Vanguard mobile check deposit

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bondsr4me
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Vanguard mobile check deposit

Post by bondsr4me » Wed May 23, 2018 2:27 pm

I know others have recently commented on this, but I wanted to bring it out in the open separate from other threads.

I contacted VG today (at 1:12 pm eastern time) to find out if mobile check deposit for brokerage accounts on the iPad/iPhone was available.

VG emailed a response (3:03 pm eastern time) and told me at this time it was not available and they hoped to have it soon (no date).

Although I am disappointed (but not surprised) by the answer, I am pleased with the time frame of the response; not bad.

Anyway, no mobile check deposit for brokerage accounts yet; at least that's what they told me.


Have a great day,

Don

pragmatist
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Re: Vanguard mobile check deposit

Post by pragmatist » Wed May 23, 2018 7:14 pm

They recently changed the language on their mobile check FAQ page to indicate that the mobile deposit function IS working for brokerage accounts (previously it said no - but we hope to offer this soon). I wonder if they jumped the gun on the update and will release this feature soon.

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Re: Vanguard mobile check deposit

Post by pragmatist » Wed Sep 12, 2018 8:43 am

This feature is finally working for brokerage accounts as of the September 10th update. They have not yet updated their website to reflect the change. I am using android but I assume it works on iPhones as well.

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Re: Vanguard mobile check deposit

Post by Vanguard Fan 1367 » Wed Sep 12, 2018 9:18 pm

Cool! Thanks for the information. I just logged on with my I Phone and was given the option to mobile deposit into my brokerage account.

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Re: Vanguard mobile check deposit

Post by indexfundfan » Wed Dec 05, 2018 7:20 am

Is Vanguard mobile check deposit working for everyone? I wanted to try it out but when I touch on the mobile check deposit option, it says to contact Vanguard.
My signature has been deleted.

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Re: Vanguard mobile check deposit

Post by yohac » Wed Dec 05, 2018 7:27 am

indexfundfan wrote:
Wed Dec 05, 2018 7:20 am
Is Vanguard mobile check deposit working for everyone? I wanted to try it out but when I touch on the mobile check deposit option, it says to contact Vanguard.
Same here. The option is there, but for me it has never actually worked.

drzzzzz
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Re: Vanguard mobile check deposit

Post by drzzzzz » Wed Dec 05, 2018 11:17 am

It works for me on an Android phone - wasn't working for the past few years

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heartwood
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Re: Vanguard mobile check deposit

Post by heartwood » Wed Dec 05, 2018 11:50 am

indexfundfan wrote:
Wed Dec 05, 2018 7:20 am
Is Vanguard mobile check deposit working for everyone? I wanted to try it out but when I touch on the mobile check deposit option, it says to contact Vanguard.
It works for me on android. You might try deleting the app and then reinstalling it to make sure you have the latest version.

I do have problems using it. It opens, I start the deposit, taking a picture of the front of the check, then frequently my phone will close in the middle of the shot. I then have to sign into Vanguard again, with 2FV, and start over. Never happens with the BOA mobile deposit function so I believe its a Vanguard app problem.

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Re: Vanguard mobile check deposit

Post by jhfenton » Wed Dec 05, 2018 1:48 pm

For me, mobile check for brokerage accounts is still not enabled for the Vanguard app on iOS. I updated to the latest version (9.7) released 18 hours ago, and it still throws the same "Alert" contact us message that it has since I opened our accounts in 2015.

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heartwood
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Re: Vanguard mobile check deposit

Post by heartwood » Wed Dec 05, 2018 2:42 pm

Here's a link to the Vanguard Q&As for mobile check deposit, note there's no date on the page so who knows its currency.

https://personal.vanguard.com/us/help/F ... ent.jsp#2a

Here's the key Q&A for me
"Can I use mobile check investment to add money to my brokerage account settlement fund?
Not if you have a Vanguard Brokerage Account that holds Vanguard mutual funds, including your settlement fund, but we expect to offer that service soon. If your settlement fund isn't in your Vanguard Brokerage Account, you can still invest checks using mobile check investment."

I've used it in my LLC account which has only the Federal MM settlement fund, no other mutual funds. It works for that account.

For my personal account which has the Federal MM settlement account and also does hold mutual funds, it does not work and I get the same message referred to above.

