Vanguard buy error? No.

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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

Cheez-It Guy wrote: Wed May 11, 2022 5:47 pm
Vanguard User wrote: Wed May 11, 2022 5:40 pm
Cheez-It Guy wrote: Wed May 11, 2022 5:31 pm Multiple Brokerage User
Is there a way to change it?
I think board admins can change it for you if you desire. I THINK I remember that being done before?
Awesome.
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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

H-Town wrote: Wed May 11, 2022 5:50 pm
Vanguard User wrote: Wed May 11, 2022 5:41 pm
H-Town wrote: Wed May 11, 2022 5:32 pm
Vanguard User wrote: Wed May 11, 2022 5:30 pm
Cheez-It Guy wrote: Wed May 11, 2022 5:28 pm

I saw. Thanks! I'm just kidding around with your topical username.
My other accounts are at Fidelity. Only taxable VTSAX at Vanguard.
I applaud your enthusiasm. It may just be $300 today, but it will become $3 million in the future. Keep up that attitude.
$300 becoming $3M?
No it won't. But multiple savings until it hurts might.
Yes.
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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?

I initiated funds from Vio bank to WF earlier today so imam not sure it will get there tomorrow.
exodusNH
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Re: Vanguard buy error? Not it was not.

Post by exodusNH »

Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?

I initiated funds from Vio bank to WF earlier today so imam not sure it will get there tomorrow.
You'll have to call and ask.

But this is why you shouldn't maintain such a low balance. If you do wind up paying $20, that has wiped out a years worth of HYSA interest. Keep one month's cash in your primary checking account. Count it toward your EF. The balance then lives in HYSA, or other guaranteed account.

Also, Vio will ding you $10 or $20 if you exceed 6 transfers out.
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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

exodusNH wrote: Wed May 11, 2022 11:23 pm
Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?

I initiated funds from Vio bank to WF earlier today so imam not sure it will get there tomorrow.
You'll have to call and ask.

But this is why you shouldn't maintain such a low balance. If you do wind up paying $20, that has wiped out a years worth of HYSA interest. Keep one month's cash in your primary checking account. Count it toward your EF. The balance then lives in HYSA, or other guaranteed account.

Also, Vio will ding you $10 or $20 if you exceed 6 transfers out.
I’ve never had overdraft before though because I am they careful. Besides, I don’t write checks unless it’s the last option. I don’t use my debit card either. This was one of those once in a blue moon blunder. I am aware of the 6 monthly transfers. I only do about 1-2 a month. Do you have Vio account?
exodusNH
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Re: Vanguard buy error? Not it was not.

Post by exodusNH »

Vanguard User wrote: Wed May 11, 2022 11:34 pm
exodusNH wrote: Wed May 11, 2022 11:23 pm
Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?

I initiated funds from Vio bank to WF earlier today so imam not sure it will get there tomorrow.
You'll have to call and ask.

But this is why you shouldn't maintain such a low balance. If you do wind up paying $20, that has wiped out a years worth of HYSA interest. Keep one month's cash in your primary checking account. Count it toward your EF. The balance then lives in HYSA, or other guaranteed account.

Also, Vio will ding you $10 or $20 if you exceed 6 transfers out.
I’ve never had overdraft before though because I am they careful. Besides, I don’t write checks unless it’s the last option. I don’t use my debit card either. This was one of those once in a blue moon blunder. I am aware of the 6 monthly transfers. I only do about 1-2 a month. Do you have Vio account?
I know, but it only takes one mistake a year to wipe out a year's worth of interest.

Yes, I have Vio savings and money market accounts, though I only use the latter now because it has higher interest.

They are good with transfers. If you do them by early afternoon, they seem to arrive the next business day.
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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

exodusNH wrote: Wed May 11, 2022 11:45 pm
Vanguard User wrote: Wed May 11, 2022 11:34 pm
exodusNH wrote: Wed May 11, 2022 11:23 pm
Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?

I initiated funds from Vio bank to WF earlier today so imam not sure it will get there tomorrow.
You'll have to call and ask.

But this is why you shouldn't maintain such a low balance. If you do wind up paying $20, that has wiped out a years worth of HYSA interest. Keep one month's cash in your primary checking account. Count it toward your EF. The balance then lives in HYSA, or other guaranteed account.

