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Vanguard not transferring money to Fidelity
03-16-2023, 07:48 AM
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#1
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Full time employment: Posting here.
Join Date: Oct 2007
Posts: 500
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Vanguard not transferring money to Fidelity
I have a taxable account with + $ 1 million - Revocable Trust at Vanguard ,
In an attempt to consolidate at Fidelity I had completed the transfer of assets form from Vanguard at the local Fidelity Branch Office.
Fidelity Rep says Vanguard is not releasing the assets as they say the wording of the Trusts are different at Vanguard than at Fidelity.
I have only one trust & I submitted the same trust papers to both Vanguard & Fidelity.
I do not know what to do, Fidelity Rep. says they are on the job, but Vanguard is not allowing the transfer.
Your thoughts, what avenues do I have ?
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03-16-2023, 07:53 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Land of Florida Man
Posts: 38,775
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If correct, that is a legitimate reason to refuse to transfer.
I would call Vanguard to confirm what the Fidelity rep. said, and if there is a difference in the way the trust accounts were titled, correct. it.
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03-16-2023, 08:02 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 1,859
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Give Vanguard a call. I’ve always found them to be incredibly helpful any time I’ve needed help with something. They have the system where you can have them call you back so you don’t have to sit on hold which is nice.
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03-16-2023, 08:44 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Chapel Hill, NC
Posts: 4,897
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I recently had to call Vanguard. Asked for a call back and they called me in a few minutes and were able to quickly resolve my problem
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03-16-2023, 08:50 AM
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#5
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Moderator
Join Date: Jul 2017
Location: Long Island
Posts: 3,588
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Have you compared the name of the trust - as set up at Fidelity, to how it is set up at Vanguard? Fidelity may be able to make a quick fix to "match it up" exactly - even opening a second account if that is easier.
__________________
Use it up, wear it out, make it do or do without.
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03-16-2023, 09:13 AM
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#6
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Full time employment: Posting here.
Join Date: Oct 2007
Posts: 500
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The name of the Trust is the same at Vanguard & Fidelity as far as I can see on both their websites & the statements I get.
My local Fidelity Representative says the name is the same on both the Broker Websites.
Few years back a request to transfer some assets from the same trust at Vanguard to same trust Fidelity was completed.
I do not know what the problem is, on the phone Vanguard says they are working on it, although it has been more than 2 weeks since the initial request.
Vanguard does not give a reason for the delay, just "They are working on it".I just have to sit back & wait I guess.
I hope they will process the transfer sooner rather than later.
I was wondering if anybody else has come across a similar situation ?
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03-16-2023, 11:00 AM
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#7
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Moderator
Join Date: Jul 2017
Location: Long Island
Posts: 3,588
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Quote:
Originally Posted by rkser
The name of the Trust is the same at Vanguard & Fidelity as far as I can see on both their websites & the statements I get.
My local Fidelity Representative says the name is the same on both the Broker Websites.
Few years back a request to transfer some assets from the same trust at Vanguard to same trust Fidelity was completed.
I do not know what the problem is, on the phone Vanguard says they are working on it, although it has been more than 2 weeks since the initial request.
Vanguard does not give a reason for the delay, just "They are working on it".I just have to sit back & wait I guess.
I hope they will process the transfer sooner rather than later.
I was wondering if anybody else has come across a similar situation ?
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I had an issue with Vanguard transferring mutual funds into a brokerage account I have with them. I filled out the requested forms, and Vanguard just let the mutual funds sit with the fund company. When I queried about the status, Vanguard responded that they were working on it. This went on for about six weeks.
I contacted the fund company directly myself, and eventually sold the funds (I did not want them) - and transferred the cash myself. The log jam was that the mutual fund (Templeton I believe) decided to ask Vanguard for a Medallion guarantee. Vanguard never told me this.
More recently, I was able to transfer funds (quickly) from Vanguard to Fidelity. The name on the accounts was slightly different (I didn't have my middle name on the Fidelity account) but the transfer went through anyway. I was not able to add my middle name on line (since I didn't have documents to show a name "change") I had to go down to a branch to make the change.
__________________
Use it up, wear it out, make it do or do without.
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03-16-2023, 11:19 AM
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#8
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Full time employment: Posting here.
Join Date: Dec 2016
Posts: 959
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So sorry you're dealing with this rkser. If Trust name is identical it should be going through.
Last month, I had horrendous experiences with Vanguard, Fidelity, and NY Life getting $$$ sent out to Schwab.
It's almost like they are instructed to make it as difficult as possible.
Hope your situation resolves itself.
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Immensely grateful
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03-16-2023, 11:22 AM
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#9
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Moderator
Join Date: Jul 2017
Location: Long Island
Posts: 3,588
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Larger sums seem to take a bit longer, although certainly not two weeks.
