Vanguard Brokerage purchase by check question

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water2357
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Joined: Sat Sep 12, 2020 9:24 am

Vanguard Brokerage purchase by check question

Post by water2357 »

When you want to add to your Vanguard Brokerage settlement fund by check, can anyone tell me what is the normal procedure?

I found a form on line to fill out that indicated it should be sent with the check to an address in Texas.

The Mutual Fund Account purchases by check were always sent to an address around Philadelphia, PA. And when Vanguard received them, Vanguard always sent out a confirmation notice. This notice if sent in the US Mail was always accompanied by another "deposit slip" for the particular fund and an envelope for the next purchase by check.

However, when sending in the Vanguard Brokerage account settlement fund purchase by check to Texas, no confirmation notice was sent by Vanguard Brokerage, not by US Mail, nor by any on line means. So, obviously there was no "deposit slip" for a future purchase, etc.

Is this how Vanguard Brokerage normally handles new purchases by check? It seemed odd that there was no confirmation notice at all. Instead you had to keep checking on line to see when they credited the check to your settlement fund.

Wondering if Texas is the only place to send brokerage purchases by check and why there was no confirmation notice.

Thanks for any insight to how Vanguard Brokerage handles purchases by check.
Silk McCue
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Re: Vanguard Brokerage purchase by check question

Post by Silk McCue »

Why wouldn’t you simply allow VG to pull the funds from your bank account via ACH? Mail can get lost before ever arriving and in times like Covid can get held up for processing upon receipt.

Cheers
ikowik
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Re: Vanguard Brokerage purchase by check question

Post by ikowik »

I also think linking your bank account to Vanguard for ACH transfer is best. If that is not feasible for some reason-
Would you be comfortable depositing a check using Vanguard's phone app? It involves logging into your account, choosing to deposit check into settlement fund, and allowing the app to take photos of your check. No need to mail it, and confirmation available online. More secure as well, no lost checks in transit.
billfromct
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Re: Vanguard Brokerage purchase by check question

Post by billfromct »

I just saw that you can send money to Vanguard via an “on line bill paying service”.

You can google, “how to send money to vanguard”.

I guess this could be used if you want to make a gift to someone’s Vanguard account & you didn’t have deposit slips. This could be useful if you wanted to deposit money into a child, grandchild, niece/nephew, friend, etc. brokerage account, 529 or Roth IRA. I would probably test it out first with a $5 deposit just to make sure it works without any glitches.

I may try this if I ever have grandchildren.

bill
Last edited by billfromct on Thu Sep 22, 2022 7:33 am, edited 1 time in total.
BillyK
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Re: Vanguard Brokerage purchase by check question

Post by BillyK »

Mobile check transfer is the simplest way to handle a check. Sending a check by mail seems antiquated unless there is a particular reason you can’t. All you you need to do is load the Vanguard app on your cell phone and follow instructions.
kobbiemandd
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Re: Vanguard Brokerage purchase by check question

Post by kobbiemandd »

You can order deposit slips from vanguard for that account. They even send me postage paid envelopes.
Longdog
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Location: Philadelphia

Re: Vanguard Brokerage purchase by check question

Post by Longdog »

Vanguard changed their mail processing center to Texas in the last year or two. So yes, I believe that is the only place to send checks. Perhaps you have an account option selected to not send confirmations by mail?
Steve
bondsr4me
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Re: Vanguard Brokerage purchase by check question

Post by bondsr4me »

BillyK wrote: Thu Sep 22, 2022 5:31 am Mobile check transfer is the simplest way to handle a check. Sending a check by mail seems antiquated unless there is a particular reason you can’t. All you you need to do is load the Vanguard app on your cell phone and follow instructions.
I thought the "mobile check transfer" on the VG app was broke.

I tried a couple of weeks ago; it would not work.
exodusNH
Posts: 5373
Joined: Wed Jan 06, 2021 8:21 pm

Re: Vanguard Brokerage purchase by check question

Post by exodusNH »

water2357 wrote: Wed Sep 21, 2022 4:58 pm When you want to add to your Vanguard Brokerage settlement fund by check, can anyone tell me what is the normal procedure?

