Omaha woman demands joint account money from investment company

Updated: Jun. 8, 2021 at 10:32 PM CDT
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OMAHA, Neb. (WOWT) - An Omaha woman and her late mother were unprepared for COVID but they did have a financial plan long before the pandemic hit. Now the invested money is needed and there’s a snag in collecting it.

A veteran’s daughter recalls her late father’s story of survival after his ship was torpedoed and sunk by a U-boat in WWII.

“He was telling stories how there were sharks in the water,” said daughter Melanie Roll.

Now Melanie worries a paperwork dispute will take a big bite out of her inheritance after her mom died last fall.

“We did all the financial planning and the wills and we paid everybody thousands of dollars and now this company wants it to go to probate,” she said.

Melanie has documents showing her as a joint owner with her mother of an investment account worth in excess of $50,000. The veteran family relied on USAA for 30 years and in 2019, Victory Capital acquired its mutual fund customers.

“Why would they insist I have to go through probate. I don’t have to go through probate for anything else.”

Attorney Jim Riha says a probate path will cost Melanie.

“Anywhere from $2,000 to $3,000 to $20,000 to $30,000 maybe it just all depends on the amount of time involved,” said Riha.

Melanie says for seven months she’s been seeking answers on why she can’t cash out the investment account that carries her name. But within hours of my phone calls and emails to USAA and Victory Capital, the veteran’s daughter was contacted.

“I was told I would not have to go to court to get my money. I was told the paperwork I had would be sufficient,” said Melanie.

She says her dad, the merchant Marine officer, and her mom, the Mariner’s wife would be proud that during a seven-month battle for inheritance, her spirits didn’t sink.

“They would have been heartbroken to know about the fight but they would be absolutely thrilled to know it’s over and what they wanted has happened,” said Melanie.

A representative of Victory Capital says the company is committed to serving the needs of its clients but can’t comment on specific investor matters.

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