According to Business Wire, Walt Bettinger, president and CEO of Schwab said, “We are honored to be entrusted with serving the financial needs of USAA’s members. We have long admired USAA’s mission to enhance the financial security of our country’s military service men and women and their families. Both of our companies share a commitment to integrity and service, and both have strong track records of achievement for those we serve, which is why we believe this relationship makes so much sense for everyone involved.”
This statement was made as a result of a definitive agreement made on July 25 with USAA to acquire USAA Investment Management assets.
Bettinger continued by saying, “We know USAA’s talented employees have set a high bar for its members. We believe Schwab’s commitment to value, service, transparency, and trust strongly aligns to the USAA community’s expectations.”
So, what does this mean for current USAA investing members? According to the Schwab Corporation, it means that USAA members will have 24-hour support, 365 days a year and at a low cost with no brokerage account minimums (unless you’re opening a new account, then a minimum is required). Ultimately, there will be a broader platform for USAA members with a lower cost than what they’re currently getting.
Stuart Parker, CEO of USAA, said, “Our mission is to facilitate the financial security of the military community through highly competitive products. This agreement with Schwab can help enhance our members’ financial futures with a client-first approach that offers access to more choices in investment products. We are committed to making this a seamless transition for members and providing opportunities for employees. USAA remains focused on providing award-winning customer service and advice on products and services across property and casualty, banking and life insurance.”
And if you’re not happy with this change? Well, Schwab Bank claims to refund you any eligible fees.
You can listen in on the conference call with the Schwab executives as they discuss the transaction Friday, July 26, 2019 at 10:00 AM EST at www.schwabevents.com/corporation (you’ll have to register first, takes only seconds, but give yourself enough time to set up an account if you plan to listen and ask any questions).