Requested rollover overnight envelope 6/4..don't have 6/13

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RetireBy55
Posts: 101
Joined: Wed Nov 30, 2016 6:20 pm

Requested rollover overnight envelope 6/4..don't have 6/13

Post by RetireBy55 » Wed Jun 13, 2018 6:29 pm

Hey gang..another example of VG not having their act together.

We're doing a large 401K to IRA rollover, and are Flagship customers. We called VG Flagship "Services" on 6/4 and requested they send us an overnight envelope, so that when we received the rollover check, we could get it to them quickly.

10 days later - no rollover envelope.

I realize I can buy my own and the cost is pretty minimal ($20'ish), but if the company can't get us a no-cost overnight mailing label within a day or two, maybe we should take our large rollover to another company like Fidelity instead.

What good does it do to receive an "overnight" mailing envelope more than a week later?!!

Really unacceptable service. I'm seriously beginning to lose faith in VG. They penny pinch way too much to do an even average level of service. Seriously thinking of moving our fairly large portfolio that is with them elsewhere.

Engineer250
Posts: 1042
Joined: Wed Jun 22, 2016 1:41 pm

Re: Requested rollover overnight envelope 6/4..don't have 6/13

Post by Engineer250 » Wed Jun 13, 2018 6:40 pm

What's a rollover envelope?

When I rolled over money to VG I just took the check I received from where it came from and sent it US postal service in a regular envelope to VG. I think maybe there was a letter from VG with the account number it was going into to make it easier for them to process. They never told me about needing a special envelope. The letter or whatever it was was sent digitally to my VG inbox so I had it same day as talking to the person.
Where the tides of fortune take us, no man can know.

RetireBy55
Posts: 101
Joined: Wed Nov 30, 2016 6:20 pm

Re: Requested rollover overnight envelope 6/4..don't have 6/13

Post by RetireBy55 » Wed Jun 13, 2018 6:43 pm

We requested an overnight / pre-paid label so that we didn't have a large sum of $$ floating around through the US Postal Service. Wanted direct, overnight delivery with tracking #. They did this one time before so we (apparently foolishly) thought they'd do it again.

I realize I can buy my own, but do think that with a big sum of $$ coming that the company should help facilitate receiving it. If VG doesn't want to, Fidelity is ALL OVER US frequently. They know that a relationship with us will equal profits and are bending over backwards to get even a piece of our business. VG doesn't appear to get that.

So, another example of penny wise and dollar foolish as my grandmammy used to say.

neilpilot
Posts: 1818
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: Requested rollover overnight envelope 6/4..don't have 6/13

Post by neilpilot » Wed Jun 13, 2018 6:49 pm

RetireBy55 wrote:
Wed Jun 13, 2018 6:43 pm
We requested an overnight / pre-paid label so that we didn't have a large sum of $$ floating around through the US Postal Service. Wanted direct, overnight delivery with tracking #. They did this one time before so we (apparently foolishly) thought they'd do it again.

I realize I can buy my own, but do think that with a big sum of $$ coming that the company should help facilitate receiving it. If VG doesn't want to, Fidelity is ALL OVER US frequently. They know that a relationship with us will equal profits. VG doesn't appear to get that.
When I read these posts I sure am glad I closed my Vanguard 401k. When I retired and received my 401k rollover check, I drove 7 miles to the local Scottrade (now TDA) office and deposited into a new tIRA. It was processed the same day and Scottrade gave me a $1k new account bonus.

Broken Man 1999
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Re: Requested rollover overnight envelope 6/4..don't have 6/13

Post by Broken Man 1999 » Thu Jun 14, 2018 2:10 pm

Perhaps they mailed your "overnight envelope" via regular first-class mail.

Or did you expect them to mail your "overnight envelope" in an overnight envelope?

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

jebmke
Posts: 8280
Joined: Thu Apr 05, 2007 2:44 pm

Re: Requested rollover overnight envelope 6/4..don't have 6/13

Post by jebmke » Thu Jun 14, 2018 2:17 pm

I have been an advocate of not changing two things at once. If I am changing tax attributes (401(k) to IRA) I have done that within the same custodian. Then I do the custodian change. When I rolled my Fidelity 401(k) into a Traditional IRA and ROTH IRA, the rollover took 10 minutes on the phone with a Fidelity rep. Once that was done, I submitted paper work to Vanguard to do a custodian to custodian transfer of the IRAs - that way, they owned that process end to end. It went off without a hitch. The whole transfer took about 2 days once they received the signed IRA form from me.
When you discover that you are riding a dead horse, the best strategy is to dismount.

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jeffyscott
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Location: Wisconsin

Re: Requested rollover overnight envelope 6/4..don't have 6/13

Post by jeffyscott » Fri Jun 15, 2018 4:29 pm

neilpilot wrote:
Wed Jun 13, 2018 6:49 pm
When I read these posts I sure am glad I closed my Vanguard 401k. When I retired and received my 401k rollover check, I drove 7 miles to the local Scottrade (now TDA) office and deposited into a new tIRA. It was processed the same day and Scottrade gave me a $1k new account bonus.
It is nice to be able to drive a few miles, deposit the check and then drive home and reinvest that same day. In contrast, Vanguard means maybe 3 days in the mail, followed by maybe another 2 weeks for them to process the check.
press on, regardless - John C. Bogle

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