ComplaintsforVictory Capital

• Initial Complaint

  06/03/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I logged onto my Victory Capital Investments account at approx. 1030 am on 06 June 2024 in an attempt to withdraw a portion of my investment shares/funds from the brokerage. I tried to sell approximately $3,500 worth of my total $13,835.76 balance at VC. The system gave me an error when I submitted the request online. The error message page instructed me to call Victory Capital to request my funds withdrawal over the phone at **************.I called the customer support center at approx. *******. A gentleman named ************** informed me that Victory Capital had a block on my account because they needed to update my mailing address. Please note that my mailing address has been the same since 2021, when I came back from my overseas (active duty military) tour in ******. I then told ************** my current address again. ************* informed me that it might take 24 hours for the change to go into the system. At 12:37pm today (03 June 2024) I received an Email from Victory Capital stating that my address was updated on my account. I then logged onto my online Victory Capital account and noted that my address was updated but that there was now an extra "Suite 100" in the address. So, I knew that someone at Victory Capital just did an update to my address. I then clicked on my shares available and the system stated that I (no longer) had any investment shares at Victory Capital and that I need to 'fund' the account. At that moment I knew that something was wrong. Victory Capital literally updated my account with the same address that I've had on there since 2021, but they added and additional "suite 100" to my address. The system is now saying that I have no money with Victory Capital, when I couldn't & have not withdrawn anything today or ever. I gave the customer support center another call at ******. Attendant stated that the approval of my address is with management, which was sketchy stalling. I want my money and to close my account with ********************** today.

  Business response

  06/10/2024

  Hi,

  Please see attached response letter.

  Thanks,

   

  Customer response

  06/11/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Regards,
  
  ***********************

• Initial Complaint

  05/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  For many years, my wife maintained a small account with: *********************** mutual fund.My wife, ************************** and I formed a LIVING TRUST well before her passing on June 5, 2023.Our LIVING TRUST states that which ever of us survives the other will become the EXECUTOR of our estate.Several weeks after her passing, I sent a certified copy of her DEATH CERTIFICATE, a copy of our LIVING TRUST and a letter to VICTORY FUNDS, stating that as the EXECUTOR of our estate, I wish to close the my late wifes account and have the ********************** remitted to me.They remitted forms for me and to avoid mistakes I took them to my Lawyer.As I sat in my *************** he called the VICTORY FUNDS *********** He filled filled out all the forms per their instructions.I then took the forms, including a certified DEATH CERTIFICATE and a certified copy of our LIVING TRUST to a MEDALLION NOTARY, per instructions from VICTORY FUNDS.When the MEDALLION NOTARY completed, I sent all the completed forms back to VICTORY FUNDS. Soon after I received a letter from VICTORY FUNDS, stating that the funds would not be remitted to me without a TESTAMENT from a JUDGE. I called VICTORY FUNDS, attempting to explain that JUDGES not involved in in this matter because we have a LIVING TRUST.The person I spoke to immediately responded, WE DONT HAVE A TRUSTWE HAVE A MUTUAL FUND. Again I was told I need to provide a TESTAMENT from a JUDGE. To this day, VICTORY FUNDS continuation to send accounting statements to my deceased wife!My Lawyer and I complied with the VICTORY FUNDS requirements and the continue to add more roadblocks. Can you please help me?The account: AB *************** H ************************************* ****************************************************************************** VICTORY FUNDS P.O. ************************************ 800 539-3863 Thank you in advance for any help that you can provide,Respectfully,*********************.

  Business response

  06/14/2024

  Hi,

  See attached response letter.

  Thanks,

• Initial Complaint

  04/24/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On March 28, 2014 I requested an international wire transfer. This is the 4th time I have requested such a transfer. Each time for a simple wire the process is riddled with problems causing significant delays in receiving the funds. Thus impacting my financial requirements. The 4th time, now, has been the worst, since the funds have been withdrawn since April 1, 2024. They do not have a tracking mechanism to tell me where my funds are. Every time I call I am on the phone for over an hour without resolution. Right now, I have $15,000 missing and no one can tell me where it is. It has already been verified that all wiring instructions were correct and same used as the other 3 times. I have requested a call from the Manager, ****, who I have spoken to before when I have had issues, and he has yet to call me. In fact his only solution as to all these problems were to withdraw the entirety of my funds from the account. I listened. Unfortunately that transfer never happened either. I am starting to believe that Victory Capital Management is holding funds on purpose without giving them to the customer as requested, their own savings. I did not choose this company. I previously had my funds with USAA which was rolled over to this company. Right now, I need an answer as to where my $15,000 of missing funds are.

  Business response

  05/03/2024

  Hi,

  See attached response.

   

• Initial Complaint

  04/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have had an investment transferred to Victory Capital Management in July 2019, when USAA stopped being an investment banking company. I have attempted to transfer my money out of Victory Capital to no avail. In order to transfer money out, I need some investment documents from Victory Capital. I am unable to download any document from their website. I cannot login to their website from a PC or Mac. I can only log in on my phone. The phone does not allow me to download documents. Since I cannot download documents, I cannot transfer my funds to anyone else. They have now trapped $40,000 USD of my money. They do not answer the phone.