I found a form on line to fill out that indicated it should be sent with the check to an address in Texas.

The Mutual Fund Account purchases by check were always sent to an address around Philadelphia, PA. And when Vanguard received them, Vanguard always sent out a confirmation notice. This notice if sent in the US Mail was always accompanied by another "deposit slip" for the particular fund and an envelope for the next purchase by check.

However, when sending in the Vanguard Brokerage account settlement fund purchase by check to Texas, no confirmation notice was sent by Vanguard Brokerage, not by US Mail, nor by any on line means. So, obviously there was no "deposit slip" for a future purchase, etc.

Is this how Vanguard Brokerage normally handles new purchases by check? It seemed odd that there was no confirmation notice at all. Instead you had to keep checking on line to see when they credited the check to your settlement fund.

Wondering if Texas is the only place to send brokerage purchases by check and why there was no confirmation notice.

Thanks for any insight to how Vanguard Brokerage handles purchases by check.
Why wouldn't you just add the checking account to your brokerage account and have it pulled by Vanguard using ACH? They credit you immediately. You can buy mutual funds or ETFs right away.
Faith20879
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Re: Vanguard Brokerage purchase by check question

Post by Faith20879 »

bondsr4me wrote: Thu Sep 22, 2022 8:05 am
BillyK wrote: Thu Sep 22, 2022 5:31 am Mobile check transfer is the simplest way to handle a check. Sending a check by mail seems antiquated unless there is a particular reason you can’t. All you you need to do is load the Vanguard app on your cell phone and follow instructions.
I thought the "mobile check transfer" on the VG app was broke.

I tried a couple of weeks ago; it would not work.
I used it last week , breezed right through.

If you like we can compare notes to see what went wrong.
bondsr4me
Posts: 2092
Joined: Fri Oct 18, 2013 7:08 am

Re: Vanguard Brokerage purchase by check question

Post by bondsr4me »

Faith20879 wrote: Thu Sep 22, 2022 9:54 am
bondsr4me wrote: Thu Sep 22, 2022 8:05 am
BillyK wrote: Thu Sep 22, 2022 5:31 am Mobile check transfer is the simplest way to handle a check. Sending a check by mail seems antiquated unless there is a particular reason you can’t. All you you need to do is load the Vanguard app on your cell phone and follow instructions.
I thought the "mobile check transfer" on the VG app was broke.

I tried a couple of weeks ago; it would not work.
I used it last week , breezed right through.

If you like we can compare notes to see what went wrong.
I just downloaded the app onto my iPhone; logged in; went to "Transact" screen.
Under the "Move Money" category, there is NO DEPOSIT function; only "withdraw", "contribute", "rollover".
Again, I just downloaded the app a few minutes ago.
exodusNH
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Re: Vanguard Brokerage purchase by check question

Post by exodusNH »

bondsr4me wrote: Thu Sep 22, 2022 10:17 am
Faith20879 wrote: Thu Sep 22, 2022 9:54 am
bondsr4me wrote: Thu Sep 22, 2022 8:05 am
BillyK wrote: Thu Sep 22, 2022 5:31 am Mobile check transfer is the simplest way to handle a check. Sending a check by mail seems antiquated unless there is a particular reason you can’t. All you you need to do is load the Vanguard app on your cell phone and follow instructions.
I thought the "mobile check transfer" on the VG app was broke.

I tried a couple of weeks ago; it would not work.
I used it last week , breezed right through.

If you like we can compare notes to see what went wrong.
I just downloaded the app onto my iPhone; logged in; went to "Transact" screen.
Under the "Move Money" category, there is NO DEPOSIT function; only "withdraw", "contribute", "rollover".
Again, I just downloaded the app a few minutes ago.
I'm not familiar with the differences between the iPhone and Android apps, but on Android, you select transact, then deposit. You then select the target brokerage account and how you're funding it.

