Vanguard Slow to Process Rollover
- steadyeddy
- Posts: 771
- Joined: Tue Mar 31, 2009 5:01 pm
- Location: The Alps of the Midwest
Vanguard Slow to Process Rollover
I mailed a check to Vanguard early last week instructing them that it was an indirect rollover ans should be invested in my existing IRA account. I received a call from Vanguard on Monday of this week that ended with the rep saying he would take care of the contribution "right away." The funds haven't show up in my account, so I called today and the rep told me that their processing department is backed up right now and I could expect to see my contribution "hopefully by the end of next week because Monday is a holiday." They confirmed I would receive the closing price on the day the funds are invested...apparently a day of their choosing.
In the long run, it really doesn't matter--I'm trying to tell myself this. In the short run, I'm a little irked because the funds to be purchased have been trending up steadily and the check is a significant percentage of my net worth. Is two weeks of processing time slow or am I being unreasonable?
In the long run, it really doesn't matter--I'm trying to tell myself this. In the short run, I'm a little irked because the funds to be purchased have been trending up steadily and the check is a significant percentage of my net worth. Is two weeks of processing time slow or am I being unreasonable?
Re: Vanguard Slow to Process Rollover
although i am no expert i had this issue once at another broker and was told they did this twice a month only
- Sunny Sarkar
- Posts: 2443
- Joined: Fri Mar 02, 2007 12:02 am
- Location: Flower Mound, TX
- Contact:
Re: Vanguard Slow to Process Rollover
I have done several rollovers into Vanguard for both myself and my spouse, and my experience has been nothing but excellent! Every time the Vanguard rep completed the setup in my Vanguard account, then got the other company on a 3-way call and went through all the required steps with them, and finally leaving me with precise instructions about the next steps I need to do (if anything at all) to complete the process. Whenever physical checks were involved, they got credited into my Vanguard account in a very timely manner. All this excellent service for such low expense ratios = a very happy customer here.
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle
Re: Vanguard Slow to Process Rollover
Way too slow. If you drop off a check at Fidelity's local office it would be credited to your account on the same day, available for purchases either the same day or the next business day.steadyeddy wrote:I'm a little irked because the funds to be purchased have been trending up steadily and the check is a significant percentage of my net worth. Is two weeks of processing time slow or am I being unreasonable?
Harry Sit has left the forums.
- frugaltype
- Posts: 1952
- Joined: Wed Apr 24, 2013 9:07 am
Re: Vanguard Slow to Process Rollover
Schwab took forever to process one of these.steadyeddy wrote:I mailed a check to Vanguard early last week instructing them that it was an indirect rollover ans should be invested in my existing IRA account. I received a call from Vanguard on Monday of this week that ended with the rep saying he would take care of the contribution "right away." The funds haven't show up in my account, so I called today and the rep told me that their processing department is backed up right now and I could expect to see my contribution "hopefully by the end of next week because Monday is a holiday." They confirmed I would receive the closing price on the day the funds are invested...apparently a day of their choosing.
In the long run, it really doesn't matter--I'm trying to tell myself this. In the short run, I'm a little irked because the funds to be purchased have been trending up steadily and the check is a significant percentage of my net worth. Is two weeks of processing time slow or am I being unreasonable?
Vanguard once took a long time, and kept telling me they hadn't received the check (which was sent directly from the source company), even though I called in several times and someone claimed to have even looked for it among checks without documentation. It turned out that some processor had not looked at a second part of the check and so missed the SS number, etc. I would keep annoying them and try to escalate this. I would have no confidence at all that this is because some processing department is backed up.
Re: Vanguard Slow to Process Rollover
I just did a rollover a few weeks ago. The check was deposited to my newly opened Rollover IRA account in 2 or 3 days.
Re: Vanguard Slow to Process Rollover
I found the process of rolling over from Fidelity to Vanguard much too slow. I have a 401k that I would also like to roll-over to consolidate, but I am hesitating due to the length of the delay.
1Fi1LTvx8KmtotRqcha9mj5h43319mJvjY
- structure7
- Posts: 14
- Joined: Wed May 01, 2013 10:41 am
- Location: Phoenix, AZ
Re: Vanguard Slow to Process Rollover
I'm on week 2 of my wire rollover from USAA. They did send me some correspondence, however, laying out the 12-15 day process and what was happening over that timeframe. Hopefully straightforward transfers from my checking will be quicker!
