Thinking of closing out my Vanguard Account

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Topic Author
stev
Posts: 77
Joined: Wed May 09, 2012 12:21 am
Location: Northern CA, near OR border

Thinking of closing out my Vanguard Account

Post by stev »

And putting ALL my Vanguard MONEY in the local, brick and mortar Charles Schwab. 20 miles from my house.
I am 75 years old.
Would be nice to to walk in and talk, face to face/ rather than telephone/ website at Vanguard.
Maybe walk out with a "check" if I needed $.
I have ALL my money in Vanguard.... Funds....like S&P 500 and MMF. Have my IRA with them too.
Have my checking account/ $250 min with Vanguard.
So would need same with Schwab.
Thanks.
Last edited by stev on Thu Jun 11, 2020 12:40 pm, edited 1 time in total.
livesoft
Posts: 73369
Joined: Thu Mar 01, 2007 8:00 pm

Re: Thinking of closing out my Vanguard Account

Post by livesoft »

I am not sure that one could walk out of a Charles Schwab with a check or even any cash at all. But one can always request an ACH out and maybe a wire transfer. If this "walk out" is a requirement, then you should really find out for sure.
Wiki This signature message sponsored by sscritic: Learn to fish.
User avatar
Cheez-It Guy
Posts: 1102
Joined: Sun Mar 03, 2019 4:20 pm

Re: Thinking of closing out my Vanguard Account

Post by Cheez-It Guy »

1. Why?
2. Do you really want to prefer face-to-face banking interaction in the current environment and especially at your stated age?
jebmke
Posts: 11443
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Thinking of closing out my Vanguard Account

Post by jebmke »

Do you have a question or just making a statement? Schwab is a good firm as are Fidelity, Vanguard and a handful of others.
When you discover that you are riding a dead horse, the best strategy is to dismount.
User avatar
abuss368
Posts: 21628
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: Thinking of closing out my Vanguard Account

Post by abuss368 »

stev wrote: Thu Jun 11, 2020 12:37 pm And putting ALL my Vanguard MONEY in the local, brick and mortar Charles Schwab. 20 miles from my house.
I am 75 years old.
Would be nice to to walk in and talk, face to face/ rather than telephone/ website at Vanguard.
Maybe walk out with a "check" if I needed $.
I have ALL my money in Vanguard.... Funds....like S&P 500 and MMF. Have my IRA with them too.
Have my checking account/ $250 min with Vanguard.
So would need same with Schwab.
Thanks.
I would do what is best for your current situation. I have no desire or need for visiting any banks or investment houses. I can have our money from Vanguard in our checking account in a couple days.

I am not too familiar with Charles Schwab but I did not think they were a bank that one can walk out with a check.

For us, moving to Vanguard was the best financial decision we ever made.
John C. Bogle: “Simplicity is the master key to financial success."
User avatar
abuss368
Posts: 21628
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: Thinking of closing out my Vanguard Account

Post by abuss368 »

You may not want to visit any branches at your age considering the current health risks.
John C. Bogle: “Simplicity is the master key to financial success."
Jack FFR1846
Posts: 12674
Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: Thinking of closing out my Vanguard Account

Post by Jack FFR1846 »

I have a Schwab account and their closest office is 20 miles away. I've made numerous cash in, cash out transactions, yet have never set foot in their office.

I also have a TDAmeritrade account and their office is 12 miles away. I've never been there but roughly know it's across the street from Music Go Round, where I buy and sometimes sell guitars.

I have a Fidelity account and they have an office 10 miles away. I once stopped in with my wife because an account we were attempting to transfer over to Fidelity sent a 19 page confusing form, so I asked them how to fill it out. They filled it out, my wife signed it and they notarized it.

