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Post by ECE Prof on Nov 5, 2022 15:48:17 GMT
I stopped using mutual funds since 2010. I stopped using Vang. ETFs also recently since 2020 for new investments. There are many comparable and better ETFs both in Fido and Schwab, including iShares and Spider. So, why stick around Vanguard with all kinds of disadvantages? Let them keep their rules, and I am out of there.
Fido has sent my requests to Vanguard and has been acknowledged by Vanguard. Fido says that it is expected to be completed on Nov. 11 (Friday) after 5 business days. |
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Post by habsui on Nov 5, 2022 21:13:14 GMT
I can do all the things I want to at Vanguard. (I also use TDA).
Good luck.
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Post by ECE Prof on Nov 6, 2022 3:34:40 GMT
You cannot buy SQQQ or TQQQ in Vanguard. You cannot buy IVV on dollar based shares, including fractional shares. In fact, Vanguard will liquadate all fractional shares and also charge some fees for the transfer. Fido can transfer cash same day. It will take two or three days to transfer the money. There are several more.
I can go on the list.
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Post by habsui on Nov 6, 2022 7:49:22 GMT
No problem, I only buy full shares of BRK.A.
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Post by Norbert on Nov 6, 2022 9:12:46 GMT
No problem, I only buy full shares of BRK.A. In multiples of ten, hopefully. You don't want your shares to feel lonely. |
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bruno
Lieutenant
Posts: 56
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Post by bruno on Nov 13, 2022 17:17:32 GMT
I transfered my VG brokerage account with VFIAX to Fido but now thinking about moving my VFIAX shares back to VG to do the tax free conversion to VOO. Then probably move VOO back to Fido. I will call Fido monday to see if they can do it.
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Post by yogibearbull on Nov 13, 2022 17:30:56 GMT
I transfered my VG brokerage account with VFIAX to Fido but now thinking about moving my VFIAX shares back to VG to do the tax free conversion to VOO. Then probably move VOO back to Fido. I will call Fido monday to see if they can do it. There was a similar post at Fido Inv Community (it is a closed group, so posts there cannot be linked). Here is what I posted there: "Be very careful. At VG, the process is simple and online. Elsewhere, you have to insist on tax-free exchange. It is more bothersome for 3rd party brokers and lazy ones will just do a MF/OEF sale and ETF purchase - that is NOT what you want." MORE "VG ETFs are just another class of VG funds, so the conversion of VF OEF to its VG ETF class is tax-free. Nobody else has this (patented) ETF class, so all other OEF to ETF conversions are taxable. VG doesn't allow the reverse (i.e. VG ETF to VG OEF exchanges)." |
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Post by ECE Prof on Nov 13, 2022 19:15:54 GMT
Two of three accounts have been moved without many problems, except that Vanguard did them in piece meals. There is a charge of $25 for the move. They took it away from our accounts before moving. However, Vanguard moved more cash from my ROTH account than the account had even for two days before the day transfer took place. They also withheld one of the securities that I bought a week before. I wonder how such a mishap can happen. I had to call and liquidate some shares to cover the negative balance. It takes two or three days to see the cash, even after the settlement day. Vanguard guys must be living in the days of mutual fund days and typewriter days. They are not fit for ETFs or stocks or Chase's 24/7 banking. Even if the website says “Withdrawal Balance $XXX” Vanguard will not allow you to take the cash-out. It takes another day. They roll over the tape the next day. It is like my local bank, where the transactions are changed only twice per day. This is not that bad. But, Vanguard is worse than my local bank. I can go on…
I think that the last transfer may take place on Tuesday or Wednesday of this week.
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Post by yogibearbull on Nov 13, 2022 19:22:50 GMT
Two of three accounts have been moved without many problems, except that Vanguard did them in piece meals. There is a charge of $25 for the move. They took it away from our accounts before moving. However, Vanguard moved more cash from my ROTH account than the account had even for two days before the day transfer took place. They also withheld one of the securities that I bought a week before. I wonder how such a mishap can happen. I had to call and liquidate some shares to cover the negative balance. It takes two or three days to see the cash, even after the settlement day. Vanguard guys must be living in the days of mutual fund days and typewriter days. They are not fit for ETFs or stocks or Chase's 24/7 banking. Even if the website says “Withdrawal Balance $XXX” Vanguard will not allow you to take the cash-out. It takes another day. They roll over the tape the next day. It is like my local bank, where the transactions are changed only twice per day. This is not that bad. But, Vanguard is worse than my local bank. I can go on… I think that the last transfer may take place on Tuesday or Wednesday of this week. As mentioned elsewhere, settlements are only for the use of funds within the brokerage. On the other hand, 5-7 days holds apply on transactions and transfer if any of those funds are to be transferred out of the brokerage. community.morningstar.com/s/question/0D53o00006JfPINCA3/how-to-transfer-from-vanguard-brokerage-account-to-fidelity-brokerage-account |
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Post by habsui on Nov 13, 2022 20:50:03 GMT
Two of three accounts have been moved without many problems, except that Vanguard did them in piece meals. There is a charge of $25 for the move. They took it away from our accounts before moving. However, Vanguard moved more cash from my ROTH account than the account had even for two days before the day transfer took place. They also withheld one of the securities that I bought a week before. I wonder how such a mishap can happen. I had to call and liquidate some shares to cover the negative balance. It takes two or three days to see the cash, even after the settlement day. Vanguard guys must be living in the days of mutual fund days and typewriter days. They are not fit for ETFs or stocks or Chase's 24/7 banking. Even if the website says “Withdrawal Balance $XXX” Vanguard will not allow you to take the cash-out. It takes another day. They roll over the tape the next day. It is like my local bank, where the transactions are changed only twice per day. This is not that bad. But, Vanguard is worse than my local bank. I can go on… I think that the last transfer may take place on Tuesday or Wednesday of this week. Vanguard is probably not the best place for hour traders.. |