- FelixTheCat
- Posts: 2035
- Joined: Sat Sep 24, 2011 12:39 am
Re: Vanguard Slow to Process Rollover
I processed a rollover and Vanguard did it in less than a week. Remember patience is a virtue.
Felix is a wonderful, wonderful cat.
Re: Vanguard Slow to Process Rollover
I felt like Vanguard took a long time to process a rollover I did recently, too. I am not sure, however, whether the delay was mostly on Vanguard's end or on the end of the institution from which the funds were coming. In any case, I was committed to investing with Vanguard for reasons other than "I want really responsive customer service," so while I would have preferred a faster rollover, it didn't make any difference to my decision to roll the funds into a Vanguard account. I don't think you're being unreasonable for thinking it should have been done faster--you just need to decide whether your frustration on that point trumps the other reasons you want to use Vanguard. That was an easy question for me to answer when I was in a similar situation.
Re: Vanguard Slow to Process Rollover
I did, as well, but that was because Fidelity sent the rollover check to me, instead of to Vanguard, as Vanguard and I had requested in a teleconference call with the Fidelity representative.money wrote:I found the process of rolling over from Fidelity to Vanguard much too slow. I have a 401k that I would also like to roll-over to consolidate, but I am hesitating due to the length of the delay.
Gordon
Re: Vanguard Slow to Process Rollover
I had the check mailed direct to Vanguard from Fidelity. I did not really specify which end of the process took the longest since I am unsure in retrospect. I think on each end there was some delay; it is just too bad these transfers cannot be made more quickly in general if you need to liquidate your holdings. I guess recent market speeds are making me drag my feet to move to Vanguard to take advantage of my perception of their current value proposition.
1Fi1LTvx8KmtotRqcha9mj5h43319mJvjY
-
- Posts: 183
- Joined: Tue May 17, 2011 4:16 pm
Re: Vanguard Slow to Process Rollover
Doing an indirect rollover (having the check sent directly to you) can be problematic. They usually withhold 20% for taxes and if you don't put the 20% into the new account within 60 days it triggers taxes. Also, if you don't complete the transfer within 60 days it triggers taxes.gkaplan wrote:I did, as well, but that was because Fidelity sent the rollover check to me, instead of to Vanguard, as Vanguard and I had requested in a teleconference call with the Fidelity representative.money wrote:I found the process of rolling over from Fidelity to Vanguard much too slow. I have a 401k that I would also like to roll-over to consolidate, but I am hesitating due to the length of the delay.
There are fewer potential pitfalls if you do a direct rollover (have the check sent directly to the new place).
Re: Vanguard Slow to Process Rollover
The check was made out to Vanguard, but Fidelity mailed it to me, instead of to Vanguard.DetroitRed wrote:Doing an indirect rollover (having the check sent directly to you) can be problematic. They usually withhold 20% for taxes and if you don't put the 20% into the new account within 60 days it triggers taxes. Also, if you don't complete the transfer within 60 days it triggers taxes.gkaplan wrote:I did, as well, but that was because Fidelity sent the rollover check to me, instead of to Vanguard, as Vanguard and I had requested in a teleconference call with the Fidelity representative.money wrote:I found the process of rolling over from Fidelity to Vanguard much too slow. I have a 401k that I would also like to roll-over to consolidate, but I am hesitating due to the length of the delay.
There are fewer potential pitfalls if you do a direct rollover (have the check sent directly to the new place).
Gordon
Re: Vanguard Slow to Process Rollover
I was going to a rollover from my 2nd 401 k-i have 2 from different employers. My current 401 k provider would not transmit or send check directly. it had to be sent to me first.the broker i was sending it to sent me an email with a scan tag enabling me to get special federal express envelope. i was still uncomfortable with doing this and opted not to have it done. my wife who was in HR at her former company says the envelope system is very common for rollovers.
-
- Posts: 7502
- Joined: Mon Dec 17, 2007 6:32 pm
Re: Vanguard Slow to Process Rollover
It's very common to have the check sent to the employee address of record. MyMegaCorp does that. It's a safety mechanism so that someone can't hack your account and have your funds sent elsewhere. I'm not sure why you were hesitant about it.gerrym51 wrote:I was going to a rollover from my 2nd 401 k-i have 2 from different employers. My current 401 k provider would not transmit or send check directly. it had to be sent to me first.the broker i was sending it to sent me an email with a scan tag enabling me to get special federal express envelope. i was still uncomfortable with doing this and opted not to have it done. my wife who was in HR at her former company says the envelope system is very common for rollovers.
Brian