Vanguard Cash Plus Account

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anagram
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Re: Vanguard Cash Plus Account

Post by anagram »

Vulcan wrote: Sun Jun 30, 2024 3:51 pm
anagram wrote: Sun Jun 30, 2024 3:34 pm I don't understand how these differences impact cash management?
One could use Fidelity CMA with SPAXX as core for cash flow and transfer longer-term cash holdings to VUSXX in Vanguard brokerage, thus gaining an even higher rate than buying VUSXX in Vanguard CP or keeping all cash at Fidelity.

But these additional optimizations amount to less than $20/yr difference per $5K in CP/CMA.
Thank you for explaining. Yes, not opening another brokerage account for $20/yr difference per $5K!
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Vulcan
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Re: Vanguard Cash Plus Account

Post by Vulcan »

trueson1 wrote: Sun Jun 30, 2024 4:04 pm I'm not seeing how the bill pay works. Can someone advise please. If it is not user friendly, I don't think this will be very useful.
There is no bill pay.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
manlymatt83
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Re: Vanguard Cash Plus Account

Post by manlymatt83 »

trueson1 wrote: Sun Jun 30, 2024 4:04 pm I'm not seeing how the bill pay works. Can someone advise please. If it is not user friendly, I don't think this will be very useful.
There is no bill pay for Vanguard Cash Plus
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Re: Vanguard Cash Plus Account

Post by anagram »

Vulcan wrote: Sun Jun 30, 2024 4:06 pm
trueson1 wrote: Sun Jun 30, 2024 4:04 pm I'm not seeing how the bill pay works. Can someone advise please. If it is not user friendly, I don't think this will be very useful.
There is no bill pay.
Replying to trueson1. I know you know this Vulcan. :)

Instead you can do ACH debits from credit card companies, utilities etc. Works great.
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Re: Vanguard Cash Plus Account

Post by b4nash »

Fidelity cash management also offers checks, a debit card, and refunds ATM fees (even abroad). I use both brokerages and want others to be aware of the opportunity cost.
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Re: Vanguard Cash Plus Account

Post by trueson1 »

Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
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Re: Vanguard Cash Plus Account

Post by anagram »

trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
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Re: Vanguard Cash Plus Account

Post by anagram »

b4nash wrote: Sun Jun 30, 2024 4:16 pm Fidelity cash management also offers checks, a debit card, and refunds ATM fees (even abroad). I use both brokerages and want others to be aware of the opportunity cost.
True but from a separation point of view the fact that CP does not have a debit card and checks is also an advantage.
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Re: Vanguard Cash Plus Account

Post by Vulcan »

b4nash wrote: Sun Jun 30, 2024 4:16 pm Fidelity cash management also offers checks, a debit card, and refunds ATM fees (even abroad). I use both brokerages and want others to be aware of the opportunity cost.
I use both also: Fidelity CMA with limited funds for "less secure" transactions (check-writing, ATM, Venmo/Paypal), and Vanguard CP for direct deposits and ACH pulls.

I feel better not holding significant funds in an account that can be emptied by a fraudulent check (I know you can open an additional CMA with check-writing disabled, so that's something else to consider for those interested).

That said, if I wanted to have a "one-stop" solution, I would choose CMA, and that's what I recommended to my younger son, who just turned 18, and whose needs are currently simple (I suggested he doesn't enable check-writing yet, as it's a one-way street).

His older brother, hose monthly cash flow is substantial, is better-served by CP with its additional security.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Re: Vanguard Cash Plus Account

Post by Vulcan »

anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
Yup. 4.6% APR is a pretty sweet deal for a zero-touch cash flow solution. Money comes in, money comes out. It's a joy to behold. Like running water. :mrgreen:

4.97% currently offered by CMA with SPAXX as core is admittedly an even better deal, but marginally so, so I choose on desired features/security and ignore the rate difference.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Vulcan
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Re: Vanguard Cash Plus Account

