24601NoMore
Thinks s/he gets paid by the post
- Joined
- Dec 8, 2015
- Messages
- 1,166
separate the joint account into separate his and hers accounts.... that would be an easy solution...
I don't see any downside other than you don't want to do it.
The downside is that it is "our" money - not "my" money or "her" money. And we simply do not have "his" and "her" money in our household.
Separating into two different accounts explicitly makes it "his" and "her" money legally, as it is then "owned" by the person with the Tax Id on the account. Whether that would ever potentially become an issue is unpredictable - and a customer should not have to take the unnecessary risk, or have the PITA additional account administration of splitting (and worse, regularly tracking transaction activity on) additional accounts just because VG can't get their act together and do what literally every other financial institution on the planet already does (joint benes).
Really not sure why that point is unclear.
VG seems to want to protect against every conceivable thing that could ever happen (that literally no other company seems concerned about), but seems perfectly happy for their CUSTOMER to take risk of things that could conceivably happen. That is not good customer service, period. If I wasn't already so invested in VWIAX and other VG funds that I can't get elsewhere, I would have already started the transfer process to move the money. I'm that irritated about it all.
I'm left with two very bad options - create a DIY will (no lawyer can do in time) and potentially muck it up, or split the accounts as mentioned and in essence create "his" and "her" money instead of "our money" while taking on all of the additional risk and PITA additional work of transaction tracking on double the number of accounts that entails. Neither is a good option, and VG's obstinance on this is a yet another example in my strong opinion on them simply not taking care of their customers. Add in all of their system and process issues, and it's clear they are either growing too fast or simply do not know how to properly manage the business they do have.
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