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For at least five years I have had to write a check and transfer the money by iPhone. I have been sent the wrong forms, given conflicting advice and incurred unnecessary notary and attorney's fees. If they would look at their records, they would see a consistent transfer of the interest on a monthly basis for five years. The latest thing is no one notified me that they were changing checks which rendered a check I wrote to charity invalid. Now I will have lots of fees and stress trying to straighten this out. There is plenty of money to cover the check in the account. Once the craziness of the season is past, I am going to try to transfer to USAA. The attorney and the notary both stated and commented in a negative way about the absurdness of the situation.
The last 11 months of dealing with #Vanguard have been THE WORST experience I have had with ANY company. I’m not a dramatic person, I’m telling you the truth. We have received no information and then wrong information on numerous occasions, as well as paperwork that has been lost. After continued incompetence by a number of Vanguard reps my brother and I now risk losing 50% of our late father’s IRA. So frustrating and infuriating.
On Vanguard’s website homepage they state, “Unwavering loyalty to our clients.” I can’t question their loyalty to their clients, as I have never been one of their customers (nor will I choose to be). But, I can tell you that they are not helpful to the rightful and legal inheritors of their clients’ accounts. So to any of you that have Vanguard accounts, I would suggest you look at your options for liquidating or transferring your accounts to a different company ASAP. They will not make it easy for your wife, children, etc. if/when you pass away. It has been a nightmare dealing with this company and I cannot wait to be done with them. Please learn from my experience so you and/or your loved ones don’t have to go through the same experience in the future.
Fellow consumers, do not ever use Vanguard. They made major and highly problematic - unauthorized changes to my account, refused to reinstate the prior account settings, and insist they didn't. Made no meaningful effort to correct their errors. Frequently offered forms of sympathy in response to my protests, took no responsibility.
I have been trying to request a loan from my 401k since 11/29/18. It is now 12/11/18 & Vanguard is still dragging their feet with this! There is absolutely no reason why I shouldn't be able to access my money at this time!
I came upon hard times and after using all of my resources I got the bright idea to apply for a hardship loan. On 11-15-18 I applied for the loan. Today is 12-6-18 and I still haven't received it. Upon calling Vanguard after waiting 5 days for a deposit. I was told my bank rejected the deposit. No-one reached out to me to let me know there would be a delay. Guess I can read minds. I was told it would take 3-5 days to process and an additional 7-10 days to receive in the mail. My thing is this. If I am applying for a HARDSHIP LOAN that means times are hard. I literally can't afford to wait all of these extra days.
Wouldn't it be smart to overnight or use 2 day shipment if someone is getting a HARDSHIP loan. I call on 12-3-18 to check the status. For some reason the rep couldn't give me any information. He agreed to give me a call back that same day. No call, they were closed the 5th and I had to call them back. This is ridiculous that you have to wait that long to receive your OWN money in a time of need. The only reason I left 1 star is because that is the only way to leave a review. There should be options of who sponsor your 401k. Vanguard would not be on my list of picks.
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Via online, I requested a "sell" and transfer of funds to me via postal service via check. A full 28 days later and check has not arrived. In the meantime, I "connected" my Vanguard account to my bank as I anticipated that they would either have to resend a check else electronically transfer. Their procedure for "connecting" Vanguard to one's bank includes two "microtransactions". After one views the transactions at one's bank, they are to go back online with Vanguard and enter the two transaction amounts. Vanguard then retrieves those two microtransaction deposits. A FULL two days after Vanguard retrieved those deposits, Vanguard STILL does not allow me to transfer funds electronically to my bank. So I merely asked them to send me a replacement check via snail mail. I hope it arrives. Vanguard's customer service is absolutely pathetic. In the New Year, I will be moving my IRA far, far away from Vanguard.