Also, Vio will ding you $10 or $20 if you exceed 6 transfers out.
I’ve never had overdraft before though because I am they careful. Besides, I don’t write checks unless it’s the last option. I don’t use my debit card either. This was one of those once in a blue moon blunder. I am aware of the 6 monthly transfers. I only do about 1-2 a month. Do you have Vio account?
I know, but it only takes one mistake a year to wipe out a year's worth of interest.

Yes, I have Vio savings and money market accounts, though I only use the latter now because it has higher interest.

They are good with transfers. If you do them by early afternoon, they seem to arrive the next business day.
Vio bank did transfer funds today. I did not need it actually. New WF app is not friendly on available vs not as available. At the end I won.

Vio is pretty consistent with high interest rates overall. They don’t go down fast.
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Re: Vanguard buy error? Not it was not.

Post by jgalt133 »

Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?
It does not hurt to ask. I made a mistake one time and overdrew my business account (at a local credit union). with multiple transactions. I asked really, really nicely and they immediately refunded the total overdraft fees ($60). They made a loyal customer for life that day.
exodusNH
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Re: Vanguard buy error? Not it was not.

Post by exodusNH »

Vanguard User wrote: Thu May 12, 2022 12:16 pm
exodusNH wrote: Wed May 11, 2022 11:45 pm
Vanguard User wrote: Wed May 11, 2022 11:34 pm
exodusNH wrote: Wed May 11, 2022 11:23 pm
Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?

I initiated funds from Vio bank to WF earlier today so imam not sure it will get there tomorrow.
You'll have to call and ask.

But this is why you shouldn't maintain such a low balance. If you do wind up paying $20, that has wiped out a years worth of HYSA interest. Keep one month's cash in your primary checking account. Count it toward your EF. The balance then lives in HYSA, or other guaranteed account.

Also, Vio will ding you $10 or $20 if you exceed 6 transfers out.
I’ve never had overdraft before though because I am they careful. Besides, I don’t write checks unless it’s the last option. I don’t use my debit card either. This was one of those once in a blue moon blunder. I am aware of the 6 monthly transfers. I only do about 1-2 a month. Do you have Vio account?
I know, but it only takes one mistake a year to wipe out a year's worth of interest.

Yes, I have Vio savings and money market accounts, though I only use the latter now because it has higher interest.

They are good with transfers. If you do them by early afternoon, they seem to arrive the next business day.
Vio bank did transfer funds today. I did not need it actually. New WF app is not friendly on available vs not as available. At the end I won.

Vio is pretty consistent with high interest rates overall. They don’t go down fast.
I started with CIT, but they haven't been as good. Both were over 2% when I started with them.

Again, though, keep in mind that even at 2%, $2000 will only generate $40 per year in interest (minus income tax.) The opportunity cost of maintaining a higher balance in your checking account is very small. If even spend 1-2 hours per month fiddling with transfers, you're spending more time than it's worth.
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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

jgalt133 wrote: Thu May 12, 2022 12:34 pm
Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?
It does not hurt to ask. I made a mistake one time and overdrew my business account (at a local credit union). with multiple transactions. I asked really, really nicely and they immediately refunded the total overdraft fees ($60). They made a loyal customer for life that day.
Right. After all it was my error. No need for refund. Vio bank transferred in time. Although, that wasn’t needed either. I don’t care about loyalty. It’s all about the money.
runninginvestor
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Re: Vanguard buy error? No.

Post by runninginvestor »

If you don't write checks often, or use a debit card, I wonder if it would be worthwhile to move your investments to Fidelity or maybe Schwab, or similar company that also offers a cash management account/ banking account? I'm not familiar with vanguards services for that, I haven't had to use it besides just moving money between accounts. That way everything is in one shop in might be able to more easily provide protection from this in the future. It might be a one-off instance, but it's always good to check to see what else is out there to make life easier if possible.

Maybe you could start a new thread if this is something you are interested in and wanted feedback? I'm sure other than here I have experience:
https://www.fidelity.com/cash-managemen ... low%20zero.
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Re: Vanguard buy error? No.

Post by nisiprius »

The title of a thread is just the subject line of the first posting in the thread. The person who starts a thread can change it by clicking the pencil icon to edit that posting. Edit the "Subject:" line and then submit.
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.
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Re: Vanguard buy error? No.

Post by nisiprius »

Yeah. I would guess that when I think some company has messed up on an order, it is my mistake maybe two times out of three. I have learned to relax and make my voice agreeable when calling to resolve the question.