When I want cash money, I get if from my credit union ATM, which is next to my office and 5 miles from my house. I typically need to get cash as many as 6 times a year. I sometimes transfer the money to my credit union from Schwab or Redneck Bank or Ally. I've never needed to speak with actual people. I'm only 63. Maybe it's a generational thing. I do know my 86 year old father in law much prefers walking into my son's college Bursar's office to hand them an actual check rather than ACH'ing it in or even mailing it in. He wants to know his gift has made it to it's destination, I guess.
Bogle: Smart Beta is stupid
iamblessed
Posts: 736
Joined: Sat Jun 09, 2018 11:52 am

Re: Thinking of closing out my Vanguard Account

Post by iamblessed »

Nothing wrong with that. I like to walk in to. I think that has value. You can hold vanguard ETF's at Schwab.
livesoft
Posts: 73369
Joined: Thu Mar 01, 2007 8:00 pm

Re: Thinking of closing out my Vanguard Account

Post by livesoft »

Jack FFR1846 wrote: Thu Jun 11, 2020 12:52 pm When I want cash money, I get if from my credit union ATM, which is next to my office and 5 miles from my house.
Typically, there is a daily limit to the amount of cash that one can get out of an ATM. Somehow, I think the OP might want to have a few hundred thousand dollars in their hand when they leave their brokerage office.

But no one has yet answered in this thread if one can get cash or even a check to walk out with by walking into a Schwab office.
Last edited by livesoft on Thu Jun 11, 2020 12:57 pm, edited 1 time in total.
Wiki This signature message sponsored by sscritic: Learn to fish.
User avatar
Sheepdog
Posts: 5629
Joined: Tue Feb 27, 2007 3:05 pm
Location: Midwest, retired 1998 at age 65

Re: Thinking of closing out my Vanguard Account

Post by Sheepdog »

Would you advise why you call Vanguard regularly? I am 87 and it has been well over 20 years since I felt the need to do so. I keep a money market account from which I can write checks (over $250) or I can transfer any other amount to my at home checking account. From my IRAs I can set up similar. I write checks ($250 minimum from my IRA when needed.) Every financial action I need can be done via my computer. It has been very easy and rewarding.

PM to me if you would like to discuss more.
Time is the school in which we learn, time is the fire in which we burn.~ Delmore Schwartz
02nz
Posts: 5566
Joined: Wed Feb 21, 2018 3:17 pm

Re: Thinking of closing out my Vanguard Account

Post by 02nz »

I also have a Schwab account, yet I've never been inside of a branch. I don't see the point when I can sell at any brokerage and have money in my bank account within a few days. Even if I walked in, told them to liquidate certain funds, I don't think they could cut a check right away (if that's even possible in branch) - the transaction has to go through (basically instantaneous for ETFs, COB for mutual funds) and then settle. It would almost certainly take as long or longer than online, certainly longer factoring in a 40-mile roundtrip.

I wonder if part of this is that you feel having your holdings at Schwab is more secure, because they have a branch you can visit? Sometime people feel this way too about online vs brick and mortar banks. I can understand that feeling but there's zero difference. It's not like your funds are going to be held in vault in a branch or something (heck that wouldn't make me feel better at all).
02nz
Posts: 5566
Joined: Wed Feb 21, 2018 3:17 pm

Re: Thinking of closing out my Vanguard Account

Post by 02nz »

livesoft wrote: Thu Jun 11, 2020 12:56 pm But no one has yet answered in this thread if one can get cash or even a check to walk out with by walking into a Schwab office.
If you have a checking account with them, or cash in the sweep funds, probably. Almost certainly not if selling stocks/ETFs or mutual funds since those have to settle.
User avatar
Doom&Gloom
Posts: 3590
Joined: Thu May 08, 2014 3:36 pm

Re: Thinking of closing out my Vanguard Account

Post by Doom&Gloom »

Jack FFR1846 wrote: Thu Jun 11, 2020 12:52 pm I have a Schwab account and their closest office is 20 miles away. I've made numerous cash in, cash out transactions, yet have never set foot in their office.

...
Same here. My account with Schwab was transferred to that office when I moved here 30 years ago, so I'm 0 for 30 years and counting. I never set foot in any of their other offices either.

If I need a cash, I go to my local bank. If I need coffee, I go to my kitchen, Starbucks, or one of several other local coffee shops within 5 miles of home.

OP, if it were around the block, maybe. 20 miles? No way!
increment
Posts: 368
Joined: Tue May 15, 2018 2:20 pm

Re: Thinking of closing out my Vanguard Account

Post by increment »

02nz wrote: Thu Jun 11, 2020 1:02 pm
livesoft wrote: Thu Jun 11, 2020 12:56 pm But no one has yet answered in this thread if one can get cash or even a check to walk out with by walking into a Schwab office.
If you have a checking account with them, or cash in the sweep funds, probably.
In the few times that I have done in-person transactions, the Schwab office does not handle Schwab Bank business. They will take a deposit into your Schwab brokerage account, which you can then (not in person) transfer into your Schwab Bank account. So I doubt that you can take money out of your Schwab Bank account at your local Schwab branch.
Broken Man 1999
Posts: 5064
Joined: Wed Apr 08, 2015 11:31 am
Location: West coast of Florida, inland on high ground!

