Dale_G wrote: ↑
Wed Jul 11, 2018 5:18 pm
According to my Vanguard rep required
2FA is being rolled out to 500,000 Vanguard clients now, but they expect to require all clients to use 2FA by the end of the year.
It won't work well for son #2 stationed at a US military facility (a remote island east of Africa - south of India). There is no cell service, no incoming phone calls, and internet access is via DOD computers that do not accept cookies. But outgoing calls are possible, and my rep assures me that telephone transactions will work (depending on whether the telephone satellite is above the horizon during Vanguard working hours.) We'll see about that.
Lucky for us, he is travelling in Eastern Europe at the moment -and we were able to do the Limited Agent thing, so I can transact for him.
I suspect the criminal class and other ne'er-do-wells cost society at least 3% in terms of dollars and inconvenience. 2FA is one of the costs.
Just received the email 2FA will be required starting Sept. 26th.
Their implementation is truly atrocious, given that no foreign phone numbers, nor emails can be used.
I travel overseas frequently and, at times, for substantial periods and therefore I will be effectively barred from accessing my account at those times.
The thing that really riles me is that all this is completely unnecessary; a bad solution to a non-existing problem.
Funds transfers can only be made to/from bank accounts that have to be verified through a rather lengthy procedure and should I request a check, it can only be mailed to my address of record. I don't see how an evil-doer may put their hands on my money and I'm pretty confident the NK secret service is not going to exchange funds in my accounts just for the fun of it.
I sent an email stating my profound dissatisfaction after 20 years of investing with Vanguard. Hopefully, I'm not alone and some negative feedback will make them reconsider.
On a side note, I never changed my account to the "brokerage" type (and very happily so!). My wife though has the new structure. Is there a way to invest directly from bank account to the desired fund, without passing through the settlement fund first ?