ComplaintsforVictory Capital
Investment Management
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Complaint Details
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Initial 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.Initial Complaint
07/21/2021
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I tried moving funds out of this company when USAA sold out. Then my father had an ***, I am the bene., Trying to move the first tranche of money was difficult. They would not assist me and I had to do it $10,000 every transaction it took me months. Then the ***, they tell me that my fathers death certificate is on file, I quizzed **** the customer rep, over and over and he stated that the death certificate was on file. I said OK and asked him,"then all I need to do is fill out the forms and I am good to go" he said,"yes". I then fill out their forms then they they tell me his account is locked and in fraud and I have to submit another death certificate. They just continue to change the rules of the game so they do not release your money. I have money with **********************, Fidelity, ******* nobody gives me a hard time doing a withdrawal. This company is a scam, they keep you on hold for hours, they tell you no supervisors are available, just the run around.Business response
07/28/2021
See attached response.Customer response
07/28/2021
Complaint: 15676857
I am rejecting this response because: I asked multiple times about the Death certificate on file and multiple times the customer rep stated they had it. The customer Rep also went to a supervisor, when I insisted he do this, and it was again confirmed that VC had the death certificate. VC then called me back the next day communicating to me that the account was frozen and with the ************ That person confirmed that there was a death certificate on record but since this was in the fraud department I had to send another one. Either emplyees of VC are habitual lyers or their systems are broken and they are not good fiduciary's.VC is playing a game with a customer to try to hold ********************** which they have no right to hold. Three VC employees stated that they had a death certificate on file, within different levels of their organization and departments. They did a similiar thing to me when I moved funds out of their firm in the begining of 2021 and they forced me to withdraw money $24,500 at a time over a 2 month period. When I look at BBB's records VC has a history of making it diffciult to do business with them by holding customer **********************.
Regards,
*****************************
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Customer Complaints Summary
18 total complaints in the last 3 years.
5 complaints closed in the last 12 months.