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Post by saratoga on Dec 14, 2022 17:50:40 GMT
I requested a Roth Conversion of $10000 from Cash Reserve Account of TIRA to Roth on December 13. Today, I was surprised to find $10000 was moved from Roth to TIRA! It is not even legal. The agent I talked to today could not understand me so I requested another agent who seemed to understand the situation. He asks me to wait up to 10 days for resolution. I hope that I do not have to call again on this matter. I do not know what is happening at TRP these days. This is not an isolated incident. If this kind of things continue, I am thinking of moving all investment out of TRP except PRWCX.
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Post by retiredat48 on Dec 14, 2022 18:39:55 GMT
yes, I still have a foothold in PRWCX! May want to buy back in someday.
R48
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Post by roi2020 on Dec 15, 2022 8:33:02 GMT
If it's any consolation, Vanguard seems to have its share of misteps.
Excerpts from The Independent Vanguard Advisor Weekly Brief (12/14/22):
"One subscriber tells me that Vanguard suddenly stopped following instructions to send dividends to their settlement account and began reinvesting them instead.
Another subscriber found discrepancies between their statements and their online balances."
"Another subscriber shared a remarkable tale of Vanguard erroneously debiting his account (twice) and forcing a sale of shares in Dividend Growth (VDIGX) to cover the deficit. Even though Vanguard eventually made the shareholder whole, he is still on the hook for the taxes from the Dividend Growth sales.
Oh, and he can’t buy back into the fund due to Vanguard’s frequent-trading prohibition even though he didn't place a trade."
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Post by saratoga on Dec 15, 2022 13:33:27 GMT
Does that mean that I have to watch my Vanguard account as well? I also did Roth conversion at Vanguard. It took all of 1 minute. (I tried the Roth conversion at TRP only because I ran out money at Vanguard IRA.) At TRP, it took hours and now days assuming things go well from this point. I am afraid that TRP now move 20,000 from TIRA to Roth to correct the situation and I will be charged income tax for 20000 conversion. I actually called TRP earlier to do the conversion. Then, the agents told me that machines were down.
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Post by anovice on Dec 15, 2022 14:02:46 GMT
Does that mean that I have to watch my Vanguard account as well? I also did Roth conversion at Vanguard. It took all of 1 minute. (I tried the Roth conversion at TRP only because I ran out money at Vanguard IRA.) At TRP, it took hours and now days assuming things go well from this point. I am afraid that TRP now move 20,000 from TIRA to Roth to correct the situation and I will be charged income tax for 20000 conversion. I actually called TRP earlier to do the conversion. Then, the agents told me that machines were down. I would watch my Vanguard account closer than my TRP account. roi2020's post is not a one-off at Vanguard. No brokerage firm employs more incompetent people than Vanguard. |
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dave
Ensign
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Post by dave on Dec 15, 2022 14:19:28 GMT
I've experienced several botched transactions with TRP.
One involved a Roth IRA cash transfer from Vanguard to TRP. Money was taken out of my taxable brokerage. I was watching this carefully and spotted it and hopefully it was fixed. It looked that way anyway. Vanguards or TRP fault? Heck, I don't know.
Another involved a first time sale of specific ID shares from a taxable fund at TRP. I had to write them. I explained that I wanted specific ID. They used average basis. I couldn't do this online. I had to write them.
I then decided to exchange the rest of those shares to another TRP fund. I had to do it in writing instead of online.
I can't wait to see my tax forms from them. I would be out of TRP if it weren't for the free M* sub.
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Deleted
Deleted Member
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Post by Deleted on Dec 15, 2022 16:46:33 GMT
Does that mean that I have to watch my Vanguard account as well? I also did Roth conversion at Vanguard. It took all of 1 minute. (I tried the Roth conversion at TRP only because I ran out money at Vanguard IRA.) At TRP, it took hours and now days assuming things go well from this point. I am afraid that TRP now move 20,000 from TIRA to Roth to correct the situation and I will be charged income tax for 20000 conversion. I actually called TRP earlier to do the conversion. Then, the agents told me that machines were down. I am on Fidelity platform. It took me may be 20 minutes, created Rollover IRA and Roth accounts, moved money from 401k to Rollover IRA and in 2 days it took me 5 minutes to move money from IRA to Roth. Very easy process on Fidelity. |
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Post by saratoga on Dec 24, 2022 13:30:12 GMT
TRP has corrected the transaction. No apologies/explanation offered. Whether they handled tax treatment correctly remains to be seen. It was a diffficult year for TRP. I wonder how their plan of splitting their operation is proceeding. I have been checking Fidelity/Schwab but cannot decide which.
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Post by roi2020 on Dec 24, 2022 19:36:56 GMT
TRP has corrected the transaction. No apologies/explanation offered. Whether they handled tax treatment correctly remains to be seen. It was a diffficult year for TRP. I wonder how their plan of splitting their operation is proceeding. I have been checking Fidelity/Schwab but cannot decide which.
I've held various Fidelity accounts for many years.
Fidelity offers a broad selection of funds, a well-designed website, and good customer service.
I'm a self-directed investor (predominantly buy and hold) who is pleased with Fidelity.
I've read positive feedback regarding Charles Schwab but don't have any personal experience with the firm. |
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Post by saratoga on Dec 25, 2022 7:34:52 GMT
I also think Fidelity is a decent option but Schwab offers reimbursement of foreign ATM fee - which could be significant in my retirement.
By the way, TIAA botched my rollover request. When I called to find out what went wrong, both the agent and her superior gave me wrong information. A new agent several days later finally told me that machine made a mistake - a mistake previous agents did not understand and tried to justify. The mistake is proving costly to me. It is disappointing since TIAA was showing improvement recently.
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Post by saratoga on Jan 8, 2023 3:37:22 GMT
yes, I still have a foothold in PRWCX! May want to buy back in someday. R48 When you hold a foothold in a mutual fund, is there a minimum you must maintain? Or, is it 1 $? |
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Post by retiredat48 on Jan 9, 2023 6:51:22 GMT
yes, I still have a foothold in PRWCX! May want to buy back in someday. R48 When you hold a foothold in a mutual fund, is there a minimum you must maintain? Or, is it 1 $? HI.......I haven't heard of a minimum. I have kept as little as $500 in a fund, with no problem. R48 (formerly from Saratoga area!) |
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Post by johntaylor on Mar 11, 2023 22:24:31 GMT
Think T. Rowe may charge a low-balance service fee on accounts under 10k
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