I haven't had any problems with VG. I was alarmed at the report that exchanges were dropped so I logged in to check. Exchanges are still available for mutual funds.
Yes, of course they are! My goodness. It's not THAT bad, yet. Or at least I hope it isn't. Sorry if I led you to believe that.
I didn't encounter any problems until I actually clicked on "exchange" and actually tried to DO one, and it wouldn't let me exchange to anything except a money market fund. The software was in place and looked the same as always, and I could specify which fund the money was to come from, but the problem was in clicking on what fund the money was to go to. Anything but exchanging to a money market fund just didn't DO anything. My mouse made the clickey sound but it was as though I had sat there doing nothing. Like I already said in my previous post, that was probably a result of one of three things:
(1) A temporary glitch in the software,
(2) Overload on 1/1/2020, when everyone and his brother was trying to rebalance just like me, or
(3) A "loose nut at the keyboard" (me!). Maybe I should have re-booted? Anyway, it all worked out by doing a two step process, but it was pretty unnerving for a while.
I am sure that if this had been a permanent dismanteling of the "exchange" procedure, instead of a temporary issue for me, complete chaos would have ensued over at the Bogleheads forum.
I need to make it absolutely clear that nothing like that has occurred AFAIK. Nevertheless, I still didn't like that it happened even once. It never happened even once during my decades of investing with Vanguard, until I was pushed to switch to the brokerage side.
I forgot to mention that I don't like having to have that treasury money market settlement fund either, like some other people mentioned above. I'd rather just have one money market fund, Vanguard Prime MM, since it has much higher interest rates. Still, I'm about 98% happy with Vanguard and I do not plan to change.