Post by Vulcan »

anagram wrote: Sun Jun 30, 2024 4:23 pm
b4nash wrote: Sun Jun 30, 2024 4:16 pm Fidelity cash management also offers checks, a debit card, and refunds ATM fees (even abroad). I use both brokerages and want others to be aware of the opportunity cost.
True but from a separation point of view the fact that CP does not have a debit card and checks is also an advantage.
...One can, of course, lock the CMA debit card (I do), and not enable the check-writing if one is so inclined (but once enabled it can't be disabled, a new account needs to be opened).
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Re: Vanguard Cash Plus Account

Post by trueson1 »

anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
My bills are fully automated in my Credit union bill pay. Not worth the effort for me to set all of this up again.
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Re: Vanguard Cash Plus Account

Post by Vulcan »

trueson1 wrote: Sun Jun 30, 2024 4:30 pm My bills are fully automated in my Credit union bill pay. Not worth the effort for me to set all of this up again.
What is the average daily balance in your CU checking account?

How many times a month do you manually transfer funds to ensure you have enough for bills but not too much that you miss out on interest?
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Re: Vanguard Cash Plus Account

Post by anagram »

Vulcan wrote: Sun Jun 30, 2024 4:28 pm
anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
Yup. 4.6% APR is a pretty sweet deal for a zero-touch cash flow solution. Money comes in, money comes out. It's a joy to behold. Like running water. :mrgreen:

4.97% currently offered by CMA with SPAXX as core is admittedly an even better deal, but marginally so, so I choose on desired features/security and ignore the rate difference.
If Vanguard allowed a MM as the core that would be even sweeter. :mrgreen:
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Re: Vanguard Cash Plus Account

Post by anagram »

trueson1 wrote: Sun Jun 30, 2024 4:30 pm
anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
My bills are fully automated in my Credit union bill pay. Not worth the effort for me to set all of this up again.
How can you do this when, for example, cc payments vary from month to month?
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Re: Vanguard Cash Plus Account

Post by anagram »

trueson1 wrote: Sun Jun 30, 2024 4:30 pm
anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
My bills are fully automated in my Credit union bill pay. Not worth the effort for me to set all of this up again.
Also, with a direct debit from CP the merchant bears the responsibility for pulling the funds on the due date. I had too many problems with bill payments arriving late. Would it be a check? Would it be an electronic payment? You don't need to worry about any of this with CP direct debits.

In Europe, which is 30+ years ahead of the USA in banking services, this has been done for ages. And don't get me started on how you can securely and instantaneously pay another person direct into their bank account. And no Zelle is not even close.
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Re: Vanguard Cash Plus Account

Post by trueson1 »

anagram wrote: Sun Jun 30, 2024 4:37 pm
trueson1 wrote: Sun Jun 30, 2024 4:30 pm
anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
My bills are fully automated in my Credit union bill pay. Not worth the effort for me to set all of this up again.
How can you do this when, for example, cc payments vary from month to month?
Fully automated in the sense that everything is set up in bill pay. All I have to do is enter the amounts each month, which takes me 5 minutes. I had rather do this than have an ACH from my account, as I want to check my CC statements to make sure all the charges are correct before I pay. For me having these transactions come out automatically would make me lazy and possibly miss some incorrecttransactions. Those that want to do this fine. Just not how I prefer to do business.
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Vulcan
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Re: Vanguard Cash Plus Account

Post by Vulcan »

trueson1 wrote: Mon Jul 01, 2024 8:00 am Fully automated in the sense that everything is set up in bill pay. All I have to do is enter the amounts each month, which takes me 5 minutes. I had rather do this than have an ACH from my account, as I want to check my CC statements to make sure all the charges are correct before I pay. For me having these transactions come out automatically would make me lazy and possibly miss some incorrect transactions. Those that want to do this fine. Just not how I prefer to do business.
I was of the same frame of mind for many years.

Then I realized I am just doing the extra work to multiply the ways things could go wrong. Billpay via push introduces an additional party to the transaction, and if things ever go wrong with the payment, straightening it out becomes a lot more complicated. ACH pull works 100% of the time, saves time, and prevents human error on my part.