__________________
Use it up, wear it out, make it do or do without.
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03-16-2023, 11:48 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 9,372
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Everyone and every organization screws up once in a while. Fido, VG, and Schwab are no different. It's frustrating when it happens, but to expect perfection is unrealistic.
__________________
Ignoramus et ignorabimus
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03-16-2023, 01:07 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 16,257
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Not sure if they even transmit this info but...
Are you sure the TIN is correct?
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03-16-2023, 02:31 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 10,936
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Quote:
Originally Posted by rkser
The name of the Trust is the same at Vanguard & Fidelity as far as I can see on both their websites & the statements I get.
My local Fidelity Representative says the name is the same on both the Broker Websites.
Few years back a request to transfer some assets from the same trust at Vanguard to same trust Fidelity was completed.
I do not know what the problem is, on the phone Vanguard says they are working on it, although it has been more than 2 weeks since the initial request.
Vanguard does not give a reason for the delay, just "They are working on it".I just have to sit back & wait I guess.
I hope they will process the transfer sooner rather than later.
I was wondering if anybody else has come across a similar situation ?
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If it can be "nudged," one way to start is by asking for a supervisor to be brought into the call with the representative who is "working on it." Happens every day, and it's a great way to help everyone know what your expectations are or should be.
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03-17-2023, 08:08 AM
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#13
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Full time employment: Posting here.
Join Date: Oct 2007
Posts: 500
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I am relieved
Today morning I received a text from Fidelity, they think the Vanguard money transfer is coming thru finally to Fidelity.
I had to complete & sign the Fidelity transfer form 3 times, nobody knows where & what the glitch was.
I am relieved .
Thankyou guys for your feedback.
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03-17-2023, 05:29 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 16,257
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Quote:
Originally Posted by rkser
Today morning I received a text from Fidelity, they think the Vanguard money transfer is coming thru finally to Fidelity.
I had to complete & sign the Fidelity transfer form 3 times, nobody knows where & what the glitch was.
I am relieved .
Thankyou guys for your feedback.
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Congrats on it working out in the end...
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03-17-2023, 11:14 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,688
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On a related subject, how much paperwork does Vanguard, Fidelity, and Schwab require to open accounts in the name of a trust? At a local bank or credit union, usually the certification of the trust containing the trust name is required. Sounds like the brokerage firms are more demanding than this (entire copy of the trust?).
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03-18-2023, 07:26 AM
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#16
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 940
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Quote:
Originally Posted by statsman
On a related subject, how much paperwork does Vanguard, Fidelity, and Schwab require to open accounts in the name of a trust? At a local bank or credit union, usually the certification of the trust containing the trust name is required. Sounds like the brokerage firms are more demanding than this (entire copy of the trust?).
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I opened 3 Trust accounts at Vanguard recently. It was simple enough. What I remember is I called VG, provded names for the accounts, tax numbers, basic info like addresses etc.... They prefilled their form for me, I signed by docusign and attached a copy of the Trust. In a couple days, the Trust accounts were opened. I don't have experience with Fideliy or Schwab.
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"Learn everyday, but especially from the experiences of others. It's cheaper! " - John Bogle
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03-18-2023, 06:39 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,688
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Quote:
Originally Posted by Whisper66
I opened 3 Trust accounts at Vanguard recently. It was simple enough. What I remember is I called VG, provded names for the accounts, tax numbers, basic info like addresses etc.... They prefilled their form for me, I signed by docusign and attached a copy of the Trust. In a couple days, the Trust accounts were opened. I don't have experience with Fideliy or Schwab.
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The part I highlighted I wondered about. It does seem as though the financial brokerages are more fickle about this. DW, who worked for both banks and credit unions, believes most organizations do not have the right to see anything in the trust other than the name of the trust, the trustees, and the notarizing page of the trust.
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03-18-2023, 09:37 PM
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#18
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 940
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Quote:
Originally Posted by statsman
The part I highlighted I wondered about. It does seem as though the financial brokerages are more fickle about this. DW, who worked for both banks and credit unions, believes most organizations do not have the right to see anything in the trust other than the name of the trust, the trustees, and the notarizing page of the trust.
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Your DW is correct.
__________________
"Learn everyday, but especially from the experiences of others. It's cheaper! " - John Bogle
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03-19-2023, 02:16 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,688
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Quote:
Originally Posted by Whisper66
Your DW is correct.
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But you're saying Vanguard wants the entire copy of the trust? Or just the certification copy of the trust?
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03-21-2023, 10:25 AM
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#20
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 940
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Quote:
Originally Posted by statsman
But you're saying Vanguard wants the entire copy of the trust? Or just the certification copy of the trust?
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Just requested the specific pages with info your DW mentioned.
__________________
"Learn everyday, but especially from the experiences of others. It's cheaper! " - John Bogle
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