VanguardAdvantage Checking Account

[TromboneAl]

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,

 

[JustCurious]

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.

 

[73ss454]

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.

 

[shiny]

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.

 

[TromboneAl]

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.

 

[shiny]

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

Yes, archaic huh?

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

 

[Dry Socks]

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.