Investment Management
Victory CapitalHeadquarters
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Complaints
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Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
10/24/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
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. ThanksInitial Complaint
07/25/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Victory Capital has for two weeks been misleading on how we can transfer funds from my daughter's UTMA/UGMA account. Their computer system has not been working properly and they have repeatedly given us the wrong forms to fill out. Forms that they later told us were incorrect. We are now late in being able to get funds for our daughter's college.Business response
08/04/2022
See attached response letter.Initial Complaint
06/09/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
Account is titled under ********************************** and *******************************. It was originally a USAA tax free mutual fund which was transferred to Victory Capital when USAA discontinued and sold its investment division. Over a month ago we (******/********) contacted our account executive at Fidelity requesting to transfer all Victory Capital funds to Fidelity. Over the last month we have faxed and mailed information to Victory Capital, which company has stalled, obfuscated and otherwise made every effort to complicate this transaction. This should have been a simple transaction between Fidelity and Victory Capital taking no more than a few days. Victory Capital should have released the funds to FIdelity over three weeks ago. Instead we keep getting calls, and now, snail mail (not even priority), from Victory Capital, saying they need yet more information. We have had two three-way calls with our Fidelity executive and various agents at Victory Capital in which it seemed everything was arranged and funds would be transferred. Yet yesterday we received a snail mail letter from Victory Capital saying they need more information. This company is doing everything it can to hold onto our money, and we're beginning to suspect they don't HAVE our money. Victory Capital does not communicate in a timely manner, and have not bothered to reach out to Fidelity to proactively arrange this transfer. I am a proud US military veteran, have been with USAA for over 40 years, and have never had a complaint with USAA's handling of any of my business. How USAA could cede this portion of their holdings to this inept, possibly unscrupulous company is beyond me. We (******/********) need your help in facilitating this transfer once and for all, and in scrutinizing the shady business practices of Victory Capital.Business response
06/17/2022
See attached response.Customer response
06/17/2022
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
05/16/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Victory Capital refuses to give me access to my accounts which were transfered from USAA. I have call several times and have been promised that it would be resolved with in 72 hours but the problem continues. I do not know why they continue to prevent me access to the accounts.Business response
05/24/2022
See attached response letter.Initial Complaint
04/07/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have had an account with this company since I was a minor. My mother started the account. We were able to change the address on the account years ago to send the statements to me. I moved this summer. Had my mail forwarded. For some reason this tax form did not forward to me. I have been contacting them for weeks now to try and release my tax form so I can file my taxes. They give me a different story every time I call. My mom has called like they asked. They keep saying she hasnt called. I am at my **** end on what to do. I need this form to file my taxes, and we are approaching a deadline here. They dont seem to care and seem to want to make things as hard as possible. Every time we call they need more and more info, and its starting to feel like a scam. Every other financial product I have it was easy to change my address and get my forms. This one seems to not want to release my form for some weird reason.Business response
04/18/2022
See attached response.Initial Complaint
04/04/2022
- Complaint Type:
- Product Issues
- Status:
- Answered
I mailed paperwork to Victory Capital late January to close out my 529 account. In February I checked the status only to find out that the check was sent to an address that was not on the paperwork submitted. They placed a stop payment on that check and told me another check would be sent out and I would get it with **** business days. I have since called three more time with the same response. It will be there at the top of the week or It should arrive in **** days. Also, my name change was put in place prior to the account closure, however, the most recent representative said it was not changed in the system. This is another possible delay once I do finally receive the check. Im over the run around this company has been giving me over the past two months.Business response
04/12/2022
See attached response.Initial Complaint
02/16/2022
- Complaint Type:
- Billing Issues
- Status:
- Answered
In early November 2021, I submitted paperwork to Victory Capital to set up monthly tax-deductible Qualified Charitable Distributions QCDs) to a church from an *** account with Victory Capital. The amount of the first payment to church in November 2021 was correct, with no taxes withheld, as stipulated in the paperwork setting up the QCDs. However, the intended December payment to the church had taxes withheld. Further, Victory Capital also erroneously sent three checks to the church for the entire balance of the account's 2021 Required Minimum Distribution (***), a substantial amount that was orders of magnitude above what the church was intended to receive. Victory Capital was able to reverse two of the *** checks. However, the church had already deposited one of the checks.I informed Victory Capital that I was willing to excuse the erroneous payment to the church provided that they count all of the payments that they made to the church as QCDs. But when I received the ****-R tax form for the 2021 distributions, none of the payments to the church were counted as QCDs and were reported to the *** as normal distributions, which means that none of the distributions to the church can be credited as tax-deductible QCDs.Business response
02/25/2022
Please see attached response.
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Customer Complaints Summary
18 total complaints in the last 3 years.
5 complaints closed in the last 12 months.