Quicken: USAA Investment Account Transition to Schwab

The United Services Automobile Association (USSA), a Fortune 500 diversified financial services group of companies is moving out from its investment management business which includes USSA’s brokerage and managed portfolio accounts. Charles Schwab Corporation with the headquartered in San Francisco is a leading financial organization, planning to acquire the USAA’s investment management company’s assets. These two companies have signed a long term agreement which empowers Schwab as a dedicated wealth management and investment brokerage service provider for USSA members. USSA has chosen Charles Schwab for their professional guidance and team of specialists who know investors’ need.  Schwab’s robo-advisor can help investors to build a diversified portfolio depending on their financial goals.

USAA Investment accounts have been converted to the Charles Schwab Corporation. While tracking the USAA investment accounts in Quicken, users may sometimes face messages while conducting the account updates. Investors need to deactivate USAA investment account and reactivate their accounts through Charles Schwab. The following steps should be following to deactivate and reactivate Quicken account on Windows:

  • To deactivate a Quicken account for Windows the users will have to :
  • Select the Tools Menu and Select Account List
  • Select the account which they want to deactivate online service in Account List and click Edit.
  • Click Online Service tab in  the Accounts Details Window.
  • Click Deactivate on the service that you wish to disable.
  • Click Yes to the message asking whether they want to disable the service.

If the users do not receive this message, they will have to act on additional information given there. In the case of deactivating the Direct Connect account, an additional prompt advising will be provided to the users in order to contact their bank for the cancellation of the Direct Connect Service. This procedure is recommended when the users are willing to deactivate an account permanently and need to contact the bank to discontinue any fees related to maintaining this account.

  • Click OK on the message you receive for confirmation.
  • Talk to their financial service provider to cancel any fees they are charging for accessing to Quicken online service.

If the users’ cash account is connected with investment accounts, they will have to deactivate the online service from investment account which will deactivate the linked cash account automatically.

  • To reactivate online services on an account after deactivation the users will
  • Open the Account List ( Ctrl+A)
  • Click the Edit button on the they want to reactivate
  • Go the Online Service tab and Click the Set up Now button.
  • Write the financial service provider’s name going through the wizard
  • Choose Linkon the screen displaye dafter accounts are found at the financial institution for their login credentials and link to existing Quicken account(s).

While reactivating, investors may come across some complications like Double Transactions, Online Bill Pay Service unavailable, Unable to activate with a different bank name.

USAA members having accounts transferred to Charles Schwab can access to   Schwab.com to know the features and services available with their Schwab account.

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