I am still checking all statements (more than monthly actually) - the difference is that the bills will still reliably get paid if I am unable to attend to the daily flow of bills.

But it sounds like your reason for using push pay is purely behavioral - which, of course, is your prerogative.
Last edited by Vulcan on Mon Jul 01, 2024 11:20 am, edited 1 time in total.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Re: Vanguard Cash Plus Account

Post by anagram »

trueson1 wrote: Mon Jul 01, 2024 8:00 am
anagram wrote: Sun Jun 30, 2024 4:37 pm
trueson1 wrote: Sun Jun 30, 2024 4:30 pm
anagram wrote: Sun Jun 30, 2024 4:22 pm
trueson1 wrote: Sun Jun 30, 2024 4:21 pm Not worth the effort for me then. I'll stick with VUSXX and transfer to my credit union as needed for bills. A few days interest isn't going to break the bank.
CP allows you to fully automate paying bills. You may not want that but some people are using CP for this very reason.
My bills are fully automated in my Credit union bill pay. Not worth the effort for me to set all of this up again.
How can you do this when, for example, cc payments vary from month to month?
Fully automated in the sense that everything is set up in bill pay. All I have to do is enter the amounts each month, which takes me 5 minutes. I had rather do this than have an ACH from my account, as I want to check my CC statements to make sure all the charges are correct before I pay. For me having these transactions come out automatically would make me lazy and possibly miss some incorrecttransactions. Those that want to do this fine. Just not how I prefer to do business.
Okay but that is not fully automated. I don't enter anything at all each month.

I used to use bill pay and that's the problem, you have to enter amounts, click pay etc. And you never know if the payment will be received.

You can check your CC statements well before the ACH debit goes through. You have weeks. That's what I do. You don't need to miss any incorrect transactions.
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Re: Vanguard Cash Plus Account

Post by retiringwhen »

I am old-school, I still use Quicken to track expenses. It does a GREAT job of finding any problems with transactions on my credit cards and bank accounts. (I gave up on investments in Quicken a long time ago.)

I too have migrated to ACH initiated by the entity that I need to pay. I have automatic payments in place for most, but actually do manual payments when I have enough cash. Everyone but Synchrony handles that hack gracefully. I still have a handful of stragglers that require bill pay because they don't take ACH or Venmo.
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Vulcan
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Re: Vanguard Cash Plus Account

Post by Vulcan »

retiringwhen wrote: Mon Jul 01, 2024 11:33 am I am old-school, I still use Quicken to track expenses. It does a GREAT job of finding any problems with transactions on my credit cards and bank accounts. (I gave up on investments in Quicken a long time ago.)
MS Money here, since year 2000! :beer
I too have migrated to ACH initiated by the entity that I need to pay. I have automatic payments in place for most, but actually do manual payments when I have enough cash. Everyone but Synchrony handles that hack gracefully.
I wonder what you see as the benefit of paying early that makes it worth the opportunity cost?
If you torture the data long enough, it will confess to anything. ~Ronald Coase
Maris61
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Re: Downside to VG Cash Plus MM Acct?

Post by Maris61 »

beyou wrote: Mon Apr 29, 2024 11:17 pm I see no need for FDIC savings account at any institution anywhere.
I am curious why?

And I don't think you're the only one to express FDIC-skeptical sentiments here (which is why I posted elsewhere on this thread asking for any insights about such).

Thank you!
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Re: Vanguard Cash Plus Account

Post by Maris61 »

stan1 wrote: Fri May 31, 2024 8:11 am
FrankinFl wrote: Fri May 31, 2024 6:04 am Sorry this is already been answered but how do I know which bank(s) my money will go into?

Thanks
The list of banks participating in cash sweep is here:
https://personal1.vanguard.com/pdf/Bank ... _Banks.pdf

You can opt out of certain banks such as if you have other deposits in one that would put you over FDIC limits, but you cannot specify which one is used.

They are all FDIC insured, If you care about more detail than FDIC insurance this might not be the right product for you.
So for whatever holdings in the CP bank sweep, there really isn't any way to see where or which banks are holding how much of your funds, correct?