So my younger sister died from metastatic breast cancer, she had an IRA with Vanguard. Vanguard's last statement to her said it was worth $1785. That's not much, but she paid into it what she could. She suffered for five years with the cancer before she left us. We started the process to close the account and cash it out. They told me that my Durable power of attorney was no good as it pertained to their company, it would hold no water and we'd have to use their paperwork. They sent the wrong paperwork to fill out and return, questioned my sisters state of mind when she signed the power of attorney and questioned the notary that handled the power of attorney. Delaying the process at every step. My sister passes and it goes into a lawyer's hands at this point. They claim the value of the IRA to be $1100 now and after three times before a judge, the final payout was $600.
For a company who's AUM is 5.1 trillion dollars, I'd just like to understand why it happened this way? Did you need the remainder of it that badly that you add more emotional stress and insult to our family? I am so thankful that her life insurance wasn't handled by you also. She left behind four kids and you stole that money from them. I'll never do business with Vanguard and suggest that no one else does either. I had to give a minimum of 1 star so I could post this, but given the choice, I'd deduct 5 stars. More bad reviews for this company than good ones and they mostly say the same things. It's not a coincidence people. I believe Vanguard to be corrupt and crooked as well as greedy with no thought towards the people they "Serve".
I am writing pertaining to a Hardship Withdrawal I recently made. My request was for $2000.00 to cover my “Hardship” but when all said and done, the amount I received was $1500.00. I understand the $200.00 Federal Withholding amount and the $50.00 fee to process from Vanguard but I don’t understand where the other $250.00 went? I am aware of the so called fluctuation in the market that you listed that could affect the withdrawal but I did not see any proof of this fluctuation listed anywhere. So I am to assume that the “market” just fluctuated as Vanguard stated, so I am out $250.00? When I request a certain amount, that is the amount I need. So I need to request more than the amount I need so I can get the amount I need? No. Also what if the “Market” fluctuates up? Then you are going to give me more than I requested? I think not.
In the end, this is my money, money that I am contributing, money what I am requesting, in a certain amount, and expect to receive minus tangible fees discussed and outlined. And why is not the fluctuation taken out of my balance instead of my requested Hardship Withdrawal amount? The amount I request is the amount I need and expect to receive- out of MY money (balance). Everywhere else fees are applied to balances when withdrawals are made. I request proof and justification of why $250.00 extra has been taken out of my Hardship Withdrawal request. A copy of this letter has been sent to my attorney, a complaint has been submitted to the BBB, Federal Trade Commission, and any other online site I can find that will list complaints again business, i.e. Vanguard.
Unfortunately, this is the company my company has chosen to deal with investment funds and I can not do anything about it. When my parents pass and I inherit their estate, I will definitely not chose Vanguard to invest my retirement in. This is a total scam and I will spend the rest of my life letting everyone know that this is how you gain hidden fees.
I am Trustee for my brother and have tried unsuccessfully to establish an IRA and an additional fund for the RMD and then be able to invest this money in other accounts. In order to have the forms notarized with two additional signatures I have to take my handicapped brother from his assisted living facility to an accessible lawyer’s office. First attempt, "Fill out this form for the IRA." Second attempt, "Wrong form, fill out this one." Third attempt. "We need the first form but you need to redo it." Fourth attempt. "Fill out this form for the other account on retirement account." Filled out the form and mailed it in their prepaid envelope. They lost it. If there was a no star rating, I would give it. This process has spanned months and taken hours of time. I have been a client for over ten years and not had problems. Anything that involve me as a Trustee will be handled by local professionals going forward. I just pulled the money from Vanguard.
My sister and I are trustees and executor of our deceased parents' estate. We have been attempting to establish access to my parents' investments for about 9 months now. Each time we file paperwork, Vanguard says that is not the correct paperwork, or it is not filled out correctly, or it is now expired, or additional paperwork is needed. We get a different story every time we call. We fill out the exact paperwork they send, and put in exactly what the Vanguard person tells us to enter, then weeks later an entirely different person tells us that is not correct. They act like they don't have any idea why we were given those forms or those directions.