Re: Thinking of closing out my Vanguard Account

Post by Broken Man 1999 »

Well, OP, I am younger than you by several years, and at the moment, I have no desire to visit most any establishment other than my barber. I need her to give me a shave line, as my beard is getting unruly. I am afraid of DW working around my throat with a sharp instrument in her hands. :shock:

I have check-writing on my account, plus I can transfer next day to my credit union if I request before noon and the next day is a business day. So, I'm covered well if I need a check for myself or someone else. I have an alternate fund to draw on if I didn't have $$$ in my settlement account, and that is usually the case as I keep very little cash anywhere.

I'm not sure you have to go to a physical location for a check. But if you want to chat in person, you gotta go, for sure.

If I wasn't at Vanguard I would be OK at Schwab. Charles Schwab did for individual stock buys what Mr Bogle did for mutual funds. Seems to have been trusted by Mr Bogle, he mentioned the firm in one of his books, IIRC.

OP, are you desiring to keep your Vanguard investments, or do you want to liquidate (after move) and buy Schwab offerings?

Are you looking for specific info about your investing/investments? Or are you just looking for conversation?

You should do what makes you happy, and if personal contact is what you want, go for it! There is nothing wrong with that at all.

Good luck on your quest!

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain
User avatar
Cheez-It Guy
Posts: 1102
Joined: Sun Mar 03, 2019 4:20 pm

Re: Thinking of closing out my Vanguard Account

Post by Cheez-It Guy »

I'm not sure I'm understanding the allure of leaving an establishment with a check in hand. Vanguard offers checkwriting inclusive of the use of an alternate redemption fund which can be selected from among money market and bond funds. It sounds like you have that. What is stopping you writing a check with this method?
RadAudit
Posts: 3915
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: Thinking of closing out my Vanguard Account

Post by RadAudit »

livesoft wrote: Thu Jun 11, 2020 12:56 pm . Somehow, I think the OP might want to have a few hundred thousand dollars in their hand when they leave their brokerage office.
Does the brokerage provide an armored car for the ride home?

If anyone wanted to steal more than $20 (max) from my house, they'd have to bring it with them when they broke in. Almost all of our transactions are via checks at the local bank or credit cards.
FI is the best revenge. LBYM. Invest the rest. Stay the course. - PS: The cavalry isn't coming, kids. You are on your own.
makingmistakes
Posts: 80
Joined: Sun Jan 19, 2020 7:59 am

Re: Thinking of closing out my Vanguard Account

Post by makingmistakes »

Sheepdog wrote: Thu Jun 11, 2020 12:57 pm Would you advise why you call Vanguard regularly? I am 87 and it has been well over 20 years since I felt the need to do so. I keep a money market account from which I can write checks (over $250) or I can transfer any other amount to my at home checking account. From my IRAs I can set up similar. I write checks ($250 minimum from my IRA when needed.) Every financial action I need can be done via my computer. It has been very easy and rewarding.

PM to me if you would like to discuss more.
I probably won’t make it to 87, but if I do and if I’m half as sharp as you appear to be, I’ll consider myself blessed!
User avatar
galawdawg
Posts: 1275
Joined: Thu Dec 14, 2017 12:59 pm
Location: Georgia

Re: Thinking of closing out my Vanguard Account

Post by galawdawg »

I wonder how many more "in defense of Vanguard" posts a certain Boglehead needs before he can change his avatar to this:

Image

Couldn't resist... :wink: :beer
User avatar
beyou
Posts: 3273
Joined: Sat Feb 27, 2010 3:57 pm
Location: Northeastern US

Re: Thinking of closing out my Vanguard Account

Post by beyou »

I used to work in same building as a branch of an online broker where I had an acct. Went in one day to ask for help, they told me I had to call customer service at their HQ to get the help I needed. The branch seemed only a sales office, and I don’t need sales.

