Vanguard is going downhill

[RenoJay]

I've had a Vanguard account for nearly 30 years and have kept significant sums at that institution. In recent years, I've had these wonderful experiences:

1. After clearly labeling the check and the letter that accompanied it with the proper account number, they deposited an IRA deposit into the wrong account.

2. They pushed heavily to get me to switch to a brokerage account (from a mutual fund account) but barely mentioned that 1099's would arrive much later than they had historically. This year I got my 1099's around Feb. 17th.

3. Yesterday, I tried to log in multiple times (and kept getting automatically logged out by their site) and still am not sure if various trades I initiated actually executed, but from the emails I received yesterday I don't think so.

4. So I tried to log in last night and their site hadn't updated for the day.

5. So I tried to log in just now, and their site wouldn't even send me two-step authentication code (via text) that usually arrives immediately.

Anyone else not finding Vanguard to be the same model of great service they used to be?

 

[Midpack]

I agree and I've posted about Vanguard mistakes and services withdrawn - but I assume they're reducing costs, to lower fees for customers, now that they have other low fee competitors. Vanguard didn't have any real competition for decades, but they do now. I'm happily a DIY investor, and they haven't made a mistake they didn't easily correct yet.

I've never had an issue logging in though I don't login often, maybe 6-8 times/year? To me every time I log in (any site) I am potentially exposing myself to hackers, so I login only when I must. And when I log in everything is up to date, but again I don't login often.

And when I've posted about Vanguard mistakes before, it's always met with comparable mistakes others here have had with Fido and other discount houses. So I'm not sure there's really an obviously better alternative yet.

 

[Lsbcal]

I've had no problem logging in yesterday or today.

Regarding sending money or getting money, I use the electronic transfers. Checks and US mail are fine but kind of a pain and slow.

 

[cbo111]

I've been with VG for about 8 years and have not really seen a decline. I logged in yesterday several times for various reasons, to include executing a buy. No problems whatsoever. I also use electronic means to transfer funds. No snail mail for me.

 

[Scrapr]

I logged in OK last night. I usually log in after 5:00 pm PST...or is it PDT? The account screen was different when looking at totals. Had a bunch more info on it including asset allocation graphs and such. Maybe that was part of it?

 

[Bestwifeever]

I had trouble logging in to their website yesterday afternoon while the markets were still open (just wanted to show DH where we were). I do have the app on my phone though and I then used that—no trouble getting on. Not to say they are or are not going downhill (and I would go ballistic at a misdirected check!) but this is not a typical week for financial institutions.

 

[MRG]

I've had no problem logging in yesterday or today.

Regarding sending money or getting money, I use the electronic transfers. Checks and US mail are fine but kind of a pain and slow.

+1

No problems with Vanguard but I avoid sending paper to ANY institution. I've spent time in many back offices and they're all pretty much the same. Most share their best practices with one another, there's different approaches, but they have common problems and similar solutions. I sat in many sessions where this was the purpose.

In every office I've been in they hire good people who happen to be human and sometimes make errors. Those errors are tracked and people who makes frequent errors get fired.[emoji41] They've all embraced technology to improve their service levels.

Even today paper can be mishandled, but not like the past. I can remember when those organizations had auditors to prevent paperwork being tossed. Yeah, your paperwork, including checks, used to often times end up in the trash.[emoji1787]

Lots of Vanguard bashing when my Fidelity account was showing zero balances.

 

[gwraigty]

2. They pushed heavily to get me to switch to a brokerage account (from a mutual fund account) but barely mentioned that 1099's would arrive much later than they had historically. This year I got my 1099's around Feb. 17th.

Not a Vanguard fan, but this isn't unusual and it's got nothing to do with Vanguard specifically. My 1099's at Fidelity and Schwab are usually delayed until mid-Feb. as well. I don't consider this a deal breaker for having a brokerage account.

 

[cathy63]

Vanguard, TD Ameritrade, Fidelity and Schwab all had technical difficulties this week due to the volume of traffic and activity on their sites.

https://www.investmentnews.com/vanguard-td-ameritrade-digital-down-189066

 

[GenXguy]

I have logged into Vanguard about every day.

Beginning yesterday, the layout of their webpage for "account overview" changed significantly. I preferred the old way and was hoping they were just working on the website and that it would return to how it's been. But I just checked this morning, and it's still different than it had been prior to yesterday, so this might be permanent going forward.

So, it looks like they were making changes in the last day or two to the website.

 

[VanWinkle]

I have not noticed any service changes at Vanguard, but I have only been their customer for about 6 years. They are sufficient for my needs.

 

[Time2]

I sold some VTI yesterday morning and it took a long time for my confirmation emails to come. I logged in just to check to find out the transactions had happened a couple hrs before my emails came.

 

[Midpack]

I have logged into Vanguard about every day.

Beginning yesterday, the layout of their webpage for "account overview" changed significantly. I preferred the old way and was hoping they were just working on the website and that it would return to how it's been. But I just checked this morning, and it's still different than it had been prior to yesterday, so this might be permanent going forward.

So, it looks like they were making changes in the last day or two to the website.

Guess I’ll have to check that out, didn’t know it had changed recently.

 

[W2R]

I am still 98% happy with Vanguard.

I didn't like being pushed to switch to the brokerage accounts, but the interface is similar so it's OK with me and I am over it, so to speak.