And if so, this is pretty typical of brokerage offered CMAs--and most folks who enroll just accept that lack of transparency?
Last edited by Maris61 on Thu Jul 04, 2024 6:57 pm, edited 1 time in total.
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Re: Vanguard Cash Plus Account

Post by anagram »

Maris61 wrote: Thu Jul 04, 2024 4:50 pm
stan1 wrote: Fri May 31, 2024 8:11 am
FrankinFl wrote: Fri May 31, 2024 6:04 am Sorry this is already been answered but how do I know which bank(s) my money will go into?

Thanks
The list of banks participating in cash sweep is here:
https://personal1.vanguard.com/pdf/Bank ... _Banks.pdf

You can opt out of certain banks such as if you have other deposits in one that would put you over FDIC limits, but you cannot specify which one is used.

They are all FDIC insured, If you care about more detail than FDIC insurance this might not be the right product for you.
So for whatever holdings not in the CP bank sweep, there really isn't any way to see where or which banks are holding how much of your funds, correct?

And if so, this is pretty typical of brokerage offered CMAs--and most folks who enroll just accept that lack of transparency?
This is wrong. Your holdings are listed on your monthly statement to the penny. What more do you want?
Maris61
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Re: Vanguard Cash Plus Account

Post by Maris61 »

Well, yes, it was wrong: there was a typo w/ "not" after "holdings," which I corrected.

But I really didn't think it was so unreasonable to be curious about, say, "does bank X have this much of my funds vs. bank Z has that much." And it seems some other posters, like the one in the thread, likewise appear curious.
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Re: Vanguard Cash Plus Account

Post by anagram »

Maris61 wrote: Thu Jul 04, 2024 7:02 pm Well, yes, it was wrong: there was a typo w/ "not" after "holdings," which I corrected.

But I really didn't think it was so unreasonable to be curious about, say, "does bank X have this much of my funds vs. bank Z has that much." And it seems some other posters, like the one in the thread, likewise appear curious.
That's what I answered. Your bank holdings are listed on your monthly statement to the penny.
retiringwhen
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Re: Vanguard Cash Plus Account

Post by retiringwhen »

anagram wrote: Thu Jul 04, 2024 7:39 pm That's what I answered. Your bank holdings are listed on your monthly statement to the penny.
Visual confirmation.

Image
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Re: Vanguard Cash Plus Account

Post by anagram »

retiringwhen wrote: Thu Jul 04, 2024 9:03 pm
anagram wrote: Thu Jul 04, 2024 7:39 pm That's what I answered. Your bank holdings are listed on your monthly statement to the penny.
Visual confirmation.

Image
Thank you! That's the same as I see every month.

I don't know why some people are saying lack of transparency. It would seem they don't even have a CP account or they don't read their monthly statement.
Maris61
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Re: Vanguard Cash Plus Account

Post by Maris61 »

Ah, I misunderstood your reply. Apologies.

My CP acct. is very new (less than a week), so I hadn't located its statements. But now I see the breakdown exactly as you showed.

Thank you!
snappylunch
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Re: Vanguard Cash Plus Account

Post by snappylunch »

Two questions, if I may.

1) Will the CP allow us to have a joint account and then also name a beneficiary/POD? The brokerage account does not.

2) I see that transfers require "like-named" accounts. So would a joint CP account transfer allow only one of our names on the external transfer account?

Thank you.
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Re: Vanguard Cash Plus Account

Post by Feldman »

Are Cash Plus accounts well-integrated with the Vanguard app for iOS? I admit to not having read a large portion of the now-lengthy thread. App integration is somewhat important to me for the sake of convenience. Typically only use the full version of the site once per month.
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Re: Vanguard Cash Plus Account

Post by GaryA505 »

Is the Vanguard Cash Plus account actually a viable alternative to the Fidelity CMA?