Several posters in this thread seem confused about how mutual fund transactions work. Price movements are irrelevant to the transaction. You can't order $300.30 worth of a mutual fund and receive and be billed for $380 worth, no matter what the market or the fund does. Can't happen. Impossible.

1) A mutual fund order is (customarily) placed in dollars, not numbers of shares.

2) You get the number of dollars' worth you ordered. Or very close to it. Almost exactly. Within pennies.

3) You may not get exactly that number because transactions are made in units of... it appears checking a confirmation slip... 0.00001 shares. so there can be tiny roundoff errors. You get the number of shares to that accuracy. But just a few weeks ago I made a huge-for-me sale in the low five figures and got the amount I ordered, to the penny. Perhaps it would take a large transaction to get even a one-penny roundoff discrepancy.

But in any case, we're talking pennies, and it would be a truncate, round down to the next lowest possible fractional share. You might order $300.30 and receive and be billed for $300.29, but not $300.31.

There is no way you could order $300.00 worth and be sold $380.00 worth. Can't happen. Impossible. Price movements wouldn't matter.

4) The shares are priced at 4 pm at the end of the day you place the order. Price movements during the day don't matter. Your order means "buy $300.30 worth for me as of 4 pm today."

5) If, for whatever reason, you placed the order so close to 4 pm that it didn't quite get in on time, then it would be processed at the end of the next day. The price might move. But you would still get dollar value you ordered, and pay that amount. Your order would mean "buy $300.30 worth for me as of 4 pm tomorrow."

If the price went up, you could be annoyed, because you would have paid $300.30 and gotten a smaller number of shares, but you wouldn't have paid more than $300.30.

Mutual fund fans like this behavior (known dollars, unknown number of shares, always at 4 pm). ETF fans dislike it; they prefer known number of shares, unknown number of dollars, right this minute.
Last edited by nisiprius on Thu May 12, 2022 2:19 pm, edited 4 times in total.
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Re: Vanguard buy error? No.

Post by Vanguard User »

runninginvestor wrote: Thu May 12, 2022 1:15 pm If you don't write checks often, or use a debit card, I wonder if it would be worthwhile to move your investments to Fidelity or maybe Schwab, or similar company that also offers a cash management account/ banking account? I'm not familiar with vanguards services for that, I haven't had to use it besides just moving money between accounts. That way everything is in one shop in might be able to more easily provide protection from this in the future. It might be a one-off instance, but it's always good to check to see what else is out there to make life easier if possible.

Maybe you could start a new thread if this is something you are interested in and wanted feedback? I'm sure other than here I have experience:
https://www.fidelity.com/cash-managemen ... low%20zero.
I have Fidelity and Vanguard account. You mean use Fidelity’s checking account?
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Re: Vanguard buy error? No.

Post by Vanguard User »

nisiprius wrote: Thu May 12, 2022 1:50 pm The title of a thread is just the subject line of the first posting in the thread. The person who starts a thread can change it by clicking the pencil icon to edit that posting. Edit the "Subject:" line and then submit.
Did it.
runninginvestor
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Re: Vanguard buy error? No.

Post by runninginvestor »

Vanguard User wrote: Thu May 12, 2022 2:14 pm
runninginvestor wrote: Thu May 12, 2022 1:15 pm If you don't write checks often, or use a debit card, I wonder if it would be worthwhile to move your investments to Fidelity or maybe Schwab, or similar company that also offers a cash management account/ banking account? I'm not familiar with vanguards services for that, I haven't had to use it besides just moving money between accounts. That way everything is in one shop in might be able to more easily provide protection from this in the future. It might be a one-off instance, but it's always good to check to see what else is out there to make life easier if possible.

Maybe you could start a new thread if this is something you are interested in and wanted feedback? I'm sure other than here I have experience:
https://www.fidelity.com/cash-managemen ... low%20zero.
I have Fidelity and Vanguard account. You mean use Fidelity’s checking account?
Yeah, or something similar that will automatically pull from somewhere else w/out an overdraft fee while still allowing you to write checks/have a banking account number. I think both Schwab and Fidelity have a cash management account that will pull money from another account with them if a threshold is hit. I believe VG got rid of this kind of account in previous years.