But if you don't see Deposit at the top of the move money menu, it must not be supported on iPhone yet. (My guess is their developers are offshore and more familiar with Android.)
bondsr4me
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Joined: Fri Oct 18, 2013 7:08 am

Re: Vanguard Brokerage purchase by check question

Post by bondsr4me »

^ that's probably the problem; they haven't corrected the iPhone app yet.

thanks for your help....appreciate it.
ikowik
Posts: 256
Joined: Tue Dec 23, 2014 6:52 pm

Re: Vanguard Brokerage purchase by check question

Post by ikowik »

bondsr4me wrote: Thu Sep 22, 2022 10:33 am ^ that's probably the problem; they haven't corrected the iPhone app yet.

thanks for your help....appreciate it.
Try deleting and re-downloading Vanguard app on your iPhone. I checked just now, it works . Go to Transact-> Deposit. Select the destination fund in drop-down list. Click on the source arrow, it will list any banks you have linked to Vanguard, and also an option to Deposit Mobile check. Follow instructions, give permission for the app to access phone camera.
Topic Author
water2357
Posts: 441
Joined: Sat Sep 12, 2020 9:24 am

Re: Vanguard Brokerage purchase by check question

Post by water2357 »

Thanks for the additional suggestions.

As for the bank link, when Vanguard went from the old profile and setting pages to the new UI, they listed all my brokerage accounts as not linked to my bank, even though previously they were linked.

I am still working with Vanguard to fix all the issues with my brokerage accounts that have existed since Pershing had them, that Vanguard messed up.

I also still don't have check writing access to the brokerage accounts after applying more than a month ago and continually contacting them about that.

It appears that they are working on fixing these issues, but until I'm certain they are fixed and have tested them, I'm not too confident about setting up something else new at this time. And I'm trying to make sure I understand how Vanguard Brokerage is now handling the old methods of transacting.

So, maybe going forward, when all of what I thought should still be working is working again, I'll have to try the app. It would be android, is that the one that is currently working?
bondsr4me
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Re: Vanguard Brokerage purchase by check question

Post by bondsr4me »

ikowik wrote: Thu Sep 22, 2022 1:07 pm
bondsr4me wrote: Thu Sep 22, 2022 10:33 am ^ that's probably the problem; they haven't corrected the iPhone app yet.

thanks for your help....appreciate it.
Try deleting and re-downloading Vanguard app on your iPhone. I checked just now, it works . Go to Transact-> Deposit. Select the destination fund in drop-down list. Click on the source arrow, it will list any banks you have linked to Vanguard, and also an option to Deposit Mobile check. Follow instructions, give permission for the app to access phone camera.
I deleted and downloaded the app for iPhone again…the 3rd time today.
still no “deposit” under the “Transact”.
maybe an iPhone security setting causing this?
ikowik
Posts: 256
Joined: Tue Dec 23, 2014 6:52 pm

Re: Vanguard Brokerage purchase by check question

Post by ikowik »

bondsr4me wrote: Thu Sep 22, 2022 1:56 pm
ikowik wrote: Thu Sep 22, 2022 1:07 pm
bondsr4me wrote: Thu Sep 22, 2022 10:33 am ^ that's probably the problem; they haven't corrected the iPhone app yet.

thanks for your help....appreciate it.
Try deleting and re-downloading Vanguard app on your iPhone. I checked just now, it works . Go to Transact-> Deposit. Select the destination fund in drop-down list. Click on the source arrow, it will list any banks you have linked to Vanguard, and also an option to Deposit Mobile check. Follow instructions, give permission for the app to access phone camera.
I deleted and downloaded the app for iPhone again…the 3rd time today.
still no “deposit” under the “Transact”.
maybe an iPhone security setting causing this?
Puzzling, don't know what to make of it. Works fine on my iPhone XR. Under Transact, there are tabs for By and Sell, then Move Money which lists Deposit (Move money to settlement account), Withdraw, Rollover.
Just to confirm, you are on the Brokerage platform, and not on Mutual-funds only platform, right?
bondsr4me
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Re: Vanguard Brokerage purchase by check question

Post by bondsr4me »

ikowik wrote: Thu Sep 22, 2022 2:03 pm
bondsr4me wrote: Thu Sep 22, 2022 1:56 pm
ikowik wrote: Thu Sep 22, 2022 1:07 pm
bondsr4me wrote: Thu Sep 22, 2022 10:33 am ^ that's probably the problem; they haven't corrected the iPhone app yet.