In our case we have a bank checking account we like, so our Fidelity CMA is really just a savings account (i.e. cash buffer). We are using automatic transfers into the CMA from other brokerage accounts (dividends from brokerage, etc.). We will also be doing RMD withdrawals which will be transferred directly into the CMA. I'm assuming that the Vanguard CP account can do all that. We will also do occasional unscheduled "lumpy" transfers out of the CMA into checking. We don't use the CMA for bill payment, as we like our bank checking for that.

So IOW, we use EFT in/out transfers but no bill payment.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
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Re: Vanguard Cash Plus Account

Post by xmorphicx »

Feldman wrote: Tue Jul 09, 2024 7:40 am Are Cash Plus accounts well-integrated with the Vanguard app for iOS? I admit to not having read a large portion of the now-lengthy thread. App integration is somewhat important to me for the sake of convenience. Typically only use the full version of the site once per month.
I would say so, and they have been pushing out updates with additional features at a good pace. It's not a slick fintech app (e.g., Robinhood) so if that's your comparison it will be a letdown. What features are you specifically looking for? You can see your totals of available cash in CP and those held in a MMF in CP, transactions, etc. Buying and selling MMF is easy as is transferring between accounts or in and out of Vanguard... same interface as the standard brokerage.
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Re: Vanguard Cash Plus Account

Post by Feldman »

xmorphicx wrote: Tue Jul 09, 2024 12:48 pm
Feldman wrote: Tue Jul 09, 2024 7:40 am Are Cash Plus accounts well-integrated with the Vanguard app for iOS? I admit to not having read a large portion of the now-lengthy thread. App integration is somewhat important to me for the sake of convenience. Typically only use the full version of the site once per month.
I would say so, and they have been pushing out updates with additional features at a good pace. It's not a slick fintech app (e.g., Robinhood) so if that's your comparison it will be a letdown. What features are you specifically looking for? You can see your totals of available cash in CP and those held in a MMF in CP, transactions, etc. Buying and selling MMF is easy as is transferring between accounts or in and out of Vanguard... same interface as the standard brokerage.
You answered my unasked specifics. I've been with Vanguard a long time. I am not comparing to a fintech. I just wanted clarity on whether the comparatively new Cash Plus accounts were supported in the app for the basics before taking the plunge. Thank you!
neo
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Re: Vanguard Cash Plus Account

Post by neo »

Having issue paying my mortgage autopay using vanguard cash plus account. Mortage company is saying my autopay got rejected as the account is frozen and vanguard is saying account is active. Verified the account number and routing info couple of times.

Anyone had this issue?
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Re: Vanguard Cash Plus Account

Post by stan1 »

neo wrote: Wed Jul 10, 2024 2:21 pm Having issue paying my mortgage autopay using vanguard cash plus account. Mortage company is saying my autopay got rejected as the account is frozen and vanguard is saying account is active. Verified the account number and routing info couple of times.

Anyone had this issue?
Who is the lender? Yes some people have had problems with payees not accepting payments. There is a list on the first page of this thread including Comcast and Bank of America (for some customers not all). I've been away for a few weeks so might not be updated. I think the best explanation so far is that PNC is reusing the routing number from a bank they purchased decades ago. That routing number was invalid and not used for a number of years so the payees computer systems might not be updated to reflect the fact that it is valid again.

If anyone would like me to update the first post in the thread please let me know what changes are needed.
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Re: Vanguard Cash Plus Account

Post by neo »

Mortage company name is 1st2nd mortage.
zero_coupon
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Re: Vanguard Cash Plus Account

Post by zero_coupon »