Both accounts are brokerage accounts.

drzzzzz
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Re: Vanguard mobile check deposit

Post by drzzzzz » Wed Dec 05, 2018 5:47 pm

FYI - I have both etf and mutual funds in the brokerage account and mobile check deposit works. The settlement account is whatever the Vanguard default is since I don't think they give you choices (in contrast to Fidelity).

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Re: Vanguard mobile check deposit

Post by cryptormorf » Tue Dec 18, 2018 3:13 pm

A few questions for those of you who might know:
  • Do you have to have VanguardAdvantage account to use mobile check investment?
  • What is the point of mobile check investment if this limitation as in place? Wouldn't almost all customers have a brokerage account with both a settlement fund and mutual fund(s)?

    Can I use mobile check investment to add money to my brokerage account settlement fund?
    Not if you have a Vanguard Brokerage Account that holds Vanguard mutual funds, including your settlement fund, but we expect to offer that service soon. If your settlement fund isn't in your Vanguard Brokerage Account, you can still invest checks using mobile check investment.
  • How does the record of the deposit appear in the transaction history? Can you view the image of the check?
  • Can you deposit checks made payable to you by a third party or do you have to write a personal check made payable to yourself? (I know this might sound silly, but I just want to confirm!)
Thanks!

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Re: Vanguard mobile check deposit

Post by arf30 » Tue Dec 18, 2018 3:23 pm

Doesn't work on android, shows a generic "error" popup dialog when selecting an account. And wow, never installed the Vanguard app before but boy is it outdated looking.

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Re: Vanguard mobile check deposit

Post by jhfenton » Tue Dec 18, 2018 3:35 pm

jhfenton wrote:
Wed Dec 05, 2018 1:48 pm
For me, mobile check for brokerage accounts is still not enabled for the Vanguard app on iOS. I updated to the latest version (9.7) released 18 hours ago, and it still throws the same "Alert" contact us message that it has since I opened our accounts in 2015.
It is now working for me. I can pick any of our 5 accounts, joint taxable, two Roths, and two rollover traditional. It looks like I should be able to pick any mutual fund within that account or "Add a new fund", but when I try it says that I can only deposit to the settlement fund within a brokerage account.

If I pick one of our IRAs, it brings up the contribution screen showing Yearly Maximum $5,500.00, You've contributed $5,500.00, and You can contribute $0.00. There is also an option to select Rollover, in which case it asks some different questions.

I don't have a check to test it out on at the moment, but it does seem to work. Finally.

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Re: Vanguard mobile check deposit

Post by Kevin M » Mon Jun 17, 2019 7:07 pm

Just did my first Vanguard mobile check deposit, and in researching it, came across this somewhat old thread, and saw that some questions weren't answered. Here's what I know or think I might know so far.
cryptormorf wrote:
Tue Dec 18, 2018 3:13 pm
<snip>
[*] Do you have to have VanguardAdvantage account to use mobile check investment?
I don't think so. I did happen to do my deposit into my VAA, but other accounts were available to choose from. In their FAQ, they list eligible account types that I don't think could be VAAs, for example, IRAs. Finally, Vanguard is discontinuing VAAs at the end of July, and I doubt they would have recently added mobile check deposit if it were to only work with an account type that is being discontinued. But, I can't say with 100% certainty that this is so.

I certainly hope mobile deposit doesn't go away when VAA goes away, as I believe it's the fastest way to get a paper check into a high yielding Vanguard money market fund (if it works as I think it works). Vanguard MM funds currently are high yield relative to Ally Bank, Fidelity, and Schwab. Currently, my compound taxable-equivalent yield (CTEY) on Treasury MM fund at 2.32% SEC yield is 2.64%, and for Federal MM at SEC yield 2.30%, CTEY is 2.55%. My next best alternative is a bank savings account at 2.50% APY (CTEY is the proper comparison to APY).
[*] What is the point of mobile check investment if this limitation as in place? Wouldn't almost all customers have a brokerage account with both a settlement fund and mutual fund(s)?
Can I use mobile check investment to add money to my brokerage account settlement fund?
Not if you have a Vanguard Brokerage Account that holds Vanguard mutual funds, including your settlement fund, but we expect to offer that service soon. If your settlement fund isn't in your Vanguard Brokerage Account, you can still invest checks using mobile check investment.
The FAQ still has this language, which I find quite confusing. If I'm understanding it correctly, it does not seem to have applied to the deposit I made today, as the account is a brokerage account, you can only make the deposit to the settlement fund (I tried to change it to Treasury MM fund, and got an error message indicating I could only use Federal MM fund), and the account holds other Vanguard mutual funds, which happen to be Treasury MM fund and Prime MM fund.