I gave it 98% because I thought that rebalancing was a little harder this year. For some reason, I had to do it in two steps; first sell what I wanted to sell, putting the money in money market, and then go back and buy what I wanted to buy using the money I had just put in money market. Before I think I did it all in "one fell swoop", trading what I wanted to sell with what I wanted to buy, but it wouldn't let me do that this time without putting the money in money market for a few minutes.

I attribute this difficulty to one of three things: either a software glitch, overloading of the system on 1/1/2020, or a "loose nut at the keys" (me).

 

[Midpack]

^^^ “Exchange” isn’t offered anymore, along with “Buy” and “Sell?”

I did notice I had to specify number of shares for my recent Roth conversion where I’d rather have chosen a $ amount. And when I went to deploy some MM a few months ago, it wouldn’t allow me to choose “All” like I wanted, so I entered shares to three decimal places - and of course ended up with 70 cents in MM, and had to chase that to get it to $0. I am sure I have seen “All” as an option for some past VG transactions.

 

[MissMolly]

I logged in yesterday and did my 2019 Solo 401K and Roth IRA contributions. Logged in this morning. Both times no issues. Got 2FA texted as normal. All appeared normal in my accounts (if you count the big decrease as "normal").

 

[wolf]

Also, at least 40+ years with Vanguard.

1. Current website/software. Difficult to navigate. Statements a mess, to understand.
(old format, printed statements, crystal clear).

2. If you have. Non IRA, Non Roth, accounts. AND IRA & Roth accts. With, the "mandatory" Fed. Vanguard money settlement acct. YOU UNDERSTAND, what a mess this is.

And you have your $ in Vanguard Prime MM, cause it pays a higher rate.

3. MM check account number do not match Statement acct. numbers......

Agree, And I have complained. Vanguard, is going "Down hill"

 

[latexman]

I gave it 98% because I thought that rebalancing was a little harder this year. For some reason, I had to do it in two steps; first sell what I wanted to sell, putting the money in money market, and then go back and buy what I wanted to buy using the money I had just put in money market. Before I think I did it all in "one fell swoop", trading what I wanted to sell with what I wanted to buy, but it wouldn't let me do that this time without putting the money in money market for a few minutes.

^^^ “Exchange” isn’t offered anymore, along with “Buy” and “Sell?”

Just fyi, Fidelity has exchange. I used it Friday and re-balanced in one session, and some of the funds were not Fidelity funds, i.e. external transactions.

 

[statsman]

Beginning yesterday, the layout of their webpage for "account overview" changed significantly.

I saw that this morning when doing my end of month login to Vanguard. I can't speak as to whether the changes are an improvement or not, but I will say the timing of the changes along with the market actions of the past week were unfortunate.

 

[Rianne]

No problems logging in. The format changed a bit. Now we have a picture of our Flagship rep and his phone #. Seems easier to move around and get the info I want.

 

[beowulf]

There is one feature I would really like VG to have - the ability to deposit checks electronically by taking a picture of them on your cell phone. Both credit unions I belong to have that and it really saves time and you get instant verification of receipt. Not sure if there is some law against companies like VG doing this, but it would be nice.

As to VG going downhill, I'm with W2R - I'm about 95% satisfied. Also unhappy about the brokerage account requirement as well as having to do almost everything in 2 separate steps. It's still possible to move money from the MM fund to your bank in one step. Just don't do it on a Friday and expect the money to be there on Monday.

 

[HarveyS]

No problem logging in. I no longer have a Flagship rep/picture/phone. A while back I was assigned to the pool. I recall a letter explaining this would be better for me. It is interesting that some others still have the individual rep.
My asset level with VG qualifies for Flagship, not Flagship Select. Maybe that is the difference?
I have been with VG for over 15 yrs. I have not seen service materially deteriorate, but I am a passive buy and hold investor.

 

[aja8888]

I moved my Vanguard account funds BACK to Charles Schwab after VG took 3 weeks and a dozen phone calls from me to change my email address. I was trying VG as an alternative to CS (kept CS open with some funds in it during the time I was with VG). I was with VG for 5 years total. Closing a Solo 401K account with them was another memorable experience.

Now my IRA and brokerage funds are back at CS where I have had an account for the last 37 years. Now if I have any issues, I can just go to their local office and meet with a live person.

 

[ownyourfuture]

Also, at least 40+ years with Vanguard.

1. Current website/software. Difficult to navigate. Statements a mess, to understand.
(old format, printed statements, crystal clear).

2. If you have. Non IRA, Non Roth, accounts. AND IRA & Roth accts. With, the "mandatory" Fed. Vanguard money settlement acct. YOU UNDERSTAND, what a mess this is.

And you have your $ in Vanguard Prime MM, cause it pays a higher rate.

3. MM check account number do not match Statement acct. numbers......

Agree, And I have complained. Vanguard, is going "Down hill"

Agree. I'm not even sure if I can do it, but at some point, I may consider transferring my 401(k) to Fidelity.

 

[Alectoris]

I've used them from about 2005, so not an extremely long association.

I've been pretty happy with fees and my own performance.

The only stupid that I have seen with them was a recent 401K to IRA transfer. I was lucky enough to be "fired" and able to leave my high fee, low selection and in my opinion, low performing 401K and send it to my IRA at Vanguard. Due to stupid (my opinion) at the 401K plan, four checks (all different funds) were issued to Vanguard. From what I can tell
after investigation, Vanguard decided to accept three of the checks and declined to accept the fourth check. These were all mailed in the same package.

To their credit, Vanguard was extremely apologetic and the situation was resolved.

I put it to a huge corporation with so many moving parts. I will stay with them.