For instance, I can connect to my bank from VG, but can't connect my bank to VG bc it's only a brokerage account. We hold most savings in a brokerage, but I do worry about overdrafts bc my bank won't pull funds from VG. I've considered consolidating for that reason. It's just where we've lived recently hasn't had a Schwab or Fidelity branch nearby for Brick & Mortar service when needed. So we've kept our current B&M bank and Brokerage separately and just hope there's no stupid overdraft. I do have to remember every year to make impending sure big lump-sum payments get transferred to the bank like yearly life insurance premiums and similar.

I think when we get closer to retirement and income mostly comes from retirement accounts and investments I'll actually kick into gear and consolidate. Just a typical lazy person now. But I suppose it'd help my spouse manage payments if something were to happen if I just did it now...sorry rambling!

Just putting an idea that may help avoid this in the future!
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Re: Vanguard buy error? Not it was not.

Post by Cheez-It Guy »

Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?.
Wachovia did for me once because of a similar oversight, although not involving a brokerage. Not sure what Wells Fargo will do. Just ask nicely and point out the length of time you've been with them, that this has never happened before, and that it's unlikely to happen again.
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Re: Vanguard buy error? No.

Post by Vanguard User »

runninginvestor wrote: Thu May 12, 2022 2:34 pm
Vanguard User wrote: Thu May 12, 2022 2:14 pm
runninginvestor wrote: Thu May 12, 2022 1:15 pm If you don't write checks often, or use a debit card, I wonder if it would be worthwhile to move your investments to Fidelity or maybe Schwab, or similar company that also offers a cash management account/ banking account? I'm not familiar with vanguards services for that, I haven't had to use it besides just moving money between accounts. That way everything is in one shop in might be able to more easily provide protection from this in the future. It might be a one-off instance, but it's always good to check to see what else is out there to make life easier if possible.

Maybe you could start a new thread if this is something you are interested in and wanted feedback? I'm sure other than here I have experience:
https://www.fidelity.com/cash-managemen ... low%20zero.
I have Fidelity and Vanguard account. You mean use Fidelity’s checking account?
Yeah, or something similar that will automatically pull from somewhere else w/out an overdraft fee while still allowing you to write checks/have a banking account number. I think both Schwab and Fidelity have a cash management account that will pull money from another account with them if a threshold is hit. I believe VG got rid of this kind of account in previous years.

For instance, I can connect to my bank from VG, but can't connect my bank to VG bc it's only a brokerage account. We hold most savings in a brokerage, but I do worry about overdrafts bc my bank won't pull funds from VG. I've considered consolidating for that reason. It's just where we've lived recently hasn't had a Schwab or Fidelity branch nearby for Brick & Mortar service when needed. So we've kept our current B&M bank and Brokerage separately and just hope there's no stupid overdraft. I do have to remember every year to make impending sure big lump-sum payments get transferred to the bank like yearly life insurance premiums and similar.

I think when we get closer to retirement and income mostly comes from retirement accounts and investments I'll actually kick into gear and consolidate. Just a typical lazy person now. But I suppose it'd help my spouse manage payments if something were to happen if I just did it now...sorry rambling!

Just putting an idea that may help avoid this in the future!
I might consider that. As long as it accepts direct deposit, Mobile check deposit and link my CC’s to it to pay bills. What about ATM cash?
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Re: Vanguard buy error? Not it was not.

Post by Vanguard User »

Cheez-It Guy wrote: Thu May 12, 2022 2:52 pm
Vanguard User wrote: Wed May 11, 2022 10:20 pm So I am looking at a potential 1 day negative checking account balance. This means that while I do have overdraft protection through my Wells Fargo CC. I will be charged a $20 cash advance fee. I have been with them since 2003 and never had any overdraft. Do you think they will refund me $20 as a courtesy?.
Wachovia did for me once because of a similar oversight, although not involving a brokerage. Not sure what Wells Fargo will do. Just ask nicely and point out the length of time you've been with them, that this has never happened before, and that it's unlikely to happen again.
Resolved. Vio transferred in time to cover it.
runninginvestor
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Re: Vanguard buy error? No.

Post by runninginvestor »

Vanguard User wrote: Thu May 12, 2022 4:35 pm
I might consider that. As long as it accepts direct deposit, Mobile check deposit and link my CC’s to it to pay bills. What about ATM cash?
Not sure. Haven't jumped the boat myself! So haven't looked too hard at the details. I'm sure people on here would know. I would guess if they gave you a debit card like fidelity does, you would be able to get cash.
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Re: Vanguard buy error? No.

Post by Vanguard User »

Vio bank app is not good. Can’t do external transfers.
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