. Tried every recommendation this link without success. I did set up a new Schwab account as you said but start date is 6/2/2020 with current balance only. Is there a way to merge the two accounts then delete USAA retaining historical data?

    Thanks for your replies.
  • jvprice6
    jvprice6 Member ✭✭
    I followed Sherlock's detailed instructions -Thank You - and got the new Schwab account linked to the old USAA account in Quicken. There are mismatches caused by USAA. USAA failed to insert in their account the transfer outs. So I ended up with Schwab 'Added' tranactions, but did not have any USAA 'transfer out' transactions. That resulted in 31 mismatch balances of funds and securities.

    I want to keep old USAA information because I still own securities with cost basis made up of 40 year old monthly purchases.

    Peggy (above) said she deleted the Schwab 'Added' transactions. So that is what I will do and we will see..... I still have the backup and could start over if this all blows up on me.
  • jvprice6
    jvprice6 Member ✭✭
    Update. Rather than <delete> the added xactions, I chose <void>. I noticed my Quicken was missing some recent transactions. My fault. I did update from USAA before they quit doing it. So having the EOM statement I had to manually enter the dividend and sale.

    Now I will need to edit, adjust, correct the cash account. This may take sometime to get it straight going forward.

    This was not entirely wasted time, because one probably needs to go, account by account, validating balances to make sure no one is making any mistakes. So i was forced to do this today, while memory still remains.
  • jdole
    jdole Member
    I am glad to see other USAA members are helping each other with this conversion. I decided to wait a week before I tried any of these ideas.
    I think I will followed Sherlock's detailed instructions but I may wait to see what Schwab has for us when they get our historical data brought forward from USAA.
This discussion has been closed.