Most of my investments are at Vanguard, but still have a local bank (broker is not a bank), and online banking. I may go to branch once every few years to get a large check car ourchase etc), but my online bank and broker can do same via mail.
bondsr4me
Posts: 1525
Joined: Fri Oct 18, 2013 7:08 am

Re: Thinking of closing out my Vanguard Account

Post by bondsr4me »

makingmistakes wrote: Thu Jun 11, 2020 6:06 pm
Sheepdog wrote: Thu Jun 11, 2020 12:57 pm Would you advise why you call Vanguard regularly? I am 87 and it has been well over 20 years since I felt the need to do so. I keep a money market account from which I can write checks (over $250) or I can transfer any other amount to my at home checking account. From my IRAs I can set up similar. I write checks ($250 minimum from my IRA when needed.) Every financial action I need can be done via my computer. It has been very easy and rewarding.

PM to me if you would like to discuss more.
I probably won’t make it to 87, but if I do and if I’m half as sharp as you appear to be, I’ll consider myself blessed!
+1
Amen to that!
CardioMD
Posts: 169
Joined: Thu Feb 06, 2020 11:40 am

Re: Thinking of closing out my Vanguard Account

Post by CardioMD »

Schwab locations are actually very convenient. We have a small taxable account and checking account with Schwab. I’ve gone in several times to deposit checks. They’re always helpful. Highly recommend Schwab.
“The stock market is a giant distraction from the business of investing.” -Jack Bogle
User avatar
TomatoTomahto
Posts: 11140
Joined: Mon Apr 11, 2011 1:48 pm

Re: Thinking of closing out my Vanguard Account

Post by TomatoTomahto »

galawdawg wrote: Thu Jun 11, 2020 6:34 pm I wonder how many more "in defense of Vanguard" posts a certain Boglehead needs before he can change his avatar to this:

Image

Couldn't resist... :wink: :beer
Of all the complaints against Vanguard, the one I really don’t understand is the lack of brick and mortar offices. Many years ago, we needed to execute a pretty bog standard (or so I thought) transaction at Fidelity and went to the local Fidelity office. You know what happened? They put me on the phone to a “specialist.” Who proceeded to mess up the transaction — we ate the 4 digit tax consequence because life.is.short.
Okay, I get it; I won't be political or controversial. The Earth is flat.
User avatar
Cheez-It Guy
Posts: 1102
Joined: Sun Mar 03, 2019 4:20 pm

Re: Thinking of closing out my Vanguard Account

Post by Cheez-It Guy »

galawdawg wrote: Thu Jun 11, 2020 6:34 pm I wonder how many more "in defense of Vanguard" posts a certain Boglehead needs before he can change his avatar to this:

Image

Couldn't resist... :wink: :beer
How many before you can change yours to this?:

Image

Or perhaps this?:

Image

People post about things that interest them. Doesn't make them corporate shills. There are many fans of Vanguard on this forum willing to overlook their foibles (perhaps you used to count yourself in this camp), but in my case I can only assure you that I have zero connection to the company other than being an account holder.
User avatar
nisiprius
Advisory Board
Posts: 42005
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: Thinking of closing out my Vanguard Account

Post by nisiprius »

1) Vanguard clearly offers a narrower range of services than Schwab and Fidelity. It is what it is. If you need something that Vanguard doesn't offer and Schwab or Fidelity offers it, it's a good reason to go with Schwab or Fidelity.

2) If you set up checkwriting privileges on your Vanguard account, you can, Vanguard tells me, specify a secondary account like a bond fund from which checks will draw if the check amount exceeds the settlement account. In other words, you can get a check just by writing one--no need to go to any physical office.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
User avatar
investor.saver1
Posts: 339
Joined: Sun Jan 02, 2011 9:43 pm

Re: Thinking of closing out my Vanguard Account

Post by investor.saver1 »

There is a lot to be said for a local branch. I've used Vanguard and am now at Schwab. I realize I'll take heat from the pro Vanguard crowd on this site, but it was a true breath of fresh air in terms of customer service and ease of doing business when I moved my accounts from VG to Schwab. I'm not using Schwab as a bank myself so have no experience from that perspective, but they do indeed have banking service at some locations. Just my two cents.
Investor.Saver1 | | Experience is something you don't get until just after you need it.
Topic Author
stev
Posts: 77
Joined: Wed May 09, 2012 12:21 am
Location: Northern CA, near OR border