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Post by fritzo489 on May 22, 2023 21:54:18 GMT
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Post by Fearchar on May 23, 2023 11:24:20 GMT
I have had a Vanguard account for a long time and never a problem. I also have accounts I manage with Fidelity, Schwab, etrade and TDAmeritrade and in the past at USAA and Brown & Co. Have never really had a problem at any of these. They are a little different and some day I would like to consolidate to simplify. So curious to know more specifics of what the problem was. Outside of this board, I have helped explain to people some of the nuances they are experiencing. |
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Post by racqueteer on May 23, 2023 12:16:54 GMT
I also have accounts I manage with Fidelity, Schwab, etrade and TDAmeritrade and in the past at USAA and Brown & Co. Have never really had a problem at any of these. They are a little different and some day I would like to consolidate to simplify. Well, the TDA will shortly be incorporated into Schwab (and with it, the old Thinkorswim and Scotttrade)); so that helps. Since I've held ALL of these, my life has at least become simplified. If that kind of assimilation/integration continues, we may get down to only a couple of truly megainstitutions. Not sure if that's a good or a BAD thing! |
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meta
Ensign
Posts: 2
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Post by meta on Jun 5, 2023 13:07:51 GMT
I’ve am currently having a HORRIBLE experience at Vanguard. I discovered on Friday evening an unauthorized, six-figure sale of private company stock into a MMF. This sale was never requested. I sent an email as they request as soon as error was discovered, as requested online. Their fraud line is not manned. I received an email in response to mine this morning. It did not respond at all to the issue but said to call back because they cannot act on email. Their new office hours begin at 0830h, although all literature states 0800.
I’ve tried to get a response and « someone will get back to me within 2 to 3 business days »….
This was done in conjunction with a rollover from 401k to traditional rollover IRA, taking all funds but company stock out of 401k for flexibility. Those funds should appear in Rollover IRA within 5 to 7 more business days.
I’ve been a client of Vanguard since the 1980s. I have all my modest retirement funds with them.
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Post by chang on Jun 5, 2023 13:18:14 GMT
I’ve am currently having a HORRIBLE experience at Vanguard. I discovered on Friday evening an unauthorized, six-figure sale of private company stock into a MMF. This sale was never requested. I sent an email as they request as soon as error was discovered, as requested online. Their fraud line is not manned. I received an email in response to mine this morning. It did not respond at all to the issue but said to call back because they cannot act on email. Their new office hours begin at 0830h, although all literature states 0800. I’ve tried to get a response and « someone will get back to me within 2 to 3 business days »…. This was done in conjunction with a rollover from 401k to traditional rollover IRA, taking all funds but company stock out of 401k for flexibility. Those funds should appear in Rollover IRA within 5 to 7 more business days. I’ve been a client of Vanguard since the 1980s. I have all my modest retirement funds with them. You mean they liquidated a private company stock into a MMF during a 401k to IRA transfer? That sounds perfectly normal to me. I assume by "private company stock" you mean not a publicly-traded stock. Naturally Vanguard cannot hold private company stock for you, so they liquidated it and put the proceeds into a money market fund. You should always confirm all 401k holdings with the target brokerage before beginning a 401k rollover. If I'm not missing something in your description of events, it seems perfectly normal. |
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meta
Ensign
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Post by meta on Jun 5, 2023 13:51:48 GMT
chang , Actually it is highly abnormal. They have opened a case now to investigate how this happened. I spoke again with them just now and it’s sounding like it may be kind of input error but how that can happen is a mystery to me. The private company set up an ESOP several years ago and Vanguard holds the private company stock. The funds which are in process of being rolled over came from very specific other sources in a written document which must be processed in writing, not online. Those are currently held « internally » for 3-5 business days, at which point they will appear in IRA. The 401k isn’t being liquidated completely …the end result should be that I only will hold private company stock in it. They didn’t sell all of my private company stock into MMF. Just a « proportional « amount. No one can tell me what this proportion represents…
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Post by Chahta on Jun 5, 2023 14:08:42 GMT
meta, generally 401k rollovers are not done in shares, only cash. At least in my experience. In fact ahead of rollovers I used to sell shares and put them into cash before so I would not lose on a sudden drop. Vanguard is doing weird things, though. Mu mom had a regular normal cash distribution reinvested, not at her request. They reversed it but their service is going bad.
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Post by chang on Jun 5, 2023 14:44:15 GMT
meta OK well then it sounds like there’s a lot more to the story. Good luck. I use both Fido and VG, but I am fully aware that VG has always lagged in service. That’s why I use them only to hold VG funds, nothing else.
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Post by retiredat48 on Jun 5, 2023 15:05:54 GMT
@ meta ,...Hi. Check on your company side. Many companies insist on going to cash (especially certain assets) before moving a 401.K to Vanguard. BTW, not too defend vanguard, but I post on the fidelity forum. Let me tell you, things are not so great at Fido either. Many leaving and taking their portfolio elsewhere. Customer service in decline. R48 |
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Post by Fearchar on Jun 5, 2023 15:25:33 GMT
This is a good example of why I should never work in customer support.
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