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VanguardAdvantage Checking Account
Old 10-25-2006, 06:02 PM   #1
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VanguardAdvantage Checking Account

I'm considering setting up a VanguardAdvantage account. This would allow me to use automatic online bill payment without transferring money to my local bank's checking account first.

Anybody use this?

Any disadvantages or dangers?

Thanks,
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Re: VanguardAdvantage Checking Account
Old 10-25-2006, 06:49 PM   #2
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Re: VanguardAdvantage Checking Account

I have not specifically researched Vanguard's checking, but I have looked into using Schwab's investor checking, and here is the major downside: they can't conduct transactions in cash (paper currency). Yes, you can go to an ATM, but you are limited in how much you can take out of any ATM (300-500 per day). If you need a large amount of cash, you are out of luck. Also, you can't deposit cash either.
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Re: VanguardAdvantage Checking Account
Old 10-25-2006, 07:21 PM   #3
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Re: VanguardAdvantage Checking Account

Al,

I just signed up the other day and I'm waiting for the paperwork to come in the mail.
Seems that it's everything that I'll need and I like the idea of having everything in one place. Don't see a down side but I'm sure it will take a few months to see if it fits the bill.

Also no cost factor with over 1M.
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Re: VanguardAdvantage Checking Account
Old 10-26-2006, 11:36 AM   #4
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Re: VanguardAdvantage Checking Account

I don't really like the bill pay systems that send out checks - I prefer to use the electronic payment schemes of the billers. So, the downside to that for me is letting billers draft from my main investment account - nothing bad has happened, its just a worry.

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Re: VanguardAdvantage Checking Account
Old 10-26-2006, 01:30 PM   #5
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Re: VanguardAdvantage Checking Account

The VanguardAdvantage bill paying system sends out paper checks and doesn't pay electronically?

I guess my unreasonable paranoia is this: if a Nigerian scam artist gets my current checking account number, I'm out a max of $600 or so. If he gets the VG number, the sky's the limit.
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Re: VanguardAdvantage Checking Account
Old 10-26-2006, 01:32 PM   #6
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Re: VanguardAdvantage Checking Account

Quote:
Originally Posted by TromboneAl
The VanguardAdvantage bill paying system sends out paper checks and doesn't pay electronically?
Yes, archaic huh?

Quote:
Originally Posted by TromboneAl
I guess my unreasonable paranoia is this: if a Nigerian scam artist gets my current checking account number, I'm out a max of $600 or so. If he gets the VG number, the sky's the limit.
Me too. Well, maybe not the sky

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Re: VanguardAdvantage Checking Account
Old 10-26-2006, 01:42 PM   #7
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Re: VanguardAdvantage Checking Account

Is there a reason you can't have 2 accounts, one with checking, one without ? That's what we do at Fidelity. It's easy to transfer funds between them.
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