  Business response

  04/18/2024

  Please see attached response letter. Thanks

  Customer response

  04/19/2024

  Complaint: 21517932
  
  I am rejecting this response because:
  I was contacted by Victory. I explained that they must transfer out my money to a separate management firm. As of April 19, they have still not completed the transaction.  
  Regards,
  
  *******************************

  Business response

  05/02/2024

  Hi,

  Please see attached response. 

  Thanks,

  *********************

• Initial Complaint

  09/26/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I requested Victory Capital to electronically send funds $5370.00 from my 529 Savings Acct to pay for my tuition on . I accidentally requested the funds go to ********************* in **********, *******. So, I contacted the college Aug 11,2023. the ****** located the funds and sent it back to Victory Capital on August 15, 2023. I called and notified Victory Capital about the funds being returned because it should have gone to ********************* in **********, *******. I have contacted ****** Capital numerous times. They keep telling me when they get the funds they will send it to the college to pay my tuition. I advised them my tuition is due by September 8, 2023. Nothing. My complaint is Victory Capital lost my funds $5370.00. When I call they keep saying they cant find it. So, I had to take out a loan to pay my fall tuition. Wheres my $5370.00? They dont care that I had to get a loan to pay my tuition. They have NEVER contacted me regarding my funds. I always call them.

  Business response

  10/16/2023

  See attached response letter.

• Initial Complaint

  05/15/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I set up an account through USAA for my 3 children for which I controlled the funds. Several years ago without any notice USAA sold these funds to Victory Capital Victory Funds. I have in the past withdrawn money for issues pertaining to each of my children. I am retiring now and I had direct deposits set up for these funds and wanted to stop that and close out the accounts. I was first locked out of the account for which I had no idea why. I called and they opened up the account again. The woman I talked to took the information as well as my bank account and said the accounts would be closed and in 72 hours would get notice. Three days later the account is not closed so I contacted Victory again and this time I get a different story. Now all 3 children have to file to get their own accounts and then I have to submit 3 forms transferring the funds to them. Also the direct deposits somehow were stopped and I never authorized this or was notified. In fact these people never notified me of anything online or a call. I have been with USAA for over 30 years and never had nonsense like this. These people don't seem to know what is going on or what one person is telling another. I want these funds closed out and the funds given to my children. We should not have to go through all these hoops especially when this company does not seem to know what one hand is doing with the other.

  Business response

  05/19/2023

  See attached response. Thanks

• Initial Complaint

  01/20/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been trying for a month to have my IRA ********************** transferred to a different account. Every time I call, I am told something different. Victory Capital has its ********************* separate from its **************************** and one hand has no clue what the other is doing. It is very frustrating trying to do business with this company; I have wasted too much time and my new investment has been held up, which is costing me money. Please help!

  Business response

  01/27/2023

  See attached response. Thanks

• Initial Complaint

  01/04/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  My RMD for 2022 was supposed to have happened on 12/12/22. I have had it go electronically to my same USAA account for several years. I made no changes to that during 2022. I first called Victory Capital about the "missing" $3421.20 distribution on 12/30/22. They gave me a confirmation number that it had been done. I then called USAA. They concluded a Dispute Investigation on 1/2/23. Funds were not received.As of 1/4/23, I have called Victory Capital several more times. To cut a long story short... all I get is a run around each and every time. They didn't even seem interested in seeing a copy of USAA dispute investigation. I'm guessing that's become they know it was not done. I want my 2022 RMD that I should have received 12/12/22!!

  Business response

  01/13/2023

  See attached response. Thanks

  Customer response

  01/17/2023

  Better Business Bureau:
  
   This is settled.
  
  
  Regards,
  
  *********************

• Initial Complaint

  12/14/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  72 hours ago, it was determined that I'm a fraud. Victory Capital currently holds my mutual fund, transferred from USAA which I wholeheartedly regret. 72 hours ago, I discovered that there was an early distribution withdrawal of $19,740 dollars from my *** account which I did not authorize. I immediately reported it to the *** and to Victory Capital. The Victory Capital representative failed to escalate my concerns and failed to involve the fraud team. I'm still waiting on Victory Capital to educate me on next steps. How was this money taken and I never received an email, text, telephone call nor is there any record of such anticipated withdrawals or request for withdrawals in my portal message box or stored documents. Victory Capital's communication and transparency is POOR. I am an active duty officer and have been with USAA for over 17 years, and have never had an issue with USAA. I agree with another filer, How USAA could cede this portion of their holdings to this inept company is beyond me. I filed a report with the *** and plan to contact my congressman. What year did USAA transfer to VC?

  Business response

  12/28/2022

  See attached response. Thanks

• Initial Complaint

  10/24/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I simply wanted to access the account online, but was locked out. I called the number shown on the screen to get it unlocked. I went through it twice, but it's still locked. The last story I was given is that the account was automatically locked because my mail was returned by the **** when it went to my former APO. That was allegedly corrected and I waited the requisite time, but I still can't get into the account. Clearly, this company needs updated IT and policies. I wouldn't recommend anyone use them. I'll be closing the account. I loved my old USAA account and the ease with which I could move money around. This company appears to not want people to even know what's in their accounts. It raises a lot of questions given other customer complaints.

  Business response

  11/03/2022

  See attached response. Thanks

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