They have even told us the forms were not needed. Then a month later a different person indicates they need those exact forms. NOBODY at Vanguard will ever tell you everything that is needed. They tell you one form. Then when you follow up they say they need another. This company is as crooked as the day is long. They get your money and then make it impossible to access and remove. I am looking into what is required to get the SEC involved.
I recently put in for hardship withdrawal. First I mailed my application with supporting documents. It was going on one week. And no one call me to tell me that I downloaded the wrong application. No email. Nothing. Then I went to fax over the application. Another week goes by. The fax was not right. I had to fax another one over. Every time I called not one told me that when my application is terminated all the documents. I am thinking they still have my letter from the landlord. Another week goes by. Getting stressed as ever. So I finally get my application over. Waited 2 days and gets deny again. The very first rep should have told me that would happened. Not fair. I just want my money.
Unfortunately, my husband and I fell on hard times about two weeks ago and we were behind on the rent. We received a three-day notice on our door, and after exhausting all our resources, I decided to take a withdrawal from my 401K with Vanguard. On 9/15 submitted my request via their website and on Monday, 9/17, I faxed all supporting documents (application and three-day notice) to the 1-800 number provided on the application. I waited about 2-3 days on the decision of my withdrawal request. I decided to call on Wednesday and I was told my documentation would not suffice as it was not on company letterhead. OK, no problem. Our leasing office reprinted the letter on their letterhead and I re-faxed the document on 9/20.
Mind you, during this week I called Vanguard NUMEROUS times asking, "is anything else is missing from the documentation and all I was told was that the three-day notice needs to be on company letterhead." Alright, easy and fair enough. Since we are in a bind, I called Friday and the representative acknowledged receipt of the letter and said they will review within 2-3 days (so much for a hardship! When you're in a mind, you sort of need the money ASAP). Anyway, I called Friday afternoon and was told the review department could not get to my files and I will have a decision on Monday.
Monday, 9/24, I called Vanguard around 9:00 AM to find out my paperwork was AGAIN denied because 1. The reviewers did not "like" or accept the leasing company's letterhead. Apparently, the reviewers noted "the logo looks like it was stamped" and they questioned the verbiage under the logo (which is the leasing companies slogan). WHAT? I, in no way, have control over my leasing office's letterhead, so I am sorry you don't like how it looks. 2. The date is wrong on the letter (WHY DIDN'T SOMEONE TELL ME THIS LAST WEEK WHEN I CALLED ABOUT 8X?) AND 3. THE LETTER NEEDS TO BE SIGNED.
When I called Vanguard I specifically asked if the new document on the letterhead needs to be signed and this young man (probably right of college with the hopes of being an investment banker) told me "no, it doesn't need to be signed if it's on letterhead." The misinformation is UNREAL at Vanguard and moving forward, I will no longer contribute to this 401K plan. If they want to reach out to me and "resolve" this issue, send my money to my bank as noted on my account. If not, there is no use in trying to resolve this matter. I WANT MY MONEY.
I have been dealing with Vanguard to do a hardship withdrawal since August 15th and they keep telling me they need more information. They have asked for more information at least twice a week at this point, and now our closing is next week and we still cannot get the money because once again they need more and different information! This is the most ridiculous company to deal with. They do not even know what they are looking at when they get the information from you. I was on hold for 45 mins while 2 associates looked at the information I sent them because they couldn't figure it out either - so they make up more excuses. I believe they try to not make the deadline of the request. Nobody should use this company. Unfortunately that is who our company uses for 401k. I will be informing them of the issue I had with this as well - because I am sure there are more people in our company that have had issues.
I spent a total of 12 hours this summer on the phone with Vanguard filling out paperwork to switch my accounts to Vanguard, explaining in each conversation that I am a US citizen who lives and works abroad. In my last conversation with a Rep, (before sending in my paperwork), the man even asked me for my foreign address, and I gave it to him. I sent in all my paperwork, being reassured that I could open accounts with them, and then I get the letter saying my accounts cannot be open because I live and work abroad!
