Vanguard: turtle or snail?

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Vanguard: turtle or snail?

Post by socaldude » Fri May 03, 2019 8:04 pm

This has prob. been discussed many times before but, it is very frustrating how slow Vanguard is when trans.$$. Maybe others have noticed ( or I am I an idiot doing something wrong? ) you can write a ck from your Vanguard MM and deposit into your bank and get credit to your account wayyyyy faster (depending on the amount sometimes immediately) than an e trans of funds. I req. e trans of $5,000 from my mm on wed pm, my Van. acct shows the debit thur pm ( according to the date shown) but I don't get $5,000 into my ck account until Monday ( prob. Monday pm ). My account is $5,000 less on Friday am, what's the hold up? Not fun when sweating some big bills. I've learned ( the hard way...again ) to just write a check and deposit it. Same when req. a check withdrawl from any fund, plan on a very very long wait. I am surprised they haven't improved this "customer service item". I remember going through this molasses about 15 yrs. ago. I'm slowly catchin on.I'm a Bogle Diehard but... Vanguard= super slow service.

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Re: Vanguard: turtle or snail?

Post by livesoft » Fri May 03, 2019 8:21 pm

One has to realize that a money market fund is not a checking account, but has a check-writing feature. Yes, writing a check is faster and I have done exactly that in the past. That's especially true if one is a good customer of their bank and the bank manager says, "No hold on this check!" to the rest of the staff.

But a fund order has to be in before 4 pm New York time or it executes at the next market close. It takes a one day settlement time, then there is the ACH transfer time. I just did an RMD from Fidelity inherited IRA. It took just as long as what you described to get into my checking account.

If you want faster transfers, then use WellsTrade linked to your WellsFargo checking account.
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Re: Vanguard: turtle or snail?

Post by Dale_G » Sat May 04, 2019 12:36 am

I only send money from Vanguard to my bank a few times a year. But for the last 10 years or so, if i did send money to the bank from my Vanguard MM fund before a 4 o'clock closing, it was always in my bank account on the second business day.

Call me old fashioned, but I plan ahead at least three days if I am expecting someone to whack my bank account for $5,000. And if for some reason there are unplanned/unexpected debits of $5,000 to the bank account, I make sure there are always sufficient funds in the account to cover them without depending on a "just in time" money transfer.

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Re: Vanguard: turtle or snail?

Post by ruralavalon » Sat May 04, 2019 11:56 am

What's the rush?

Two business days is fast enough for me. We do automatic monthly transfers of Required Minimum Distributions (RMDs) from my rollover IRA at Vanguard to our joint checking account.
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