manlymatt83 wrote: Sat Jun 22, 2024 1:31 pm
zero_coupon wrote: Sat Jun 22, 2024 1:29 pm
manlymatt83 wrote: Tue Jun 18, 2024 6:11 pm The other issue I'm concerned about is the "dashboard access" the banks need to verify KYC (know your customer). If Vanguard is maintaining this dashboard the banks can use to verify KYC, and somehow something goes wrong there, the banks can lock the funds...
Do you think program banks have access to the personal information of all brokerage customers, regardless of whether they've enrolled in Cash Plus (at Vanguard) or CMA (at Fidelity)?
Apparently not. Just did some research on this. Apparently the banks will only know they are holding pooled deposits, and the name of the brokerage for which those deposits are pooled.?
Not sure about Vanguard, but turns out Fidelity is, in fact, sharing customer personal information with Program Banks:
Fidelity's FDIC-Insured Deposit Sweep Program Disclosure wrote: You further acknowledge and agree to allow Fidelity to share personal information about you, including such things as your name, Social Security number or tax identification number, address, and date of birth, with ... the Program Banks ... .
I assume Vanguard does the same. Presumably, this applies only to customers using CP/CMA, rather than to all brokerage customers, but who knows.
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Re: Vanguard Cash Plus Account

Post by Feldman »

Does anyone know whether successfully opening this account requires a thaw of ChexSystems and/or the credit bureaus?

I guess, has anyone successfully opened a new Cash Plus account with ChexSystems and all three bureaus frozen? Hoping to get confirmation before I attempt.

I already have multiple brokerage accounts at Vanguard, I should probably point out.

Thanks!
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Re: Vanguard Cash Plus Account

Post by Barkingsparrow »

Feldman wrote: Sat Jul 13, 2024 7:28 am Does anyone know whether successfully opening this account requires a thaw of ChexSystems and/or the credit bureaus?

I guess, has anyone successfully opened a new Cash Plus account with ChexSystems and all three bureaus frozen? Hoping to get confirmation before I attempt.

I already have multiple brokerage accounts at Vanguard, I should probably point out.

Thanks!
I opened an account recently and I have all credit bureaus frozen. Note I had issues with creating my account because for some reason, the Cash Plus workflow hates VPN, even though the rest of Vanguard is fine with it.
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Re: Vanguard Cash Plus Account

Post by Feldman »

Barkingsparrow wrote: Sat Jul 13, 2024 10:34 am
Feldman wrote: Sat Jul 13, 2024 7:28 am Does anyone know whether successfully opening this account requires a thaw of ChexSystems and/or the credit bureaus?

I guess, has anyone successfully opened a new Cash Plus account with ChexSystems and all three bureaus frozen? Hoping to get confirmation before I attempt.

I already have multiple brokerage accounts at Vanguard, I should probably point out.

Thanks!
I opened an account recently and I have all credit bureaus frozen. Note I had issues with creating my account because for some reason, the Cash Plus workflow hates VPN, even though the rest of Vanguard is fine with it.
Thanks for the info. I will not be on VPN. I assume based on your reply that ChexSystems was not frozen?
ThirstyScholar
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Re: Vanguard Cash Plus Account

Post by ThirstyScholar »

Feldman wrote: Sat Jul 13, 2024 7:28 am Does anyone know whether successfully opening this account requires a thaw of ChexSystems and/or the credit bureaus?

I guess, has anyone successfully opened a new Cash Plus account with ChexSystems and all three bureaus frozen? Hoping to get confirmation before I attempt.

I already have multiple brokerage accounts at Vanguard, I should probably point out.

Thanks!
I was only able to open a new Cash Plus account after temporarily lifting the credit report freezes with all three major bureaus.
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anagram
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Re: Vanguard Cash Plus Account

Post by anagram »

ThirstyScholar wrote: Sat Jul 13, 2024 1:05 pm
Feldman wrote: Sat Jul 13, 2024 7:28 am Does anyone know whether successfully opening this account requires a thaw of ChexSystems and/or the credit bureaus?

I guess, has anyone successfully opened a new Cash Plus account with ChexSystems and all three bureaus frozen? Hoping to get confirmation before I attempt.

I already have multiple brokerage accounts at Vanguard, I should probably point out.

