Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

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jane1
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Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by jane1 » Tue Feb 14, 2017 1:34 am

I downloaded our 1099 and recent Vanguard Statements.
Found that after the vanguard account "upgrade" (or sometime around that time frame), statements and 1099s for my accounts (Brokerage, IRA, Roth) have DH's name of them. Statements before the "upgrade" have my name correctly listed. Strangely enough it lists name as "DH-Name ROTH IRA VFTC AS CUSTODIAN" on my 1099 (with my SSN) and even on my brokerage statements. My name is nowhere to be found. The Consolidated 1099 (Div) shows it as a Roth account!

DH's 1099 & Statements have his name and SSN correctly.

Needless to say I can no longer be sure if Vanguard IT department is competent enough to have been doing the math/accounting correctly on my account for all these years. If they can screw up account name on a 1099, what else can they have messed up over the years. Did my automated bank transfers happen correctly, were they credited in the correct account, were purchases made at correct price, are dividends, loss/gain accurate? How can I trust them?

Will call our personal rep at Vanguard in the morning when they open. I am guessing they will have to issue corrected 1099 to IRS too.

CFM300
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by CFM300 » Tue Feb 14, 2017 2:05 am

I once logged into Citibank to check my credit card account and all of the statements were for someone else. I called Citibank and they just told me that what I was describing was "impossible." I read off the guy's name, address, account number, and a couple of transactions. They still didn't believe me. It was crazy. I escalated twice, but no one took me seriously. I finally got tired of trying to convince them, and asked that they cancel my card and close my account. I haven't done business with them since.

Good luck.

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FIREchief
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by FIREchief » Tue Feb 14, 2017 3:56 am

Another day, another embarrassing post reporting that VG has lost it. I've read things like "well, that's to be expected when a firm's sole focus is on lowering costs for their valued customers." I don't buy it. I test drove both VG and "the competition" over five years ago and it didn't take long at all to figure out where I wanted to consolidate my business. It isn't VG. :annoyed
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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in_reality
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by in_reality » Tue Feb 14, 2017 4:29 am

jane1 wrote:I downloaded our 1099 and recent Vanguard Statements.
Found that after the vanguard account "upgrade" (or sometime around that time frame), statements and 1099s for my accounts (Brokerage, IRA, Roth) have DH's name of them. Statements before the "upgrade" have my name correctly listed. Strangely enough it lists name as "DH-Name ROTH IRA VFTC AS CUSTODIAN" on my 1099 (with my SSN) and even on my brokerage statements. My name is nowhere to be found. The Consolidated 1099 (Div) shows it as a Roth account!
That's very, very disconcerting. Anyhow, it's nice to hear in a way though because now I am not the only one to have my accounts seemingly retitled. Um, sorry. :sharebeer

I don't mean to suggest this happened to you, but in my case there were shares missing. I had a transaction confirmation with a set number of shares, but they never made it to my account (the whole $40k transaction). That is all I know to possibly look for. Actually, I assumed the accounts were retitled to get the missing shares back but perhaps that's why they went missing. I don't know and Vanguard wouldn't say.

My advice is to be kind to the customer reps, and to try to escalate it as high as you can because quite frankly it is a serious issue and needs to be looked at by someone who can actually say "OK let's fix this".

Please do update your experience!!!!

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celia
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by celia » Tue Feb 14, 2017 4:31 am

Do you ever log on to look at your accounts? Are they named correctly there?
If not, why has it taken you so long to even look at them?

denovo
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by denovo » Tue Feb 14, 2017 4:44 am

FIREchief wrote:Another day, another embarrassing post reporting that VG has lost it. I've read things like "well, that's to be expected when a firm's sole focus is on lowering costs for their valued customers." I don't buy it. I test drove both VG and "the competition" over five years ago and it didn't take long at all to figure out where I wanted to consolidate my business. It isn't VG. :annoyed

I feel the same way. All my funds are VG indexes (etf and mf) but their customer-facing enterprise just leaves a lot to be wanting. I left too although I remain a loyal indexer.
"Don't trust everything you read on the Internet"- Abraham Lincoln

jane1
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by jane1 » Tue Feb 14, 2017 6:24 am

celia wrote:Do you ever log on to look at your accounts? Are they named correctly there?
If not, why has it taken you so long to even look at them?
I login regularly (at least once a month). I don't necessarily look or download statements every month. I mainly look at transactions, cost basis, so wouldn't look at name on account. I "upgraded" account in 4th quarter of 2016. All statements prior to that have my name. My 1099s from past years are fine.
Once my 1099 for 2016 became available and vanguard sent me an email yesterday about it, I logged in to download and at the same time downloaded eStatements. So the wrong name problem has been for past few weeks and the 2016 1099.