Re: Thinking of closing out my Vanguard Account

Post by stev »

Thanks everybody. Lots for me to digest. Good comments.
And no I am not upset or angry with Vanguard. No agenda.
Just trying to simplify my life.
And make it easier on my family, so they can walk into a "real building" when I die.
Hopefully I will be around for a few years tho. :sharebeer
User avatar
tvubpwcisla
Posts: 524
Joined: Sat Nov 09, 2019 10:09 am

Re: Thinking of closing out my Vanguard Account

Post by tvubpwcisla »

Have you considered a hybrid approach? I personally would not do an all or nothing. I do not see any issues at all pulling some of your funds from Vanguard into Schwab for the face-to-face experience you are looking for. Just don't take everything out of Vanguard. I think that would be a mistake.

Good luck!

:sharebeer

:moneybag
Stay invested my friends.
UpperNwGuy
Posts: 4129
Joined: Sun Oct 08, 2017 7:16 pm

Re: Thinking of closing out my Vanguard Account

Post by UpperNwGuy »

I am a few years younger than you (but just a few). I have accounts with Vanguard, Fidelity, and Schwab. There are 3 Fidelity offices and 6 Schwab offices near me, but I have never set foot in any of them. All of my interactions with Fidelity and Schwab are by internet, the same as my interactions with Vanguard. I divide my banking between two large credit unions. Since retiring 7 years ago, I've visited branches of those credit unions a total of 3 times. All my other interactions are by internet.
Call_Me_Op
Posts: 7984
Joined: Mon Sep 07, 2009 2:57 pm
Location: Milky Way

Re: Thinking of closing out my Vanguard Account

Post by Call_Me_Op »

Cheez-It Guy wrote: Thu Jun 11, 2020 12:42 pm 1. Why?
2. Do you really want to prefer face-to-face banking interaction in the current environment and especially at your stated age?
He always has the option of remote access as well.

I have found that there are times when it is really valuable to show-up physically at an investor center.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
stan1
Posts: 8935
Joined: Mon Oct 08, 2007 4:35 pm

Re: Thinking of closing out my Vanguard Account

Post by stan1 »

stev wrote: Fri Jun 12, 2020 7:59 am And make it easier on my family, so they can walk into a "real building" when I die.
Maybe they would find it easier to call a toll free number than go to an office?
User avatar
galawdawg
Posts: 1275
Joined: Thu Dec 14, 2017 12:59 pm
Location: Georgia

Re: Thinking of closing out my Vanguard Account

Post by galawdawg »

Cheez-It Guy wrote: Fri Jun 12, 2020 7:17 am
galawdawg wrote: Thu Jun 11, 2020 6:34 pm I wonder how many more "in defense of Vanguard" posts a certain Boglehead needs before he can change his avatar to this:

Image

Couldn't resist... :wink: :beer
How many before you can change yours to this?:

Image

People post about things that interest them. Doesn't make them corporate shills. There are many fans of Vanguard on this forum willing to overlook their foibles (perhaps you used to count yourself in this camp), but in my case I can only assure you that I have zero connection to the company other than being an account holder.
Ha! That's good! :sharebeer

I was indeed a Vanguard "enthusiast" for nearly thirty years until a consistent series of problems and service failures, and the deaf ear Vanguard turned to complaints and expressions of concerns, caused me to rethink my loyalty to the brand last year. I counted myself very fortunate to have been able to spend time with Jack Bogle several times over the thirty years and I came to realize that the Vanguard that we know today is not the same Vanguard that Jack Bogle created and managed.

That being said, I am still a huge fan of their funds and my portfolio is still comprised entirely of VG mutual funds. But their brokerage arm just can't execute their mission with the same level of excellence and service that they did even five or ten years ago. Now you can buy the exact same Vanguard funds with no transaction fees at other brokerages who offer a wider array of resources to meet the needs of their customers at all stages of their investing life and who perform at a higher level of competence and customer service. I see it as a win-win for investors like me who want to hold Vanguard funds without the Vanguard Brokerage issues. So I went elsewhere. Same great funds, new great brokerage!