Thanks!
I was only able to open a new Cash Plus account after temporarily lifting the credit report freezes with all three major bureaus.
I had the completely opposite experience.
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Feldman
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Re: Vanguard Cash Plus Account

Post by Feldman »

LOL! Well, now I'm quite confused. Should I keep a tally of experiences?
ThirstyScholar
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Re: Vanguard Cash Plus Account

Post by ThirstyScholar »

Feldman wrote: Sat Jul 13, 2024 1:10 pm LOL! Well, now I'm quite confused. Should I keep a tally of experiences?
Why don't you just try opening one and see what happens? It took me 2 minutes to temporarily unfreeze credit reports, apply for Cash Plus online, gets approved, and refreeze the reports.
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Re: Vanguard Cash Plus Account

Post by anagram »

ThirstyScholar wrote: Sat Jul 13, 2024 1:15 pm
Feldman wrote: Sat Jul 13, 2024 1:10 pm LOL! Well, now I'm quite confused. Should I keep a tally of experiences?
Why don't you just try opening one and see what happens? It took me 2 minutes to temporarily unfreeze credit reports, apply for Cash Plus online, gets approved, and refreeze the reports.
Or don't unfreeze anything and try opening a CP account. What is the worst that could happen?
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Re: Vanguard Cash Plus Account

Post by Feldman »

The worst would be if it doesn't work it gets stuck in some state of limbo and I have to actually call Vanguard.

Annoyingly, everything I froze following the Equifax breach has moved from PINs to freeze and unfreeze to requiring account creation and logins to manage freezes. Experian was the last of the big three to not require an account, but they now do as well, as does apparently ChexSystems. Innovis seems to be the last one standing that doesn't require an account, and I assume that's coming soon. But they're so minor I usually don't bother.

I would likely be doing this for three people, so the more accounts I have to temporarily thaw, the more of a pain it is. That's the reason I was soliciting experience. But at some point, I just have to try it. I usually don't mind being a guinea pig on something like this to report my learnings, but I don't want to get stuck having to call. The question is whether with conflicting reports I should just go the safest route and temporarily thaw everything.
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Re: Vanguard Cash Plus Account

Post by ThirstyScholar »

Feldman wrote: Sat Jul 13, 2024 2:00 pm The worst would be if it doesn't work it gets stuck in some state of limbo and I have to actually call Vanguard.

Annoyingly, everything I froze following the Equifax breach has moved from PINs to freeze and unfreeze to requiring account creation and logins to manage freezes. Experian was the last of the big three to not require an account, but they now do as well, as does apparently ChexSystems. Innovis seems to be the last one standing that doesn't require an account, and I assume that's coming soon. But they're so minor I usually don't bother.

I would likely be doing this for three people, so the more accounts I have to temporarily thaw, the more of a pain it is. That's the reason I was soliciting experience. But at some point, I just have to try it. I usually don't mind being a guinea pig on something like this to report my learnings, but I don't want to get stuck having to call. The question is whether with conflicting reports I should just go the safest route and temporarily thaw everything.
Now I see your concern. When I first applied with my credit reports frozen, I got a cryptic system error which did not mention any credit reports at all. Then I temporarily lifted freezes at all three major bureaus and the application was approved with no issues. So I don't see any downside to just go ahead and try it. I did not have to interact with Vanguard customer service during the process. YMMV.
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Re: Vanguard Cash Plus Account

Post by zero_coupon »

Feldman wrote: Sat Jul 13, 2024 2:00 pm Experian was the last of the big three to not require an account, but they now do as well ...
There's a good guide to ID theft protection on Reddit that suggests the following:
https://www.reddit.com/r/IdentityTheft/comments/uvv3ij/psa_freezing_your_three_main_credit_reports_is/ wrote: don't create an online Experian account if you haven't already due to their arbitration agreement - preferably freeze Experian by phone or mail
You mention Experian now requires an account online? I wonder if the above tip has any practical benefit.
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Feldman
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Re: Vanguard Cash Plus Account

Post by Feldman »

I guess I should have been more careful with my wording. By "requires" I was referring only to the online process. I'm not planning to interact by phone or mail with any of these organizations to manage freezes and thaws. And I have already created accounts everywhere except at ChexSystems, but I resent having to do it instead of being able to use the PIN provided at time of original freeze without requiring an account. I might have been convinced to just try it as is. Will report. Thanks!
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