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unclescrooge
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by unclescrooge » Tue Feb 14, 2017 6:34 am

denovo wrote:
FIREchief wrote:Another day, another embarrassing post reporting that VG has lost it. I've read things like "well, that's to be expected when a firm's sole focus is on lowering costs for their valued customers." I don't buy it. I test drove both VG and "the competition" over five years ago and it didn't take long at all to figure out where I wanted to consolidate my business. It isn't VG. :annoyed

I feel the same way. All my funds are VG indexes (etf and mf) but their customer-facing enterprise just leaves a lot to be wanting. I left too although I remain a loyal indexer.
Yup, I recommend a lot of their funds, but I'd never use their platform.

When you pay peanuts, you only get monkeys!

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oldcomputerguy
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by oldcomputerguy » Tue Feb 14, 2017 7:39 am

Well, I just checked our account, and the account is titled correctly (as it always has been). However, I just downloaded our 1099 for our brokerage account, and Vanguard seems to have made two rather significant errors that unless corrected will cost me a lot of money. They show the proceeds from the maturity and redemption of a $29,000 CD as a sale with no basis, plus they did not include the basis for the same of 250 shares of STI last year. The combined error indicates that I had over $45,000 in capital gains last year, when the correct figure is closer to $4,600.

Ouch!!
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by bondsr4me » Tue Feb 14, 2017 7:52 am

smartinwate wrote:Well, I just checked our account, and the account is titled correctly (as it always has been). However, I just downloaded our 1099 for our brokerage account, and Vanguard seems to have made two rather significant errors that unless corrected will cost me a lot of money. They show the proceeds from the maturity and redemption of a $29,000 CD as a sale with no basis, plus they did not include the basis for the same of 250 shares of STI last year. The combined error indicates that I had over $45,000 in capital gains last year, when the correct figure is closer to $4,600.

Ouch!!
ouch!! for sure....
I got my email yesterday evening indicating my consolidated 1099 was ready.
Guess I'm gonna have to really eye-ball everything on it.
I sure wish VBS could get it together though.
I'm a huge JB, VG fan....this kinda stuff and all the negative postings here of things going on with VG doesn't look good on VG's part.
I believe one of Warren B's quotes goes something like this: it's OK to have mistakes..everyone makes them, but, lose customer
confidence or be dishonest and you will incur his full wrath...not his exact words, but you kinda get the meaning.
Have a great day,
Don

mouses
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by mouses » Tue Feb 14, 2017 7:55 am

smartinwate wrote:Well, I just checked our account, and the account is titled correctly (as it always has been). However, I just downloaded our 1099 for our brokerage account, and Vanguard seems to have made two rather significant errors that unless corrected will cost me a lot of money. They show the proceeds from the maturity and redemption of a $29,000 CD as a sale with no basis, plus they did not include the basis for the same of 250 shares of STI last year. The combined error indicates that I had over $45,000 in capital gains last year, when the correct figure is closer to $4,600.

Ouch!!
Write the IRS a letter and attach it to your tax return. There is no reason under the sun for you to pay taxes you don't owe.

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oldcomputerguy
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by oldcomputerguy » Tue Feb 14, 2017 8:07 am

mouses wrote:
smartinwate wrote:Well, I just checked our account, and the account is titled correctly (as it always has been). However, I just downloaded our 1099 for our brokerage account, and Vanguard seems to have made two rather significant errors that unless corrected will cost me a lot of money. They show the proceeds from the maturity and redemption of a $29,000 CD as a sale with no basis, plus they did not include the basis for the same of 250 shares of STI last year. The combined error indicates that I had over $45,000 in capital gains last year, when the correct figure is closer to $4,600.