While some see Vanguard as leading the way with lower cost advisory services, many overlook the fact that Vanguard will only sell those advisory customers one brand of fund....Vanguard. Now that there are zero cost index funds out there, is Vanguard still acting in the best interests of their AUM clients when they only recommend and sell Vanguard funds, even if there is a lower cost equivalent?? What would Bogleheads say about any other "financial advisor" who charges an AUM fee but only puts clients in his firm's funds?

And take a look at what happened with Vanguard's digital advisory service. As one Boglehead reported yesterday (viewtopic.php?p=5307082#p5307082), Vanguard changed their robo-advisor algorithm mid-stream after he was at a 65/35 allocation that he was comfortable with. And they did so without alerting him of that change. That poster found out after the fact that Vanguard automatically executed a series of transactions to move him on Monday to 85/15 at the recent peak of the market. Does Vanguard now believe in "sell low, buy high"? An allocation of 65/35 only dropped 3.8% yesterday while an allocation of 85/15 dropped 5.1%. So Vanguard's change of his allocation cost that poster a loss he wouldn't have had otherwise. :oops:

The great thing about choice is that those who are happy with Vanguard can stay at Vanguard. And those who aren't satisfied there, for whatever reason, can move elsewhere.
User avatar
Sheepdog
Posts: 5629
Joined: Tue Feb 27, 2007 3:05 pm
Location: Midwest, retired 1998 at age 65

Re: Thinking of closing out my Vanguard Account

Post by Sheepdog »

makingmistakes wrote: Thu Jun 11, 2020 6:06 pm

I probably won’t make it to 87, but if I do and if I’m half as sharp as you appear to be, I’ll consider myself blessed!
Thank you for the compliment, but I don't think I am so sharp, but I am blessed. Now, if I could get my spouse to agree with you.....Naw, that can't happen.

Woof. Woof.
Time is the school in which we learn, time is the fire in which we burn.~ Delmore Schwartz
User avatar
Doc
Posts: 9808
Joined: Sat Feb 24, 2007 1:10 pm
Location: Two left turns from Larry

Re: Thinking of closing out my Vanguard Account

Post by Doc »

I haven't bothered to call Vanguard customer service for several years because of long waits, frequent holds while the person that answered the phone went for help and many times wrong answers anyway.

So question: Do they still not answer the phone nights and weekends?
A scientist looks for THE answer to a problem, an engineer looks for AN answer and lawyers ONLY have opinions. Investing is not a science.
Church Lady
Posts: 637
Joined: Sat Jun 28, 2014 7:49 pm

Re: Thinking of closing out my Vanguard Account

Post by Church Lady »

Every five years or so, I feel the need to walk into a brick and mortar branch of my broker or Credit Union.

Misplaced my ATM card, so I had to get cash from the teller, so to the CU.

Got a substantial check, so to my broker to deposit it. I totally get why you want to walk into a building. These situations come up.

I wanted to get a Schwab account because their High Yield checking ATM card is very, very good for travel outside the USA. The branch is a ten minute walk from my home. But the branch manager informed me they would do a hard credit pull at each of the credit agencies. Considering all I wanted was to deposit my own money and get an ATM card, I thought that was unduly invasive of privacy, a high price to pay for an ATM card that works abroad. I wondered who they were going to sell my information to. I also found out 'high yield' is a relative term; I was getting far better rates at Fidelity and Vanguard.

Some people are bothered by such things. Others, not so much. But look into it.
He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.
Nummerkins
Posts: 483
Joined: Tue Jun 01, 2010 4:41 pm

Re: Thinking of closing out my Vanguard Account

Post by Nummerkins »

Depending on the funds you hold, you could convert Vanguard mutual funds to their ETF equivalents (I have done this before). Then, you can transfer in-kind to Schawb and face no buy/sell fees on the Vanguard ETFs.
Today's high is tomorrow's low.
iamblessed
Posts: 736
Joined: Sat Jun 09, 2018 11:52 am

Re: Thinking of closing out my Vanguard Account

Post by iamblessed »

stev wrote: Fri Jun 12, 2020 7:59 am
And make it easier on my family, so they can walk into a "real building" when I die.
What a great point.
User avatar
Watty
Posts: 20709
Joined: Wed Oct 10, 2007 3:55 pm

Re: Thinking of closing out my Vanguard Account

Post by Watty »

stev wrote: Thu Jun 11, 2020 12:37 pm And putting ALL my Vanguard MONEY in the local, brick and mortar Charles Schwab. 20 miles from my house.
That is 40 miles round trip.