Maybe the FAQ just hasn't been updated.
[*] How does the record of the deposit appear in the transaction history? Can you view the image of the check?
Immediately after the deposit, I see it in Pending activity as "Mobile Check". However, I don't see it included in my Total credits and debits balance. Electronic purchases show up immediately in my credits/debits balance.

I don't see any check images at this point. Will update once it moves from Pending activity to Transaction history.
[*] Can you deposit checks made payable to you by a third party or do you have to write a personal check made payable to yourself? (I know this might sound silly, but I just want to confirm!)
Mine was a check from a third party, which I endorsed. From the FAQ:
You can invest with the same types of checks that you'd normally send to us in the mail. As usual, your checks must be made payable to Vanguard or to one or more account owners.
(underline mine)

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Re: Vanguard mobile check deposit

Post by jhfenton » Tue Jun 18, 2019 7:33 am

Kevin M wrote:
Mon Jun 17, 2019 7:07 pm
Just did my first Vanguard mobile check deposit, and in researching it, came across this somewhat old thread, and saw that some questions weren't answered. Here's what I know or think I might know so far.
The function in the Vanguard app appears to work now, but I've been reluctant to use it. When I try to take a picture of the check, it looks small and illegible. My credit union app does a much better job cropping the photo, "scanning" it in black and white, and showing me what it will look like to the system.

I was going to deposit a check I received last week using the Vanguard app, but I wasn't confident that the check was legible in the picture.

How did the picture look when you've made your deposit?

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heartwood
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Re: Vanguard mobile check deposit

Post by heartwood » Tue Jun 18, 2019 8:10 am

It's been working for me since late last year. You do not need an Advantage account. My rep confirms that it will continue even after Advantage accounts die at the end of July.

I just did a deposit yesterday into a non-Advantage account direct to the Federal MM settlement account. It shows as a pending transaction this morning. It's not in the totals yet because its not an EFT. It's a pending transaction.

Check images only seem to show when you do the mobile deposit at the time you take the snaps. They do not seem to show online or in the app after submission. I relate to what you say re the images, but I've had no problems. It's always gone through and been credited promptly.

Glad it works again.

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Re: Vanguard mobile check deposit

Post by marcopolo » Tue Jun 18, 2019 8:24 am

I find it hard to believe this conversation is happening in 2018/2019.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: Vanguard mobile check deposit

Post by heartwood » Tue Jun 18, 2019 9:05 am

marcopolo wrote:
Tue Jun 18, 2019 8:24 am
I find it hard to believe this conversation is happening in 2018/2019.
I agree, but others are not necessarily better. Mobile check deposit mechanics at Fido works well and assists in taking the snap, but the posting only shows "check received" and the amount; no check image there. OTOH Bank of America shows the deposit image and also helps take the check picture automatically.
Repeating myself, I'm just glad the Van mobile deposit works for me again. We use it for a couple of accounts but primarily for a LLC account that I don't want to have to setup again somewhere else. It works. It has $50k/day limit.

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Re: Vanguard mobile check deposit

Post by marcopolo » Tue Jun 18, 2019 9:18 am

heartwood wrote:
Tue Jun 18, 2019 9:05 am
marcopolo wrote:
Tue Jun 18, 2019 8:24 am
I find it hard to believe this conversation is happening in 2018/2019.
I agree, but others are not necessarily better. Mobile check deposit mechanics at Fido works well and assists in taking the snap, but the posting only shows "check received" and the amount; no check image there. OTOH Bank of America shows the deposit image and also helps take the check picture automatically.
Repeating myself, I'm just glad the Van mobile deposit works for me again. We use it for a couple of accounts but primarily for a LLC account that I don't want to have to setup again somewhere else. It works. It has $50k/day limit.
Glad it is meeting your needs.

The fact that people are happy (seemingly pleasantly surprised) that a basic function like mobile check deposit works at a major financial institution in this day and age feels a little like Stockholm Syndrome.
Once in a while you get shown the light, in the strangest of places if you look at it right.

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Re: Vanguard mobile check deposit

Post by Kevin M » Tue Jun 18, 2019 12:17 pm

jhfenton wrote:
Tue Jun 18, 2019 7:33 am
How did the picture look when you've made your deposit?
The pictures looked clear and legible to me.

