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Bank recorded call question/issue

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limpyL

Member
What is the name of your state (only U.S. law)? PA



Overview:
My bank combined my 401k and Roth accounts together
I did not ask them to do it
Bank basis this on a recording they have
Bank will not play it for me

Over the last 3 months I have been disputing a charge and have been lied to or misinformed so many times in regards to this dispute my confidence in USAA is shaky at best. Depending on who i speak to I hear different facts about my case. I have yet to be told the same thing twice by to different people (when questions came up). Knowing that here is my issue:

Hello all,

I bank with USAA and have been with them for nearly 20 years. 2 months back I called USAA because I was moving one of my accounts to a different broker. A month or so ago I looked on my IRA and noticed I was up almost 40%. At first glance I thought it was because LEE Enterprises doubled their stock price over a small time frame. I figured that is what caused the increase. When I would go into my account I noticed I did not see my 401k account. At first I thought the app needs to be updated a glitch whatever. Being with USAA for nearly 20 years I was not worried about anything. A week or so after I noticed the huge jump and my 401k still not showing up I called USAA to find out what is going on. I was told that I requested to have them combined and they have a recording stating that i did this. I have been investing since high school and have held my IRA for 16-17 years and my employee 401k with USAA for 11 years. After they told me about the recording and how specific and detailed the phone call was, I asked if I could listen to it. I was told there is no way I can listen to the recorded call.

Is this something I can or should press forward?
I'm I able to listen to the call to verify what happened?

I am stead fast saying I DID NOT DO THIS.

My argument is

I consider myself to know the basics of investing and the general do's and donts of investing. For me combining the 2 accounts would be a horrible idea. The penalties will pile up and I don't have that kind of cash to give to the IRS in the next week
I have been with USAA since I enlisted in 1998. During that time I have been the model customer, never had an overdraft, bounced check, failed transfer nothing.
If for what ever reason I called and asked them to do this why wouldn't they play the call for me?
Their web site states for this to happen the first step is to complete a IRA Roth Conversion Form #53028-0814 must be filled out. I never filled anything out!
USAA refuses to put in writing why this happened. That alone makes me wonder why my bank would not tell me. USAA is a ultra conservative bank that requires forms for everything to be filled out.
Not sure if this matters but after looking around online for recording laws to see if this even possible (could not find anything) i saw the BBB had 900+ complaints about USAA. After searching the page for "record" I have read this happens a lot. they say they have a recording but will not play it or state something happened to it.

Thanks for you help
 


tranquility

Senior Member
My bank combined my 401k and Roth accounts together
I did not ask them to do it
Bank basis this on a recording they have
Bank will not play it for me
The bank has no duty to play you the recording until someone sues and you request it in discovery.
 

davew128

Senior Member
Are you sure they aren't just being reported together on the same statement as separate accounts? For one thing, you CAN'T combine an IRA and a 401(k) and another, converting a 401(k) to a Roth IRA is a taxable event and you would have gotten a 1099-R for it.

For the sake of argument and saying they did convert the 401(k) (rightly or wrongly) you still have the ability to recharacterize it to a traditional IRA and remove the tax event.

Rather than focusing on right and wrong, be a little more pragmatic and focus on the end result.
 

FlyingRon

Senior Member
What is the nature of these accounts? If they hold securities rather than just CDs or some banking thing, you can file a complaint with FINRA.
 

limpyL

Member
Thank you for the replies.

They are not being recorded together they have been combined. Is there a law stating this CANT be done?

I have not received anything more than USAA on the phone telling me they will not do anything to correct it. They want me to fill out paper work stating that I requested this to be completed and to now reverse it. (Im concerned by doing this I will be left alone against the IRS and be held to what ever they say or do. Taxes are estimated to be between 5-7k, which I do not have. )

I have not considered this as ID theft because I did call the bank. I feel that this was an error on the banks part so would it be ID theft?

The nature of the accounts is where my concerns really are. Currently I have stocks, calls, long and short term options and have made a handful of transactions which have produced profits. I will look up what FINRA is and get back to you.

Im I living in a fairy tale thinking that 20 years with USAA (or any institution that involves money) would account for some kind of loyalty on their part, or the desire to make me happy to keep my business?


At the end of the day I have opened new accounts elsewhere and I'm currently waiting for the accounts to be confirmed so i can transfer everything away from USAA investments as I have had issues with them on fees, transactions ect. (side note after complaining about being over charged for limit orders that were partially filled and still being charged the full commission I was finally credited $53 for one of the transactions. there have been 10-12 buy and sell total transactions which this has happened, at an average of 200-300 per transaction it starts to hurt after a while.)
 

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