Ouch!!
Write the IRS a letter and attach it to your tax return. There is no reason under the sun for you to pay taxes you don't owe.
If it comes to that, that's exactly what I'll do. I'd like to try to get a bit of documentation together to substantiate, but I should have it all here at hand.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by oldcomputerguy » Tue Feb 14, 2017 8:55 am

Okay, in further checking, at least part of the problem is explained. According to the statement from Vanguard, box 1e (cost basis) only includes basis numbers for covered securities. In checking on our account, I find that, although Vanguard correctly lists the cost basis for the STI shares we own, those shares are listed as non-covered. So the basis for those shares are not reported.

This still does not explain why they included proceeds from redemption of a CD as proceeds from sale of a security, though. That's a $29,000 mistake.

Edit: okay, dug a bit deeper, seems I sounded the alarm too early. I read further down, although they do report the proceeds from the redemption as "proceeds", the actual 1099-B form does show the basis as $29,000. (It says in the fine print that the basis was not reported to the IRS, as it is "non-covered". I would have expected it to be "covered" since I purchased it well within the timeframe.) I guess I really got confused by the way the summary form is reported.

So I don't think I'm going to run afoul of the IRS, at least not to the tune of a $41,000 capital gain. Whew.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by neilpilot » Tue Feb 14, 2017 9:27 am

bondsr4me wrote: ouch!! for sure....
I got my email yesterday evening indicating my consolidated 1099 was ready.
Guess I'm gonna have to really eye-ball everything on it.
I sure wish VBS could get it together though.
I'm a huge JB, VG fan....
I'm also a huge VG fan, and our investments consist entirely of VG funds and ETFs.

I have received excellent and accurate customer service for all 5 accounts, using Scottrade online platform and local office support.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by ajjulee » Tue Feb 14, 2017 9:49 am

smartinwate wrote:
mouses wrote:
smartinwate wrote:Well, I just checked our account, and the account is titled correctly (as it always has been). However, I just downloaded our 1099 for our brokerage account, and Vanguard seems to have made two rather significant errors that unless corrected will cost me a lot of money. They show the proceeds from the maturity and redemption of a $29,000 CD as a sale with no basis, plus they did not include the basis for the same of 250 shares of STI last year. The combined error indicates that I had over $45,000 in capital gains last year, when the correct figure is closer to $4,600.

Ouch!!
Write the IRS a letter and attach it to your tax return. There is no reason under the sun for you to pay taxes you don't owe.
If it comes to that, that's exactly what I'll do. I'd like to try to get a bit of documentation together to substantiate, but I should have it all here at hand.
I'd also recommend that you keep your paperwork of the actual cost basis, redemption of CD/funds handy. Same thing happened to me and in my case, the brokerage reported the wrong cost basis (of 0) to IRS. I only came to know about this a few years later when I got a letter from IRS demanding a large amount in taxes. Luckily I had all the paper work and it was a fairly simple process to get IRS to understand what had happened.

ps: I have had to deal with IRS, state tax boards a few times and all the times, my interactions with them were polite, process was reasonable and all they were interested in was to find out what happened and how to fix it. I was very impressed by how professional, helpful they were - unlike my dealings with companies like Time-Warner cable, AT &T, Bank of America, Macy's (all their mistakes and an eventual meaningless apology from them but a nightmare to deal with until the apology). Someone else in another post commented about how professional Social Security agent was and how impressed they were with the assistance they received. Thought I'd digress a bit here and say something positive about our government tax agents.
What I write on this forum is sometimes the truth, maybe the whole truth, and not always nothing but the truth, for the purposes of online anonymity.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by toto238 » Tue Feb 14, 2017 10:43 am

smartinwate wrote:Okay, in further checking, at least part of the problem is explained. According to the statement from Vanguard, box 1e (cost basis) only includes basis numbers for covered securities. In checking on our account, I find that, although Vanguard correctly lists the cost basis for the STI shares we own, those shares are listed as non-covered. So the basis for those shares are not reported.