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Re: Vanguard mobile check deposit

Post by jhfenton » Tue Jun 18, 2019 12:43 pm

Kevin M wrote:
Tue Jun 18, 2019 12:17 pm
jhfenton wrote:
Tue Jun 18, 2019 7:33 am
How did the picture look when you've made your deposit?
The pictures looked clear and legible to me.

Kevin
When I take a screen shot and blow it up on a computer monitor it looks better, but on the phone screen, the vanguard check image is tiny. The app works in portrait mode and doesn't zoom in and crop the image. My credit union app takes the photo in landscape and then automatically zooms and crops, showing you a low-res/B&W version of the photo.

It's really hard to tell in the Vanguard app if the check image is "in focus and legible."

Vanguard:
Image

Credit Union:
Image

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Re: Vanguard mobile check deposit

Post by Kevin M » Tue Jun 18, 2019 12:53 pm

jhfenton wrote:
Tue Jun 18, 2019 12:43 pm
When I take a screen shot and blow it up on a computer monitor it looks better, but on the phone screen, the vanguard check image is tiny. The app works in portrait mode and doesn't zoom in and crop the image.
I took the pictures in landscape mode (android), as I do with my Ally Bank mobile deposits. They looked pretty much like the Ally app pictures.

I just manually adjusted the frame around the check, so no zooming required. Yes, Ally improved its functionality some months ago by framing and taking the picture automatically, but before that, it was the same as Vanguard is now.

It looks like you're using a light background. Using a dark background is recommended by both Ally and Vanguard.

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Re: Vanguard mobile check deposit

Post by Kevin M » Tue Jun 18, 2019 1:04 pm

marcopolo wrote:
Tue Jun 18, 2019 9:18 am
The fact that people are happy (seemingly pleasantly surprised) that a basic function like mobile check deposit works at a major financial institution in this day and age feels a little like Stockholm Syndrome.
Vanguard is not a bank, and if anything is moving away from banking functionality by dropping VAA, so I was pleasantly surprised to find that they've added mobile check deposit.

I was going to deposit my check to Fidelity brokerage, but then researched and saw that there is a 4 business day hold on amounts above a certain limit, and my check was way above that limit. The hold is on transferring money out of Fidelity, which was the objective.

Ally is better, with funds between $200 and $25K available the second business day. This would allow me to get the money into Vanguard Treasury MM faster than using Fidelity. With check deposited yesterday, I could have placed the order today, and it would not have hit Ally until tomorrow earliest, and probably the day after, but I'd start earning interest in the MM fund today.

I think I read that Vanguard mobile deposit is available for trading on trade date, which I thought would be today, but it's not yet. Perhaps not until after market closes, but then I can't move it to Treasury MM until tomorrow. I'll see how it works out, but may actually be quicker to deposit to Ally.

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Re: Vanguard mobile check deposit

Post by jhfenton » Tue Jun 18, 2019 1:37 pm

Kevin M wrote:
Tue Jun 18, 2019 12:53 pm
jhfenton wrote:
Tue Jun 18, 2019 12:43 pm
When I take a screen shot and blow it up on a computer monitor it looks better, but on the phone screen, the vanguard check image is tiny. The app works in portrait mode and doesn't zoom in and crop the image.
I took the pictures in landscape mode (android), as I do with my Ally Bank mobile deposits. They looked pretty much like the Ally app pictures.

I just manually adjusted the frame around the check, so no zooming required. Yes, Ally improved its functionality some months ago by framing and taking the picture automatically, but before that, it was the same as Vanguard is now.

It looks like you're using a light background. Using a dark background is recommended by both Ally and Vanguard.

Kevin
Thanks, Kevin.

1. I just checked again, and I misspoke a bit. The Vanguard app takes the picture in landscape, but then it reverts to portrait when displaying the photo (as you can see in my screenshot). That makes the photo harder to see. You can get it back to landscape, but you have to manually unlock rotation and twist the phone around. Other apps do it automatically, but at least I know now that I can do it manually. It will definitely help make the resulting photo more legible.