If you do not have a local brick and mortar bank you might consider using one of those in addition to whatever brokerage or mutual fund company you choose to use. I have a physical bank branch that is less than 2 miles that I can go to if I need to. I only keep a few months expenses there.

With the pandemic you need to call them though and make an appointment if you have something that you actually need to go into the bank to do. Otherwise you need to use the drive through or ATM.
Carol88888
Posts: 301
Joined: Wed Jan 24, 2018 2:24 am

Re: Thinking of closing out my Vanguard Account

Post by Carol88888 »

I have accounts with both Schwab and Vanguard mainly because I figure if one has a problem with its website, I can try to place a trade on the other one.

As for checks - this is really a pain with Schwab. I have wanted to take out large sums of money and have had to go into Midtown office with identification to to do it. My local branch near where I live is not one of the offices that is allowed to handle the checks.

On line, you can always put in a request to withdraw up to 100,000 and have it deposited into a bank of your choice. You can do it multiple times and there seems to be no limit.

You will also run the risk that if you step into a branch, a "helpful" broker - I mean salesperson - will try to sell you on something you hadn't thought about buying like private reits that don't trade or high fee annuities.

Just remember - a broker is not your friend.
bacon4retirement
Posts: 43
Joined: Sun Apr 19, 2020 9:59 pm

Re: Thinking of closing out my Vanguard Account

Post by bacon4retirement »

Before transferring everything, have you tried using Schwab's website? I had planned to consolidate all of my DW's accounts at Schwab since her employer stock options flow through Schwab. After struggling with multiple issues on Schwab site, we decided to instead avoid Schwab as much as possible.
jstert
Posts: 13
Joined: Wed Aug 19, 2015 12:23 pm

Re: Thinking of closing out my Vanguard Account

Post by jstert »

two year ago i did what o.p. is considering. not a year later i wholly returned to vg from cs. the cs office staff were nice and the coffee was fine, but i realized that after 30+ years at vg i was used to vg’s way of doing things, starting with how it shares information with customers. the cs physical store exists for sales. except for its fee-less atm fees overseas (i travel alot) cs turned out to be pricier for me. i make my own coffee and am content at vg.
Topic Author
stev
Posts: 77
Joined: Wed May 09, 2012 12:21 am
Location: Northern CA, near OR border

Re: Thinking of closing out my Vanguard Account

Post by stev »

Thanks everybody. I am reading all this. May be having 2nd thoughts.
Kruser64
Posts: 36
Joined: Wed Feb 20, 2019 6:41 pm

Re: Thinking of closing out my Vanguard Account

Post by Kruser64 »

stan1 wrote: Fri Jun 12, 2020 8:44 am
stev wrote: Fri Jun 12, 2020 7:59 am And make it easier on my family, so they can walk into a "real building" when I die.
Maybe they would find it easier to call a toll free number than go to an office?
Of course they can do both. I think there is value in planting yourself in a branch and not being too easily ignored if you are trying to get something resolved. Worked for me when trying to resolve some transactions that were running into fraud protocols.

-Kruser64
User avatar
investor.saver1
Posts: 339
Joined: Sun Jan 02, 2011 9:43 pm

Re: Thinking of closing out my Vanguard Account

Post by investor.saver1 »

Why not give Schwab a try with just a portion of your business? See if you like them. I've been both a Vanguard and a Schwab customer. For me, Schwab has been excellent and Vanguard was a problem. I had my own VG rep who was great when he was in the office (must have had months of vacation time) but he too had to deal with VGs back office and they simply had zero motivation to provide customer service. By comparison, EVERYONE I've dealt with a Schwab has been 100% focused on customer service. The Schwab local branch people make it lots easier to overcome problems if one arises. Customer service on the phone has been mostly great but admittedly I have encountered newbie reps due to Schwab's growth. I'm not certain if Schwab has customer tiers like VG but I've been given a phone number that gets me to experienced Reps instead of the general customer service area. I asked too about getting VG funds added to their free trade list and was granted an exception so now I can buy VG funds for free. I just can't say enough good about my experience at Schwab. Good luck on your decision.
Investor.Saver1 | | Experience is something you don't get until just after you need it.
mhalley
Posts: 8428
Joined: Tue Nov 20, 2007 6:02 am

