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USAA Investment Account Transition to Charles Schwab

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Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @jdole It is highly unlikely at this point they would get/send down the full history. What has been "promised" is to get the cost basis information so that the people that are starting a new account can enter that into the Add Shares (or they might add that in automatically for people that download in the future).
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  • Pat Marshall
    Pat Marshall Member ✭✭
    LOSS OF HISTORY WITH USAA TO SCHWAB TRANSFER

    The Community describes 2 options for transferring the history in the Quicken USAA account to your new Schwab account. I chose the option that involves renaming your prior Quicken USAA Brokerage account.

    I have been disappointed in both Schwab and USAA for not considering and helping USAA members who have been loyal USAA customers for years only to find that converting to Schwab ignored all those years of transactions not the least of which was the cost basis. Schwab now shows the cost basis online for the investments that have been transferred, but neither that information or all of the other history did not transfer.

    Here is a step by step guide for including all of that history including cost basis in your new Schwab account.

    1. MAKE A COPY OF QUICKEN QDF FILE
    Make a copy of your Quicken account and work on that first. I store my Quicken QDF file in DOCUMENTS, but you may store yours elsewhere. Work on that copy of the file first rather than doing this with your original file just to be sure all goes well.

    2. DELETE SCHWAB BROKERAGE ACCOUNT
    a. Right click on the Schwab Brokerage account on the main Quicken screen that you are currently using in the left hand Transaction menu under Investing and check Delete Account at the bottom left of the General tab.
    b. Do the same for the Schwab checking account if you have one attached to the Schwab Brokerage account.

    3. RESTORE USAA BROKERAGE ACCOUNT (if previously hidden)
    a. Select Tools Tab at the top left of the Quicken screen and Select Account List.
    b. Check the box labeled “Show hidden accounts” on the bottom left of that screen. When you originally transferred your information from the new Schwab, likely you hid all your USAA account history. Now you need to unhide it.
    c. Click “Done” on the Account List box.
    d. Your old USAA information should again appear in your transaction list.

    4. CHANGE NAME OF USAA BROKERAGE ACCOUNT
    a. Right click on USAA Brokerage Account in the Transaction list under Investments on the main Quicken menu page.
    b. Under the General tab, change the “Account name” to Schwab Brokerage or whatever you want to call you Schwab account.
    c. Also, on the General tab, change the Account and your Customer ID (login) to whatever it is when you access your Schwab account online.

    In summary, you have deleted the Schwab account that was created originally without any history that was stored in the old USAA account including the Cost Basis that did not transfer. Then you Renamed the USAA account to Schwab and changed the login information in the old USAA account to the new Schwab account.

    Once all of this is done, there will be some cash transactions that are duplicated. Also, the original Schwab account has a transfer list of every stock in that account that occurred on the day when USAA made the transfer to Schwab. I needed to delete those in the current Schwab because it was redundant and essentially doubled my stock position. However, this took less than an hour and now I have all of my USAA history in my new Schwab account.

    I am disappointed that someone at either Schwab or USAA was not helpful.

    Pat M
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