2. The background was my desk, and the photo was only for demonstration purposes. (The dark background is recommended to make automatic edge detection easier. Vanguard may do edge detection, but it's not visible in the app. My credit union uses it to automatically crop and display the photo.)
Kevin M wrote:
Tue Jun 18, 2019 1:04 pm
I think I read that Vanguard mobile deposit is available for trading on trade date, which I thought would be today, but it's not yet. Perhaps not until after market closes, but then I can't move it to Treasury MM until tomorrow. I'll see how it works out, but may actually be quicker to deposit to Ally.
That's what I've been doing too, and it probably makes sense just to keep doing it: check -> credit union -> Vanguard, all credited immediately (at least for small amounts). And in the unlikely event there is ever a problem with a deposited check, I can resolve it at the local branch instead of dealing with Vanguard on the phone.

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Re: Vanguard mobile check deposit

Post by abuss368 » Tue Jun 18, 2019 8:42 pm

I did not know this was an option. Is it only for brokerage accounts? What is one has a mutual fund account with a prime money market fund?
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Re: Vanguard mobile check deposit

Post by jhfenton » Wed Jun 19, 2019 10:56 am

abuss368 wrote:
Tue Jun 18, 2019 8:42 pm
I did not know this was an option. Is it only for brokerage accounts? What is one has a mutual fund account with a prime money market fund?
I believe it has worked for mutual fund accounts for a long time. When we moved our accounts to Vanguard in 2015, I found the option in the Vanguard app, but wouldn't work for any of our 5 brokerage accounts. They promised at the time that it was coming to brokerage accounts, and it finally arrived some time in 2018.

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Re: Vanguard mobile check deposit

Post by Kevin M » Wed Jun 19, 2019 1:24 pm

Kevin M wrote:
Tue Jun 18, 2019 1:04 pm
I think I read that Vanguard mobile deposit is available for trading on trade date, which I thought would be today, but it's not yet. Perhaps not until after market closes, but then I can't move it to Treasury MM until tomorrow. I'll see how it works out, but may actually be quicker to deposit to Ally.
Trade date for the deposit shows as 6/18, yesterday, with settlement date the same. On same date, it was swept into Federal MM fund, so started earning interest as of 6/18.

Again, what I'm seeing does not seem to be consistent with what's said in the FAQ:
Vanguard: Technical FAQs—Mobile check investment wrote: When will the check be posted to my account?

For purchases by check into all funds other than money market funds, and for purchases by exchange, wire, or electronic bank transfer (not using an automatic investment plan) into all funds: If the purchase request is received by Vanguard on a business day before the close of regular trading on the NYSE (generally 4 p.m., Eastern time), the trade date for the purchase will be the same day. If the purchase request is received on a business day after the close of regular trading on the NYSE, or on a non-business day, the trade date for the purchase will be the next business day.

For purchases by check into money market funds: If the purchase request is received by Vanguard on a business day before the close of regular trading on the NYSE (generally 4 p.m., Eastern time), the trade date for the purchase will be the next business day. If the purchase request is received on a business day after the close of regular trading on the NYSE, or on a non-business day, the trade date for the purchase will be the second business day following the day Vanguard receives the purchase request. Because money market instruments must be purchased with federal funds and it takes a money market mutual fund one business day to convert check proceeds into federal funds, the trade date for the purchase will be one business day later than for other funds.
I've underlined the relevant parts.

I deposited the check on 6/17, several hours after market was closed, and selected fund was Federal MM fund. According to the underlined parts in the second paragraph, the trade date should have been 6/19, the second business day after the "purchase request", but it is 6/18.

The discrepancy may be that when you do a mobile deposit directly, rather than as part of a MM fund purchase, your only choice is for the check to go into your Federal MM fund, so maybe the extra day to convert to federal funds is not required, because it's already federal funds.

The FAQ specifies two ways to do mobile deposits:
You can access mobile check from the more menu on iPhone or Android and from the navigation bar on the iPad, or when you begin to buy or exchange into a fund. Once you've selected a fund and an amount, choose check as your funding method. You'll then be prompted to take a picture of the front and back of your signed check using the camera in your device. We'll use the image to process your transaction.
I used the first way, for which the only valid choice is Fed MM. Maybe if you do it the second way, as part of a different MM fund purchase, it takes an extra day?

For me, doing it the first way is better, since it starts earning Fed MM interest a day earlier than it would start earning interest in another MM, and Fed MM compound TEY for me is 2.55%, which is only 10 basis points less than Treasury MM at 2.65%. If I can do the deposit when the market is open, I don't think there's a better option.