thanks for your help....appreciate it.
Try deleting and re-downloading Vanguard app on your iPhone. I checked just now, it works . Go to Transact-> Deposit. Select the destination fund in drop-down list. Click on the source arrow, it will list any banks you have linked to Vanguard, and also an option to Deposit Mobile check. Follow instructions, give permission for the app to access phone camera.
I deleted and downloaded the app for iPhone again…the 3rd time today.
still no “deposit” under the “Transact”.
maybe an iPhone security setting causing this?
Puzzling, don't know what to make of it. Works fine on my iPhone XR. Under Transact, there are tabs for By and Sell, then Move Money which lists Deposit (Move money to settlement account), Withdraw, Rollover.
Just to confirm, you are on the Brokerage platform, and not on Mutual-funds only platform, right?
yes, been on the Brokerage platform for years now.
I am using iPhone SE.
Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: Vanguard Brokerage purchase by check question

Post by Silk McCue »

bondsr4me wrote: Thu Sep 22, 2022 2:14 pm
yes, been on the Brokerage platform for years now.
I am using iPhone SE.
The steps work for me with iPhone 12 Max Pro OS 15.6.1. I opened the App Store to find the Vanguard app version in use on my phone. It is 12.21.0.

You might want to check to see what app version and OS version you are running.

Cheers
criticalmass
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Re: Vanguard Brokerage purchase by check question

Post by criticalmass »

water2357 wrote: Wed Sep 21, 2022 4:58 pm Wondering if Texas is the only place to send brokerage purchases by check
Vanguard provided notice about two years ago that they changed incoming mail to an outsourced mailbox service in Texas or elsewhere. Vanguard Group no longer accepts most incoming mail in their Pennsylvania locations. The outsourced mailbox service opens the mail, processes what they can, and sends scanned images of what you send to Vanguard.
water2357 wrote: Wed Sep 21, 2022 4:58 pmand why there was no confirmation notice.
To save money, print less paper notices, and send less mail. You can view any debits and credits to your account by logging into your account online.

It would be nice if Vanguard could stop sending multiple envelopes with duplicate notifications of the confirmations they do send, but c'est la vie.
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beyou
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Re: Vanguard Brokerage purchase by check question

Post by beyou »

bondsr4me wrote: Thu Sep 22, 2022 2:14 pm
ikowik wrote: Thu Sep 22, 2022 2:03 pm
bondsr4me wrote: Thu Sep 22, 2022 1:56 pm
ikowik wrote: Thu Sep 22, 2022 1:07 pm
bondsr4me wrote: Thu Sep 22, 2022 10:33 am ^ that's probably the problem; they haven't corrected the iPhone app yet.

thanks for your help....appreciate it.
Try deleting and re-downloading Vanguard app on your iPhone. I checked just now, it works . Go to Transact-> Deposit. Select the destination fund in drop-down list. Click on the source arrow, it will list any banks you have linked to Vanguard, and also an option to Deposit Mobile check. Follow instructions, give permission for the app to access phone camera.
I deleted and downloaded the app for iPhone again…the 3rd time today.
still no “deposit” under the “Transact”.
maybe an iPhone security setting causing this?
Puzzling, don't know what to make of it. Works fine on my iPhone XR. Under Transact, there are tabs for By and Sell, then Move Money which lists Deposit (Move money to settlement account), Withdraw, Rollover.
Just to confirm, you are on the Brokerage platform, and not on Mutual-funds only platform, right?
yes, been on the Brokerage platform for years now.
I am using iPhone SE.
Go to the website and make sure in “customized view” the accounts you want to deposit into are included. I found that older IRAs were suppressed (by me) on website, were also suppressed on mobile. As soon as I changed customized view to add them, the ability to contribute or rollover to them appeared on the app.
Topic Author
water2357
Posts: 441
Joined: Sat Sep 12, 2020 9:24 am

Re: Vanguard Brokerage purchase by check question

Post by water2357 »

Ok, so most of the Vanguard mail is now going to Texas, must have missed the notice.

And sounds like confirmations are not generated for incoming checks to the brokerage. Is that true for bank transfers to a brokerage account as well?.

As for the app, think I'll wait on trying that, based on the on going conversation.

Thanks.
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