Re: Thinking of closing out my Vanguard Account

Post by mhalley »

The disadvantage of walking in to a place that in addition to low cost index funds has some high cost management accounts is that you may walk out with a much higher fee structure as they managed to talk you into it as your faculties decline.
WillRetire
Posts: 259
Joined: Mon Jun 05, 2017 10:01 am

Re: Thinking of closing out my Vanguard Account

Post by WillRetire »

stev wrote: Fri Jun 12, 2020 7:59 am Thanks everybody. Lots for me to digest. Good comments.
And no I am not upset or angry with Vanguard. No agenda.
Just trying to simplify my life.
And make it easier on my family, so they can walk into a "real building" when I die.
Hopefully I will be around for a few years tho. :sharebeer
To make it easier on your family, make sure you have beneficiaries named on your accounts, and an up-to-date will. If your taxable Vanguard account(s) are joint, you cannot add beneficiaries but the account(s) will transfer to your surviving spouse.

Moving to Schwab or Fidelity so that you CAN add beneficiaries to a joint account... Now that would be a good reason to move.
User avatar
Marmot
Posts: 396
Joined: Sun Oct 10, 2010 1:44 pm
Location: Phoenix, AZ

Re: Thinking of closing out my Vanguard Account

Post by Marmot »

We use Chase for the basic banking stuff (we have personal and business accounts) and Vanguard for all investments. We just transfer cash when we need to. Having Chase has been helpful when "life" transactions come up. Needing a notary for instance, we have done 18 real estate transaction in the last decade and they have been involved in the process in most of them. I know there is a work around for everything (mobile notary, blah, blah, blah) but it is nice to have a resource to rely on. We own a second home in Oregon and there is a Chase branch there which we end up using more than we thought. I get what the OP is talking about, but getting funds from Vanguard to a outside firm is so easy.
Marty....don't go to the year 2020....Dr. Emmett Brown
User avatar
Marmot
Posts: 396
Joined: Sun Oct 10, 2010 1:44 pm
Location: Phoenix, AZ

Re: Thinking of closing out my Vanguard Account

Post by Marmot »

A separate question - is anybody else on the Vanguard Steering Community? The reason I ask is that Vanguard seems to be interested in a lot of forward looking changes...reading some of these posts bitching about their failures makes me wonder if people know they are working on things? If you are part of the community , you know. Just interested to see how many of us are involved. That being said, there are things the community is working on that we can't talk about because of confidentially reasons. Ideas and programs that they get our opinions on and so forth.
Marty....don't go to the year 2020....Dr. Emmett Brown
User avatar
Cheez-It Guy
Posts: 1102
Joined: Sun Mar 03, 2019 4:20 pm

Re: Thinking of closing out my Vanguard Account

Post by Cheez-It Guy »

Marmot wrote: Sun Jun 14, 2020 1:38 pm A separate question - is anybody else on the Vanguard Steering Community? The reason I ask is that Vanguard seems to be interested in a lot of forward looking changes...reading some of these posts bitching about their failures makes me wonder if people know they are working on things? If you are part of the community , you know. Just interested to see how many of us are involved. That being said, there are things the community is working on that we can't talk about because of confidentially reasons. Ideas and programs that they get our opinions on and so forth.
How does one get on said committee, and what do you estimate as the time commitment?
bondsr4me
Posts: 1525
Joined: Fri Oct 18, 2013 7:08 am

Re: Thinking of closing out my Vanguard Account

Post by bondsr4me »

Marmot wrote: Sun Jun 14, 2020 1:38 pm A separate question - is anybody else on the Vanguard Steering Community? The reason I ask is that Vanguard seems to be interested in a lot of forward looking changes...reading some of these posts bitching about their failures makes me wonder if people know they are working on things? If you are part of the community , you know. Just interested to see how many of us are involved. That being said, there are things the community is working on that we can't talk about because of confidentially reasons. Ideas and programs that they get our opinions on and so forth.
nice to hear this. I certainly hope they monitor this forum and make the many much needed changes that will improve customer service, technology and back office operations....
Post Reply