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Started By
Message
Has anyone else had enough of Vanguard?
Posted on 5/21/21 at 12:07 pm
Posted on 5/21/21 at 12:07 pm
The majority of my holdings are in Fidelity accounts, but I still have some older Roth accounts in Vanguard. All the holdings are funds and I don’t really mess with them, so I’d really had no issues with Vanguard in the past.
Recently, though, my wife (no pics) told me she had some old 401(k) accounts she wanted rolled over. She wanted to go with Vanguard, and I had no reason to protest. Most of it was pretty seamless, but they have had one of the rollover checks now for over 3 weeks and the funds still haven’t been released. I called them today and after talking to 3 different people, I was told the check was “accepted” on Wednesday, so the funds still won’t be released until mid next week. I asked why it took three weeks for them to “accept” a check they had in hand, but I couldn’t get an answer.
Seriously? It’s the year 2021!!! Why the hell would it take a month to process this?!?! Are they still using the abacus???
End of the world? No. But glacial speed would be accurate and their customer service sure has gone to shite.
Recently, though, my wife (no pics) told me she had some old 401(k) accounts she wanted rolled over. She wanted to go with Vanguard, and I had no reason to protest. Most of it was pretty seamless, but they have had one of the rollover checks now for over 3 weeks and the funds still haven’t been released. I called them today and after talking to 3 different people, I was told the check was “accepted” on Wednesday, so the funds still won’t be released until mid next week. I asked why it took three weeks for them to “accept” a check they had in hand, but I couldn’t get an answer.
Seriously? It’s the year 2021!!! Why the hell would it take a month to process this?!?! Are they still using the abacus???
End of the world? No. But glacial speed would be accurate and their customer service sure has gone to shite.
15
Posted on 5/21/21 at 12:11 pm to GeauxldMember
I love Vanguard and have never had a problem like yours. Very low fees also.
Posted on 5/21/21 at 12:19 pm to GeauxldMember
Vanguard is geared towards boomers and older folks.
Posted on 5/21/21 at 12:21 pm to AUCE05
Ya, a company with like $10T in assets under management is geared towards only retirees 
Posted on 5/21/21 at 12:24 pm to wutangfinancial
It isn't a negative comment. Those demographics have the most money. It is why their interface is so basic.
This post was edited on 5/21/21 at 12:26 pm
Posted on 5/21/21 at 12:25 pm to GeauxldMember
I rolled over an account into Vanguard about a year ago and it seemed like it took an inordinate amount of time for everything to go through in the process. I didn't know whether to attribute that to them or the transferring company that was basically shutting down. Maybe it's an issue with THEM.
I've been perfectly happy with everything about it since then, however. So, maybe just be patient and see how it is once it's all done.
I've been perfectly happy with everything about it since then, however. So, maybe just be patient and see how it is once it's all done.
Posted on 5/21/21 at 12:42 pm to GeauxldMember
quote:
Most of it was pretty seamless, but they have had one of the rollover checks now for over 3 weeks and the funds still haven’t been released. I called them today and after talking to 3 different people, I was told the check was “accepted” on Wednesday, so the funds still won’t be released until mid next week. I asked why it took three weeks for them to “accept” a check they had in hand, but I couldn’t get an answer.
S&P 500 is down since then so maybe they’ve done you a favor.
Posted on 5/21/21 at 12:56 pm to GeauxldMember
Why are checks involved? Direct transfers custodian to custodian are the most efficient and you don't have the 60 day R/O penalty time frame to deal with. I direct transferred a taxable brokerage from VGD to Schwab recently and it took just over 2 weeks and some cash from dividend payments showed up 3rd week.
Posted on 5/21/21 at 1:04 pm to Y.A. Tittle
quote:
I rolled over an account into Vanguard about a year ago and it seemed like it took an inordinate amount of time for everything to go through in the process.
That being said, I like them.
Posted on 5/21/21 at 1:38 pm to GeauxldMember
Sounds like that’s what you get for “low fees.” Lol. Want discounted service, you got it!
Posted on 5/21/21 at 1:53 pm to AUCE05
quote:Or people who would prefer to save their money rather than pay higher fees.
Vanguard is geared towards boomers and older folks.
Posted on 5/21/21 at 2:11 pm to tirebiter
Thank you, I need to rollover two accounts and the fact that they want physical checks mailed to them is absolutely nuts.
I have had other issues with them before. There was a mistake on my end and after 4 hrs of being on the phone and taking to 3 different people, explaining the whole situation they tell me you are going to need to mail us a letter explaining it. I was fricking livid.
My brother-in-laws father was dying earlier this year and it took him almost 3 month of fighting with them to get the accounts moved to his sons. Literally this dying man screaming at them due to their incompetence difficulty dealings.
I have had other issues with them before. There was a mistake on my end and after 4 hrs of being on the phone and taking to 3 different people, explaining the whole situation they tell me you are going to need to mail us a letter explaining it. I was fricking livid.
My brother-in-laws father was dying earlier this year and it took him almost 3 month of fighting with them to get the accounts moved to his sons. Literally this dying man screaming at them due to their incompetence difficulty dealings.
Posted on 5/21/21 at 2:24 pm to GREENHEAD22
quote:
and the fact that they want physical checks mailed to them is absolutely nuts.
Custodians don't want physical checks mailed to them, it's inefficient. You can either have the two custodians direct transfer all the current holdings and then sell individual holdings at the new custodian if desired, or there may be an issue where the new custodian doesn't have an agreement with certain investment companies (ie don't carry their investments) in which case those investments would have to be converted to cash. With the way USPS is these days I wouldn't mail anything I didn't have to.
This post was edited on 5/21/21 at 2:26 pm
Posted on 5/21/21 at 2:29 pm to tirebiter
I not sure if you are agreeing or disagreeing?
But I called and talked to them directly about it 2 weeks ago and they defiantly want a physical check mailed to them from the other company the account is with.
But I called and talked to them directly about it 2 weeks ago and they defiantly want a physical check mailed to them from the other company the account is with.
Posted on 5/21/21 at 2:33 pm to tirebiter
quote:
Why are checks involved?
The question was asked and the answer will likely die with my wife.
Posted on 5/21/21 at 2:40 pm to slackster
quote:
S&P 500 is down since then so maybe they’ve done you a favor.
Touché!
Posted on 5/21/21 at 3:13 pm to GeauxldMember
(no message)
This post was edited on 7/25/22 at 4:54 pm
Posted on 5/21/21 at 4:13 pm to GeauxldMember
Seriously? It’s the year 2021!!! Why the hell would you mail a check when wire transfer is safer faster and easier 
Posted on 5/21/21 at 4:15 pm to GeauxldMember
I use them and like them.
Tried to consolidate an old 401k with them early last year though. They didn’t seem to have it together. Fidelity was much easier to deal with.
Tried to consolidate an old 401k with them early last year though. They didn’t seem to have it together. Fidelity was much easier to deal with.
This post was edited on 5/21/21 at 4:16 pm
Posted on 5/21/21 at 5:12 pm to GeauxldMember
Vanguard’s processes kinda suck…actually, they’re really weak. After USAA sold everything to Victory capital I moved my accounts to them. I didn’t think the process times were unreasonable, but the required amount of customer service support via telephone was bothersome. It also needs to be mentioned that USAA’s interface and tools weren’t upgraded in nearly 20 years…Vanguard’s current offering is only nominally better.
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