in_reality wrote: jhfenton wrote: livesoft wrote:
jhfenton wrote:Now this evening, the transfers that he put in have disappeared. The $1,100 is back in our taxable, our Roth IRAs each show $550 debits again, and our 2016 contributions show $0.
Excellent! Vanguard has probably saved you 4% to 5% on the contributions already.
No! My initial orders on Monday were exchanges. The buys went through Monday EOD. The sales went through Monday EOD. Then the cash transfers disappeared, leaving us with debit balances in our Roth IRAs. And the rep tried it again today transferring cash to cash, and those have now disappeared.
Sorry for laughing but it's funny. You won't be hurt by this and at least I don't feel like "why is it only me" anymore. Thanks for the camaraderie. It's not your intent, but that's the effect.
My money turned up in someone's estate, someone's trust, and someone got added as a beneficiary to get mine back. Then those titlings on my accounts disappeared and everything was back to normal except for incorrect IRA distributions being reported.
I suspected that you'd get the "we don't know" and "wait till we see" response!
My underlying issue was a transfer of cash to brokerage. I never could figure out why incoming cash got reported as a debit [despite the fact this is money coming in], then reported as a credit [despite the fact that the money is now going out] when swept out the swap account, and then reported as a credit in the swap account when it arrived. (two credits and one debit leaves you with the credit). It was opposite in brokerage than in the mutual fund account.
I wonder if the new system has changed that. It was really, really confusing to me and I'd never experienced anything like it an any other brokerage, and honestly I lost it on them when my trade confirmations and monthly statements were not showing the same value because that is very, very basic functionality that I believed I had every right to expect.
I don't mind at all.
If we can take comfort from shared frustrations, then that's great.
I was glad when I finally convinced my crew member, "T", that the back end folks' explanation was garbage. They tried to tell him that it simply took 3 days for the cash to transfer and that the previous rep messed it up when he put in new transfers on Wednesday, and then I messed those up when I placed a buy with new money ACH'd from my bank on Wednesday. (Even if that were true, that's not a system in good working order.) But if that were the case, why did the pending transfers show up and then disappear, and why the did the system send us nasty "You have a debit in your Roth IRA..." messages on Tuesday. The warning messages convinced "T".
I'm looking forward to trying it again on Monday with $50. (I'd do a larger amount, but I may have to do it 25 times to figure out what triggers the problem.
As for trade confirmations, I noticed my first week that the initial trade confirmations on ETF sales were often $0.01 or $0.02 off of what showed up the next morning. For example, I sold all my shares of VBR (Small Value) late in the day. I looked at the completed order ticket and the available cash, which would show, $85,382.23 (not the exact number). I then immediately placed a mutual fund buy order for VSIAX (Small Value Admiral Shares) for $85,382.23. (I had repeatedly confirmed that, much to my surprise, I could buy mutual funds with unsettled cash from ETF sales.) The next morning, I saw that the sale of VBR actually netted $85,382.25, so that I had $0.02 orphaned in the account. I converted 7 ETF positions to Admiral Shares, and 3 of them had $0.01 or $0.02 "rounding" errors show up overnight.
I plan on riding out the system problems, but I am keeping all my PDF statements saved in the cloud, something I never did in 20 years with TD Ameritrade.