Ally gives you a little more time for the mobile deposit to post the same day--until 7pm ET, vs. 4pm ET for Vanguard (other than days the market closes early). Then $200 is available next business day, and the amount between $200 and $25K becomes available 2nd business day (I assume this is relative to the post day).
Ally Bank: Deposit FAQs wrote:Ally eCheck Deposits submitted before 7 pm ET Monday through Friday will post that evening, and you'll see the funds in your account the next business day. For example, if you deposit a check at 6:30 pm ET on Thursday, you'll see it in your account on Friday (unless you make a deposit on a non-business day or holiday).

Ally eCheck Deposits submitted after 7 pm ET Monday through Friday will post the evening of the next business day, and you'll see the funds in your account on the 2nd business day. For example, if you deposit a check at 7:30 pm ET on Thursday, you'll see it in your account on Monday (unless you make a deposit on a non-business day or holiday).

If you deposit a check over $25,000:

The first $200 will be available the next business day
Up to $24,800 will be available the 2nd business day
Remaining amounts over $25,000 will be available the 5th business day

We may hold all funds up to 5 business days if we believe a check you deposited won’t be paid, a check you deposited was returned unpaid or you have repeatedly overdrawn your account in the last 6 months.
So maybe there's a 3-hour window when I could earn an extra day of interest at the Ally savings rate of 2.2%, but to get it into a higher yielding Vanguard MM as quickly as possible, I'd have to do deposits/purchases for $201 - $25K this way, during that 3-hour window, counting on all of these things to work:
  1. Deposit to Ally savings account, and use savings account to make the Vanguard purchase, or rely on checking overdraft from savings.
  2. Enter the MM purchase order before market closes the next day (T = next business day after deposit to Ally, first $200 available).
  3. No problems with the deposit.
  4. Vanguard purchases usually don't hit Ally until T+2, but even at T+1 (2nd business day after Ally deposit), it should work.
I think I'd be a little nervous about #3, and would be somewhat uncomfortable entering the purchase order at Vanguard before verifying the availability of the funds at Ally.

So, I think mobile check deposit to Vanguard is my preference at this point, with the possible exception of Friday between 4pm and 7pm ET, in which case I'd earn three extra days of interest at 2.2% (more on a holiday weekend): F, S, Su since the Vanguard deposit would have a trade date of M.

I know this will seem silly to many, since a day or three of extra interest is not much, but I find it kind of fun and interesting to optimize these things.

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Re: Vanguard mobile check deposit

Post by Kevin M » Wed Jun 19, 2019 2:04 pm

Kevin M wrote:
Mon Jun 17, 2019 7:07 pm
cryptormorf wrote:
Tue Dec 18, 2018 3:13 pm
What is the point of mobile check investment if this limitation as in place? Wouldn't almost all customers have a brokerage account with both a settlement fund and mutual fund(s)?
Can I use mobile check investment to add money to my brokerage account settlement fund?
Not if you have a Vanguard Brokerage Account that holds Vanguard mutual funds, including your settlement fund, but we expect to offer that service soon. If your settlement fund isn't in your Vanguard Brokerage Account, you can still invest checks using mobile check investment.
The FAQ still has this language, which I find quite confusing. If I'm understanding it correctly, it does not seem to have applied to the deposit I made today, as the account is a brokerage account, you can only make the deposit to the settlement fund (I tried to change it to Treasury MM fund, and got an error message indicating I could only use Federal MM fund), and the account holds other Vanguard mutual funds, which happen to be Treasury MM fund and Prime MM fund.

Maybe the FAQ just hasn't been updated.
As of today, the FAQ no longer includes this paragraph. Either Vanguard has been listening to us, or they just happened to have updated the FAQ to remove this as after we noted that it does currently not seem correct.

Kevin
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Kevin M
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Re: Vanguard mobile check deposit

Post by Kevin M » Wed Jun 19, 2019 2:10 pm

Kevin M wrote:
Mon Jun 17, 2019 7:07 pm
cryptormorf wrote:
Tue Dec 18, 2018 3:13 pm
[*] How does the record of the deposit appear in the transaction history? Can you view the image of the check?
Immediately after the deposit, I see it in Pending activity as "Mobile Check". However, I don't see it included in my Total credits and debits balance. Electronic purchases show up immediately in my credits/debits balance.