This still does not explain why they included proceeds from redemption of a CD as proceeds from sale of a security, though. That's a $29,000 mistake.

Edit: okay, dug a bit deeper, seems I sounded the alarm too early. I read further down, although they do report the proceeds from the redemption as "proceeds", the actual 1099-B form does show the basis as $29,000. (It says in the fine print that the basis was not reported to the IRS, as it is "non-covered". I would have expected it to be "covered" since I purchased it well within the timeframe.) I guess I really got confused by the way the summary form is reported.

So I don't think I'm going to run afoul of the IRS, at least not to the tune of a $41,000 capital gain. Whew.
Upon reading your initial post I was about to ask whether they were "covered" or "non-covered" shares. Seems you answered that yourself.

But yes if it is non-covered that means Vanguard did not report ANY cost basis info to the IRS. So it's completely up to you to calculate what the correct cost basis should be, report that to the IRS, and maintain records of that cost basis in case you ever get audited. The positive of this is that if you disagree with whatever cost basis VG has calculated for you, you don't have to argue with VG about it. You can just report the numbers you know to be correct. The only negative is that it's a bit more work on your part.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by jane1 » Tue Feb 14, 2017 11:39 am

I spoke with the Vanguard Rep and said it was not my name on the 1099. I didn't reveal that it was DH name (different last name). He asked if that was DH name and he put me on hold for a few minutes to research the issue. And then came back and told me they will need more time to research this. He did tell me the name on the registration was DHs even though all other places on the website it says my name. Welcome Jane, Jane Doe brokerage account, etc...he does not have answers to how, why and when the registration name changed.

Will update when I hear back.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by JDDS » Tue Feb 14, 2017 11:41 am

CFM300 wrote:I once logged into Citibank to check my credit card account and all of the statements were for someone else. I called Citibank and they just told me that what I was describing was "impossible." I read off the guy's name, address, account number, and a couple of transactions. They still didn't believe me. It was crazy. I escalated twice, but no one took me seriously. I finally got tired of trying to convince them, and asked that they cancel my card and close my account. I haven't done business with them since.

Good luck.

I had something similar happen on a website powered by Fidelity. I immediately logged out then back in, thankfully it was back to normal.

Vanguard or not mistakes will be made. Synchrony bank had multiple errors changing my address, go figure.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by mhalley » Tue Feb 14, 2017 11:59 am

All companies make mistakes. What makes a company good is how they correct them.

Wakefield1
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by Wakefield1 » Tue Feb 14, 2017 1:35 pm

So this was that Vanguard got confused with a married couple not using the same last name?

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by talzara » Tue Feb 14, 2017 2:18 pm

smartinwate wrote:This still does not explain why they included proceeds from redemption of a CD as proceeds from sale of a security, though. That's a $29,000 mistake.

Edit: okay, dug a bit deeper, seems I sounded the alarm too early. I read further down, although they do report the proceeds from the redemption as "proceeds", the actual 1099-B form does show the basis as $29,000. (It says in the fine print that the basis was not reported to the IRS, as it is "non-covered". I would have expected it to be "covered" since I purchased it well within the timeframe.) I guess I really got confused by the way the summary form is reported.
Brokered CDs are securities. Therefore, CD redemptions are proceeds from the sale of a security. They are correctly reported on a 1099-B.

Debt instruments are only covered if they were bought in 2014 or later. Floating-rate and other complicated debt instruments are only covered if they were bought in 2016 or later.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by oldcomputerguy » Tue Feb 14, 2017 2:21 pm

talzara wrote:
smartinwate wrote:This still does not explain why they included proceeds from redemption of a CD as proceeds from sale of a security, though. That's a $29,000 mistake.

Edit: okay, dug a bit deeper, seems I sounded the alarm too early. I read further down, although they do report the proceeds from the redemption as "proceeds", the actual 1099-B form does show the basis as $29,000. (It says in the fine print that the basis was not reported to the IRS, as it is "non-covered". I would have expected it to be "covered" since I purchased it well within the timeframe.) I guess I really got confused by the way the summary form is reported.
Brokered CDs are securities. Therefore, CD redemptions are proceeds from the sale of a security. They are correctly reported on a 1099-B.

