Vanguard: bank not authorized?

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Topic Author
sawhorse
Posts: 3212
Joined: Sun Mar 01, 2015 7:05 pm

Vanguard: bank not authorized?

Post by sawhorse » Sun Apr 14, 2019 8:13 pm

I'm trying to make my Roth IRA contribution at Vanguard (yeah, my fault for leaving it to the last minute). I've had a Bank of America checking account number stored with them for over a decade. I've never had any problems transferring money between Vanguard and the BoA account electronically.

Now when I select this account under "Where's the money coming from?", I get the following message.

"This bank account can't be used until it is authorized. To authorize this bank, print the Bank Transfer Service Form and return it to us with signatures notarized by a notary public."

What's going on?

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Wiggums
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Re: Vanguard: bank not authorized?

Post by Wiggums » Sun Apr 14, 2019 8:24 pm

I recently added new bank accounts (Capital One) to Vanguard and did not have any trouble. The exiting banks were still there.

Is it possible that the names on the accounts do not match? Or is this an annuity?

Have you call Vanguard?

Topic Author
sawhorse
Posts: 3212
Joined: Sun Mar 01, 2015 7:05 pm

Re: Vanguard: bank not authorized?

Post by sawhorse » Sun Apr 14, 2019 8:27 pm

Wiggums wrote:
Sun Apr 14, 2019 8:24 pm
I recently added new bank accounts (Capital One) to Vanguard and did not have any trouble. The exiting banks were still there.

Is it possible that the names on the accounts do not match? Or is this an annuity?

Have you call Vanguard?
Names on accounts match, not an annuity.

I contributed to the IRA a year ago using the exact same process and didn't get any such message.

I don't trust their nighttime customer service due to past experiences, and tomorrow it might be hard to get through to them because a lot of people will be calling.

I have IRA accounts at other institutions and can contribute to those instead, but it's frustrating.

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Wiggums
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Re: Vanguard: bank not authorized?

Post by Wiggums » Sun Apr 14, 2019 8:41 pm

Hopefully someone here has seen that message before.

inverter
Posts: 137
Joined: Mon Jul 27, 2015 1:40 pm

Re: Vanguard: bank not authorized?

Post by inverter » Sun Apr 14, 2019 9:34 pm

Write a check and deposit it using the mobile app in the morning.

livesoft
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Joined: Thu Mar 01, 2007 8:00 pm

Re: Vanguard: bank not authorized?

Post by livesoft » Sun Apr 14, 2019 9:36 pm

This happened to me a while ago. I wasn't up against a deadline, so I added my checking account again and then it worked.
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