So I called to complain and asked for the name of a manager that I could write to directly, and of course they kept putting me on hold. I am very disappointed that their reps do not know how to advise expats and that I went through all this time to get denied, especially since Vanguard is supposed to have such a good reputation. If they had told me on my first phone call that I cannot open an account with them because I work abroad, I would not feel the need to write this review. If their reps do not know this basic rule, then I wonder what other basic information they do not know? I foolishly thought someone would call me or email me to apologize or find out what they can do to help better the situation, but nobody has reached out. You just lost another customer Vanguard...especially given that I may return to the US one day, but I will not use your services if that happens.
I started a rollover request with Vanguard on July 20th. They liquidated my account that same day and supposedly mailed out my check the next day. It has been over a month, and still no check received by my bank. We are in a new millennium yet they don't have the means to do a direct transfer to my bank. They use snail mail on purpose, so that they can claim that the check is LOST, and then they get to sit on YOUR money for months, before you can get the money into a bank and start investing on it.
This is NOT THE FIRST TIME THEY PULL THIS OFF. I had similar 401k account when I left a job over a decade ago, and experience the exact same outcome. This is a sly maneuver these banking institutions are doing and probably making a ton of money at it. Resolution: have them deliver the check directly to your house, this way you know within 7 days, whether they are pulling this same stunt on you. PS Someone needs to look into these bad practices.
Vanguard is all smiles until you are in need of your money for an emergency. The nice act goes out the window! They will tell you anything you give is not good enough. They ask for letters they know apartments are not willing to give. They are sly and they take 3 days to review paperwork every time you send in something new. They won’t call you with updates. You have to harass them and find out what’s going on. Me and my family are about to be homeless because of Vanguard!
Extremely bad customer service from Corey ** that, he should be fired. Very irresponsible, immature worker. Never helps, always round and round. Please help me seek my letter which I had sent last Tuesday, July 31st, it has court letter and death certificate. Never ever use this worst institutions again.
Vanguard has some of the best index funds in the Markets. Expense Ratio are very good, though the competition is catching up. The quality of service, their website are VERY POOR. Their first level service staff are the most incompetent and this is US based service. If they sent this service to India or the Philippines, I am sure that the technical content would be better.
Started roll over procedure month ago, got the paperwork confirming the transaction almost the next day, but still no check. Each time I call there: "We will resend the check. Please allow 10 business days."
We have been trying to transfer 4 small IRAs to Vanguard and keep getting nowhere (2 at US Bank & 2 at Reliance Bank MO). It's like they don't realize they win by accomplishing successful transfers to themselves??? We have lots more money to invest...why wouldn't they want an opportunity??? They tell us we supplied wrong account numbers (which isn't true) or the wrong paperwork (which they specifically supplied). It feels like they must do very little transactions successfully and have no good foundation for completing them.
During my divorce Vanguard showed preferential treatment to my spouse in joint brokerage and money market accounts. Although there was supposed to be a freeze on all our assets, Vanguard allowed my former husband to make unauthorized withdrawals without the court’s permission to the tune of ~ $140K. Vanguard then also froze all accounts joint and in my name only, because of a garnishment from corrupt guardian ad litem (GAL). The requested garnishment amount was over 10 times less than the value of the assets frozen. This caused extreme hardship on me and my children even after the divorce litigation was over. Also, since Vanguard’s office is in Pennsylvania and I live in a different state, the GAL could not settle the garnishment without opening a separate case in a Pennsylvania court. To say Vanguard did NOT have a client’s best interest at heart would be an understatement.
Eventually I was able to pay the GAL out of pocket, and then go through the process to release the garnishment. Again Vanguard froze all funds worth several times six figures while the garnishment was only ~ $27K. It was a nightmare experience, and I felt Vanguard held all my funds hostage without consideration of me as their client. I will never again trust Vanguard to manage my assets. The woman in the legal department named Nichole seemed to relish her power to cause undue distress to a client.