I don't see any check images at this point. Will update once it moves from Pending activity to Transaction history.
Now in Transaction history, and still no check images available as far as I can see. It now shows up as MOBI CHECK PURCHASE for Additional description, and as Check received for Transaction description.

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Re: Vanguard mobile check deposit

Post by Artsdoctor » Wed Jun 19, 2019 2:20 pm

To be honest, the only expectation I have of mobile checks being deposited at Vanguard is that they'll be available "sometime in the near future." We had to empty out my FIL's account and became very familiar with the using Vanguard's mobile check deposit services. We were limited by the maximum deposit amounts and had to make mobile deposits everyday for a while. It always worked, but the software was glitchy, it gave messages which really meant nothing, it sometimes threatened not to accept the photo only to take it in the end, but the deposits always went through. By the time we had finished our deposit process, we had learned to ignore nearly everything and just shove the data through . . .

Having dealt with Schwab and Fidelity a lot over the past year or so, I always feel like I'm operating in slow motion at Vanguard. Everything related to mutual funds goes fine, but anything at all related to brokerage services is very s.l.o.w... when compared to other institutions.

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Re: Vanguard mobile check deposit

Post by indexfundfan » Wed Jun 19, 2019 2:22 pm

Vanguard's prospectus has the following:

Earning Dividends
You generally begin earning dividends on the business day following your trade date.
When buying money market fund shares through a federal funds wire on a business
day, however, you generally can begin earning dividends immediately by making a
purchase request by telephone to Vanguard before 10:45 a.m., Eastern time (2 p.m.,
Eastern time, for Vanguard Prime Money Market Fund; 12:30 p.m., Eastern time, for
Vanguard Federal Money Market Fund).

You generally will continue earning dividends until the first business day following your
trade date. Generally, there are two exceptions to this rule: (1) If you redeem shares
by writing a check against your account, the shares will stop earning dividends on the
day that your check posts to your account; and (2) For money market funds, if you
redeem shares with a same-day wire request before 10:45 a.m., Eastern time, on a
business day (2 p.m., Eastern time, for Vanguard Prime Money Market Fund; 12:30
p.m., Eastern time, for Vanguard Federal Money Market Fund), the shares will stop
earning dividends that same day.
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Re: Vanguard mobile check deposit

Post by abuss368 » Wed Jun 19, 2019 3:13 pm

jhfenton wrote:
Wed Jun 19, 2019 10:56 am
abuss368 wrote:
Tue Jun 18, 2019 8:42 pm
I did not know this was an option. Is it only for brokerage accounts? What is one has a mutual fund account with a prime money market fund?
I believe it has worked for mutual fund accounts for a long time. When we moved our accounts to Vanguard in 2015, I found the option in the Vanguard app, but wouldn't work for any of our 5 brokerage accounts. They promised at the time that it was coming to brokerage accounts, and it finally arrived some time in 2018.
Thank you for explaining. I was unaware.
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Re: Vanguard mobile check deposit

Post by Kevin M » Thu Jun 20, 2019 4:23 pm

indexfundfan wrote:
Wed Jun 19, 2019 2:22 pm
Vanguard's prospectus has the following:

Earning Dividends
You generally begin earning dividends on the business day following your trade date.
<snip>
Yes, that's what I'd expect, since the trade typically settles the following business day (T+1). However, using the Balances by date functionality, I see the accrued dividends increase proportionally to the trade amount on the trade date for purchases of VUSXX from an external account or from the settlement fund.

I've already mentioned that according to the mobile check deposit FAQ, which has the same language as the prospectus on trade dates for check deposits to MM funds, I should have received a trade date of 6/19 for my check deposit to Fed MM fund after market close on 6/17. However, as already stated, the trade date was 6/18, and the settlement date also was 6/18.

As far as I can tell by the accrued dividend history, I started earning VMFXX interest on the check deposit on 6/18 (trade date and settlement date). It's a little confusing, because I also did a purchase of VUSXX on 6/18 (settlement 6/19) via EFT from an external account, and another purchase of VUSXX on 6/19 (settlement 6/20) from the settlement fund (VMFXX + net cash), so there are several sweep transactions between cash, margin and Fed MM fund related to these purchases.

Balances by date indicates that I accrued interest in both VMFXX and VUSXX on 6/19 for the VUSXX purchase amount for trade date 6/19. Doesn't seem to make sense, but I can't explain the accrued dividends I see any other way.

Kevin
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