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Whats with IRA transfers taking so long?
Old 03-20-2017, 04:39 PM   #1
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Whats with IRA transfers taking so long?

Completed a DocuSign to transfer funds from VG to another institution.
Money market to Money market fund. DocuSign complete on 3/9/17.
VG mailed the funds on 3/14/17. Is there a reason these transfers take so long? 7 days in the mail seems really long for a 2000 mile trip. But am told its normal for these types of things. Just bugs me. Rant off.
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Old 03-20-2017, 04:58 PM   #2
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I did several transfers in the last year and I think it was 5 to 7 business days. One was cashed out, the others in kind. I think they are given a number of days and they take it. I expect all transfers were electronic. The in kind also sent all the basis info.. dates and all.

I doubt it needed to take that long, but I was told what to expect. There may be some straggling money.... an interest or other distribution that took longer to happen. Those usually follow on their own.
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Old 03-20-2017, 05:13 PM   #3
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Just posted................ big relief................
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Old 03-20-2017, 05:40 PM   #4
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Perhaps the issue is just like the one I had when mailing a check to vanguard, it took an additional day to convert the funds from the check to federal funds (the check was on wells fargo, and showed up paid one day before the deposit showed up)
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Old 03-20-2017, 05:49 PM   #5
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No idea......... I think its all electronic transfer these days......... they just tell us its a check. LOL LOL
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Old 03-20-2017, 06:26 PM   #6
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I don't know the actual reason but it could work in your favor if an identity thief were making the transfer.
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Old 03-20-2017, 06:32 PM   #7
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You are in a queue, at Vanguard, not only the queue is long but it's slow. They took nearly a month to transfer my husband's money. And that's transferring money in.
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Old 03-20-2017, 07:03 PM   #8
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In this case it was $20.00 interest a day @2.75%
A month would have really sucked..... Am sure its almost always in their favor........to stretch it out......
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Old 03-20-2017, 07:50 PM   #9
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Quick question, I see on this site and many others putting their money in Vangard. Just curious what the reason was?
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Old 03-20-2017, 07:52 PM   #10
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Quote:
Originally Posted by Rowej View Post
Quick question, I see on this site and many others putting their money in Vangard. Just curious what the reason was?
For me, this describes it: https://investor.vanguard.com/what-w...r/why-vanguard
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Old 03-20-2017, 08:35 PM   #11
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In this case it was $20.00 interest a day @2.75%
A month would have really sucked..... Am sure its almost always in their favor........to stretch it out......
I probably posted this before but about 1990? I was told to look at a system to determine what applications were using all the resources.

Pretty simple there was ours and someone else who was to be using spare cycles.
They weren't using spare cycles, they consumed most of the machine. Someone else also moved a fair amount of money daily. My VP told me to make our stuff run first. No big deal in those days, no charge control VP said so. Just change configuration and done.

Next morning I get a call from a ticked off VP from someone else, his work didn't get done. He started screaming about how they didn't capture the float that day, cause the reports never ran and it was a six figure loss...... I gave him my VPs number.

I never saw a machine of that size hit a data center floor so fast.

Floats not worth much today, but I guess the same approach is taken.
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Old 03-21-2017, 05:22 AM   #12
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In my case, 20 years ago VG had the absolute lowest fund fees. And a selection of funds 2nd to none. With customer service and a web site that was on par with everyone else. These days VG has higher fees for its funds, ETF's and stock trades compared to Charles Schwab or FIDO.
And still has the web site from the 90's. When you compare web sites and fees the difference becomes quite shocking.
VG is still probably the largest. And for some, that might be important.
CS offers $300.00 on a 50k account, and $500.00 on 100k account to make the change. That was just icing on the cake for me. Had nothing to do with the switch as I found out about it after I decided to switch. But did make me smile as I am moving 2 Roth accounts today. For a quick $600.00 And the CH web site is just flat out amazing in comparison.




Quote:
Originally Posted by Rowej View Post
Quick question, I see on this site and many others putting their money in Vangard. Just curious what the reason was?
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Old 03-21-2017, 05:47 AM   #13
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Originally Posted by Rowej View Post
Quick question, I see on this site and many others putting their money in Vangard. Just curious what the reason was?
Vanguard is the Walmart of investment firms. You can usually find what you are looking for there for the lowest price.

Now there are some drawbacks to this. The people at Vanguard ( as is with Walmart) are helpful, but they will "not hold your hand" in terms of your needs.
You need to know exactly what you want ahead of time. Even though Vanguard will do a portfolio review (at no charge for higher end customers)....these are usually of the boiler plate variety.

At Vanguard it is all about keeping the investor's cost to invest at a barebone minimum. And that's the way many of us like it.
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Old 03-21-2017, 06:53 AM   #14
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I made a direct trustee to trustee transfer (Traditional Bank to a Brokerage House) last year and was told it could take up to 30 days to complete. WTF, I thought all of this was electronic transfers, so why so long? Anyway it took less than 10 days but it's a little unsettling to see "online" when 250k disappears from one account and not reappear in the other for several days.
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Old 03-21-2017, 07:50 AM   #15
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"At Vanguard it is all about keeping the investor's cost to invest at a barebone minimum" Even that ship has sailed............
https://www.schwab.com/public/schwab...ndexfunds.html
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Old 03-21-2017, 11:38 AM   #16
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But IMO it is not worth changing for 0.01% simce most of us are using Admiral shares (>$10,000).
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Old 03-21-2017, 06:10 PM   #17
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That's not the only reason to switch. Just one of many...........
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Old 03-21-2017, 10:31 PM   #18
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and the other reasons are?
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Old 03-22-2017, 04:34 AM   #19
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"and the other reasons are? "

Modern clear speedy website. These days the VG site just frustrates me.
Tools, real time quotes, etc. if needed.
Lower costs across the board. Funds, ETF's, stocks and bonds.
That used to be VG's strong point. And they were the only ones with great funds way back when.
No strange VG rules. (There are lots of them) I put a sell order in on a VG fund on 12/1/16 that could not be canceled 2 hrs. prior to the market close? VGELX. No big deal, but it was strange.......
Better real customer service. VG is great on the phone though.
CS also has a walk in branch 15 minutes from home if needed.
(But wont use it much) if at all. Aside from dropping things off.
Like yesterday.......
Real 24 hr. cust service. The list goes on for me. But others are super happy, and that's great. I was too for 20 yrs. Its just time that's all.
Oh, and the $600.00 bonus I am getting to switch (2) small 50-70k Roths.
Those things I guess...........
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