Vanguard not transferring money to Fidelity

[rkser]

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 ?

 

[MichaelB]

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.

 

[disneysteve]

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.

 

[harllee]

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

 

[MarieIG]

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.

 

[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 ?

 

[MarieIG]

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 ?

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.

 

[FREE866]

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.

 

[MarieIG]

Larger sums seem to take a bit longer, although certainly not two weeks.

 

[OldShooter]

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.

 

[Texas Proud]

Not sure if they even transmit this info but...


Are you sure the TIN is correct?

 

[MRG]

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 ?

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.

 

[rkser]

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.

 

[Texas Proud]

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.

Congrats on it working out in the end...

 

[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?).

 

[Whisper66]

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?).

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.

 

[statsman]

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.

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.

 

[Whisper66]

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.

Your DW is correct.

 

[statsman]

Your DW is correct.

But you're saying Vanguard wants the entire copy of the trust? Or just the certification copy of the trust?

 

[Whisper66]

But you're saying Vanguard wants the entire copy of the trust? Or just the certification copy of the trust?

Just requested the specific pages with info your DW mentioned.

 

[KarenF]

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?).

We had to provide the entire trust document to TD Ameritrade.