A little too much 'security' at DCU...

cute fuzzy bunny

Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Dec 17, 2003
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Losing my whump
After being a Digital Credit Union member since they opened their doors more than 20 years ago, I'm moving on. I opened an 'advantage' account with vanguard yesterday. Funny, when I joined DCU as a Digital Equipment Corp employee back in the early 80's, I didnt think the bank would last long. Lasted a lot longer than the company that spawned it...

Last year they decided that people who had their site open in a browser would periodically get a pop up telling them that their session was being ended, even if they were just sitting at the home page, not logged in. Invariably this popped up when I was in the middle of looking at something or typing something. I ended up having to drop them from my standard firefox tabs as it just became an annoying pain in the butt. Which led to not remembering to check my bank account regularly for any 'funny business'.

Yesterday they decided that all PIN's have to be a mix of six letters and numbers and force changed every six months. Apparently their security guy hasnt seen any of the bazillion studies I saw as an IT manager that note that forcing 'strong passwords' and password changes on the rank and file results in either the user picking an easily remembered/discovered word and rotating a single digit number in it, or writing the password down and taping it to their monitor or putting it under their keyboard. In other words, no real security benefit. And then you have the issue of users forgetting their new passwords at a regular rate, account lockouts and password resets combined with the worldwide support response time malaise.

I hate forced password/security stuff. The "P" in PIN is supposed to mean "personal"... :p

Now I just need to get vanguard to start offering HELOCs...
 
Vanguard Advantage - is this just a basic set of banking functions - credit card, checkwriting, overdraft protection, online bill-pay, and high interest rate deposit account (VG mm account)? Anything special I'm missing out on?
 
Nope, you pretty much have it. What a bank provides except for mortgages, loans and whatnot.

No charges/fees for flagship members, very limited charges for voyager members (I think), not sure if people with under a quarter mil with vanguard can get it.
 
I'm in the "under quarter million at vanguard" group for now. Do you (or anyone else) have any experience with the basic free checkwriting at vanguard on your investment accounts? I think there is a $100 minimum per check. Is it just like a regular check from a regular bank in all other respects? Are they honored like regular checks?
 
Eh, if I'm going to change banks for the first time in 20-something years I'm just going to further consolidate myself with the rest of my money. The arent going to charge me anything for anything, and all I need is a checking account to write about 2 checks a month against and a rudimentary bill paying service. Looks like vanguard has that. I'll file a full report as to the ups and downs of it as I go.
 
Cute 'n Fuzzy Bunny said:
Eh, if I'm going to change banks for the first time in 20-something years I'm just going to further consolidate myself with the rest of my money.  The arent going to charge me anything for anything, and all I need is a checking account to write about 2 checks a month against and a rudimentary bill paying service.  Looks like vanguard has that.  I'll file a full report as to the ups and downs of it as I go.

I have something similar with Schwab and it is very convenient to have everything in one place.
 
I need to ask directly as there is no mention of it, but I think I hit the first snag. It appears that they dont take deposits in any way except for direct deposit and EFT's from bank accounts.

Not sure how I'd handle the half dozen little rebate checks and other flotsam I end up depositing at the bank every month

Crap. :p
 
CFB,

Just deposit the flotsam via snail mail into your Vanguard money market using the deposit slips they send you (and the free mail envelopes). That is what I do. I have deposited every piece of flotsam there for years by mail including rebate checks, etc.

So is your Vanguard advantage account totally separate from your brokerage account? And then you can transfer money between them?

Kramer
 
justin said:
I'm in the "under quarter million at vanguard" group for now. Do you (or anyone else) have any experience with the basic free checkwriting at vanguard on your investment accounts? I think there is a $100 minimum per check. Is it just like a regular check from a regular bank in all other respects? Are they honored like regular checks?

I just reviewed the vanguardadvantage and unless you are a flagship member ($1000k+) they have fees, $30/annually, $5/month billpay, $10 checks. I get all that for free at Bank of Internet that I linked to a number of my accounts.
 
kramer said:
CFB,

Just deposit the flotsam via snail mail into your Vanguard money market using the deposit slips they send you (and the free mail envelopes). That is what I do. I have deposited every piece of flotsam there for years by mail including rebate checks, etc.

So is your Vanguard advantage account totally separate from your brokerage account? And then you can transfer money between them?

Kramer

Ahhh...didnt know I could do that. That solves the problem completely then.

yes, the advantage account is a separate account from the brokerage acct, it uses your main money market acct and you can transfer funds back and forth just like any other vanguard acct. At least thats what they tell me.
 
Yep, my flagship rep confirms that checks that are payable to an investor who then signs them over to vanguard and mails them in for deposit will "generally be accepted".

Since they're doing this with a linked money market account, and they claim unlimited no minimum amount check writing, atm card and electronic bill payment...I wonder how they overcome the limit on money market withdrawals in a month...let them 'ride' and apply them once or twice a month? Once a week?

Should be interesting to find out.

I'm slowly getting a lot happier about having one place to check transactions and look at my total financial picture.

I'll probably keep the DCU account for now to maintain the "free" HELOC.
 
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