Debt instruments are only covered if they were bought in 2014 or later. Floating-rate and other complicated debt instruments are only covered if they were bought in 2016 or later.
This one was bought in November 2015 and redeemed in January 2016. So I would have thought it would have been covered. Oh, well ....
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by in_reality » Tue Feb 14, 2017 11:58 pm

jane1 wrote:I spoke with the Vanguard Rep and said it was not my name on the 1099. I didn't reveal that it was DH name (different last name). He asked if that was DH name and he put me on hold for a few minutes to research the issue. And then came back and told me they will need more time to research this. He did tell me the name on the registration was DHs even though all other places on the website it says my name. Welcome Jane, Jane Doe brokerage account, etc...he does not have answers to how, why and when the registration name changed.

Will update when I hear back.
Yes, please do.

Just to confirm, in 2015 your 1099 was in your name and social security number, but after upgrading it's in your husband's name but your social security number. Is that correct?

You stated your DH's name and SS number were correct for 2016. Were the amounts also correct?

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by jane1 » Wed Feb 15, 2017 12:54 am

in_reality wrote:
Just to confirm, in 2015 your 1099 was in your name and social security number, but after upgrading it's in your husband's name but your social security number. Is that correct?

You stated your DH's name and SS number were correct for 2016. Were the amounts also correct?
Your understanding regarding 2015 and 2016 is correct.
I haven't verified the amounts yet.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by jane1 » Mon Feb 20, 2017 12:53 pm

Update from Vanguard Flagship team via Message Center
"I was informed of your situation and put in a request to fix everything and get a new tax form generated. I had my manager expedite the process for you.

Sorry for the inconvenience on this; I honestly have never seen this. As soon as I hear anything, I will let you know."

I will post an update when things are fixed and if Vanguard ever gives me an explanation for how something like this happened in the system.

Someone had asked about the numbers on 1099 - they seem reasonable and in line with my expectations. Just to clarify, the Account Registration became wrong about 3 months back with <not_my_name> although the website still says "Welcome back, <my_name>" and Tax Center account shows "<my_name>--Brokerage Account--<account_number>".
Statements & 1099 show my SSN with "<not_my_name>, ROTH IRA VFTC AS CUSTODIAN" .

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by BrandonBogle » Mon Feb 20, 2017 2:06 pm

I am sorry this happened to you Jane. Just a note that once this is corrected, if you continue to no longer have confidence in Vanguard's IT systems and processes, do an in-kind transfer of your assets to another firm. If you hold mutual funds and not ETFs, find a firm that will let you keep those funds as-is and continue to transact on them. That way, you can get the benefits of the investments using Vanguard's strengths, and get the account management from a firm you feel more confident about.

To be clear: I am NOT telling you that Vanguard is bad and you must leave them. I'm just saying it's an option if you have lost confidence in their account mgmt.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by tfb » Mon Feb 20, 2017 2:15 pm

Vanguard rep wrote:Sorry for the inconvenience on this; I honestly have never seen this.
As we all know many Vanguard reps are relatively new. The account upgrade process is also relatively new. Having never seen this wouldn't be that unusual.
Harry Sit, taking a break from the forums.

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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by PinotGris » Mon Feb 20, 2017 2:39 pm

Just another customer experience, but not to minimize Jane's problem which is pretty scary.

I once had a customer rep. who was truly awful, in the sense of incompetent. After a few attempts to rectify the situation I wrote to the director of customer service. I was immediately assigned a new rep. who turned out to be excellent, extremely responsive to all my concerns, KNEW our accounts and preferences. Unfortunately they change every year. But each new one has been as good, if not better, than the last.

All my 1099s, are all perfect. We did not do the 'upgrade',. I see the little red label but have not bothered to find out. I always felt it means DO NOT TOUCH, bad things will happen.

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vitaflo
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Re: Faith in Vanguard shaken after seeing wrong name on my 1099 & Statements

Post by vitaflo » Mon Feb 20, 2017 5:05 pm

What's this upgrade everyone is talking about?

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