vanguard beneficiary policy stinks

[pb4uski]

sorry , but the statement being needed is a sec rule not jpm .

it is right here in the sec rules on their website .




https://www.sec.gov/reportspubs/inve...ctxferhtm.html


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right from securities & exchange commission website under how to avoid delays of acat transfers ..


Review the Form Carefully

As you start filling in the transfer form, review the account statement from your old firm where your account is held. All firms require you to attach a copy of your most recent account statement to the transfer form.

The link that you posted leads me to "Oops! We can't find this file".

The instructions that you posted require "a copy of your most recent account statement". So fill out the form and attach the most recent account statement... if you get statements only electronically then print out the most recent one available to you on the Vanguard website... if you get paper statements then give them the most recent one. If March 31 is the most recent statement available, so be it.... include a note explaining that it is the most recent account statement. If JPM is insisting on somethig that does not exist, then shame on them.

Seems to me that you like to complain about Vanguard more than you like solving the problem.

 

[mathjak107]

we think we solved the issue on our own but jpm's compliance dept has to get the okay because the sec is quite specific about statements being needed . we have the latest statement but it lacks showing the new brokerage account number . the more recent statements will be compiled end of sept , early october that show the transfer to the new vanguard brokerage account which is a new number . the older statements on file only show the old mutual fund account .

so . jpm is trying to get the sec to okay the older statement showing the mutual fund account with a vanguard letterhead confirmation showing the old account number has been transferred to a new brokerage account number which of course is the account being moved ..

jpm said they know they would be okay with an original letter from vanguard stating the new account number and holdings but we failed to get someone in their acats dept to answer the phone so we could talk to someone about getting it . it is something customer service won't or can't do so they gave us another number and dept to try . key word is try , they were not even sure themselves yet they were sending us off . ..

worse come to worse i will wait until october for the new statement . but that has nothing to with the crappy customer service i experienced through this and how we were handled .

i certainly understand the issue is my doing because of the account change . i get that .

but that has nothing to do with the way vanguard passed us around to others , didn't try to help us , and of course has customers hold on phone lines they don't even answer and give them messages to continue holding .

what i would expect them to do is have the voyager rep run with the ball and try to get the info or request filled from whomever and get back to me with aye or nay .

like i say , no matter what the issue is at fidelity , i never have to make more than 1 call . no matter who or what is involved the rep sees it through from start to finish .

here is the sec link , all brokerages require a statement attached is under " review the form carefully ".
https://www.sec.gov/reportspubs/investor-publications/investorpubsacctxferhtm.html

 

[athena53]

One educated guess as to what happens when an account goes unclaimed because the beneficiary never claims it. States have "escheat" laws which require certain institutions (banks, insurance companies and likely brokerages as well) to turn over unclaimed funds to the state after a certain number of years. The state, in turn, holds them and keeps a database. (See missingmoney.com) If no one claims the funds from the state, I believe the state is allowed to keep them.

My late ex-husband has 3 accounts in NJ under missingmoney.com. He was in crappy financial shape when he died so I can't imagine they're worth much but am considering sitting down with DS (his only child) and doing the paperwork to see what's there. Weird- I divorced the Ex in 1997 and he died in 2010 and I can still remember his SS number.

 

[MRG]

One educated guess as to what happens when an account goes unclaimed because the beneficiary never claims it. States have "escheat" laws which require certain institutions (banks, insurance companies and likely brokerages as well) to turn over unclaimed funds to the state after a certain number of years. The state, in turn, holds them and keeps a database. (See missingmoney.com) If no one claims the funds from the state, I believe the state is allowed to keep them.

+1

 

[mathjak107]

the acat transfer was completed yesterday . the statement showing the old account and the confirmation showing the transfer to the new vanguard brokerage account was acceptable .

ironic thing is jpm said they show unlike fidelity who is restricted from access to admiral shares they show they are not restricted and could have transferred the admiral shares over .

i had already planned on moving them to fidelity so that is why i converted them to the etf first but decided afterwards to go for the perks at chase instead .

so it is interesting that some firms can handle admiral shares while others can't .

 

[Texas Proud]

the acat transfer was completed yesterday . the statement showing the old account and the confirmation showing the transfer to the new vanguard brokerage account was acceptable .

ironic thing is jpm said they show unlike fidelity who is restricted from access to admiral shares they show they are not restricted and could have transferred the admiral shares over .

i had already planned on moving them to fidelity so that is why i converted them to the etf first but decided afterwards to go for the perks at chase instead .

so it is interesting that some firms can handle admiral shares while others can't .

But aren't ETFs even cheaper than Admiral? Maybe it is a good thing...

 

[mathjak107]

they were the same identical expense in this case

 

[Sunset]

the acat transfer was completed yesterday . the statement showing the old account and the confirmation showing the transfer to the new vanguard brokerage account was acceptable .

ironic thing is jpm said they show unlike fidelity who is restricted from access to admiral shares they show they are not restricted and could have transferred the admiral shares over .

i had already planned on moving them to fidelity so that is why i converted them to the etf first but decided afterwards to go for the perks at chase instead .

so it is interesting that some firms can handle admiral shares while others can't .

Thanks for bringing up this issue.

We "accidentally" ended up with a joint account at Vanguard.

I've been on the fence about making it single, as it's a hassle and there was no clear reason, but add in the TOD issue and it becomes crystal clear now.

 

[nwsteve]

the acat transfer was completed yesterday . the statement showing the old account and the confirmation showing the transfer to the new vanguard brokerage account was acceptable .

ironic thing is jpm said they show unlike fidelity who is restricted from access to admiral shares they show they are not restricted and could have transferred the admiral shares over .

i had already planned on moving them to fidelity so that is why i converted them to the etf first but decided afterwards to go for the perks at chase instead .

so it is interesting that some firms can handle admiral shares while others can't .

Wonder if it is not just who Vanguard considers a competitor. I was told by Fido rep that Vanguard considers Admiral proprietary and would not allow Fido to hold. In same vein, Fido does not provide any detail on Admiral shares--just the basics. Always had to go to Vanguard site to see portfolio info for example.

 

[youbet]

I have no problem with you not liking Vanguard.... there is an issue with the way they do business that you do not like and you are moving.... that is the way our system is supposed to work...

Yep. It's amazing how folks develop loyalty to one brokerage firm/MF company or another. They all have their pros and cons and it's simply a matter of doing business with the one that suites you. Or more than one for that matter.

I do business with Schwab because their business model suites my (and my family's) needs the best. I generally like the way Vanguard looks from my view on the outside, but they're missing some features I like/need.

It isn't a matter of which is best for everybody. It's a matter of which is best for you.

 

[mathjak107]

Wonder if it is not just who Vanguard considers a competitor. I was told by Fido rep that Vanguard considers Admiral proprietary and would not allow Fido to hold. In same vein, Fido does not provide any detail on Admiral shares--just the basics. Always had to go to Vanguard site to see portfolio info for example.

the funny thing is while fidelity told me they can not handle admiral shares jpm said no problem they show them on their list as fine for transferring over.

i already had done the etf conversion so we never got to actually try it .