Vanguard is s horrible company!! Because my funds were frozen my children and I literally had to go on food stamps. This is outrageous considering the assets that Vanguard held hostage. Also, the preferential treatment towards my former husband has now caused me to file contempt and bear further legal costs because he absconded ~ $140K from funds deemed a joint marital asset. At the same time while Vanguard caused me to go on food stamps, they allowed my spouse to withdraw significant funds. Further at the same time since my former spouse has PTSD and I had a protective order due to his violent hostility towards me (he admitted strangling me), I was victimized further by Vanguard not allowing me to access money in even accounts that were in my name only for food and basic living expenses.
It’s unconscionable the way Vanguard again held my funds hostage causing serious hardship to me and my children. Do NOT use Vanguard as they have total disregard for you, especially if you are a woman going through divorce. Again what Vanguard did is extremely unethical, and I am in the process of moving my assets to a different brokerage firm. Do NOT trust Vanguard with your money!!
My recent experience with Vanguard.com indicates that company may be trying to maintain its low operational cost by saving on customer security and compromising site consistency. Company will benefit from complete end to end review of Information Safety and Consistency of its customer facing website. I am long-term Vanguard customer and I was routinely kicked out of the system after entering sensitive personal financial information, in the middle of financial transactions. It appears as if Vanguard is not able to fund sufficient IT support and may be using junior IT workforce.
After certain hours Vanguard may have advisors and sales people available, but no support personnel to look into compromised or locked accounts from technical standpoint. This underlines my initial concerns about quality and reliability of Vanguard technical platform. As long term customer I am very concerned about safety of their system and adequate experience of Vanguard technical personnel and will be considering moving all funds to company with adequate security procedures and adequate quality of IT workforce.
For the last 18 years, Vanguard has been the poorest company I have ever not had the pleasure of doing business with. They are so poorly trained as how to conduct themselves with the age group of retired citizens. People who have worked for 20 yrs or more to obtain the retirement funds that Vanguard is distributing to us. This is MY MONEY, NOT THEIRS! Yet every time I need to make an address change, bank change or even just ask questions, they act like they don't know what they are doing. I spoke to one person and they told me one thing and when I called back 10 minutes later, I was told something completely different. I am now looking to have my funds transferred to another company.
Vanguard deserves zero stars for lack of caring and horrible customer service. They transferred ALL my retirement funds to another vendor without any communication on their part as to where funds were sent. The service specialist basically said it's my problem to sort out now that I am not with them.
This company failed to send me my Tax Forms for 2017. It took 4 phone calls and a FedEx letter to get this fixed. Also they changed me to electronic mail only, without my permission. I moved my money elsewhere. A bad company.
My 3 siblings and I have been trying to transfer 2 inherited IRAs to Vanguard since the beginning of February. I have redone my paperwork 5 times all because of their errors not mine. I have been constantly lied to. They blamed the holder of the assets until we conference them in and it came out all of the problems were by Vanguard and they hadn't even sent the paperwork out. All is needed is an acceptance letter but VG won't send it until they are happy with their paperwork. My siblings have called and receive the wrong forms, lies, and excuses. We have hours of time and hundreds of printed pages and aren't even close to getting this transaction completed.
If I could give them ZERO STARS I would... I applied for a hardship withdrawal to complete the construction of my primary residence. I am in the middle of a construction loan and due to overages on materials and labor versus what the original bids were, I am stuck without a completed home. I contacted Vanguard and after explaining the situation to the Vanguard associate that was on the phone, they told me no problem, told me exactly what I needed in order to complete the hardship withdrawal, and sent me the packet in the mail. Upon receipt, I read again what was needed for a custom build construction loan, I got all the information together, and sent the completed packet to them via 2 day mail with tracking to ensure it was received. I also included a cover letter explaining the hardship situation.
I was contacted two days later stating that they needed additional information... so I called them. They told me that I could not get this hardship withdrawal unless the construction loan document dates were amended!!! Of course I was clueless as to why this was necessary and advised that my lender conducts pre close construction loans for a one time close situation versus closing after the loan is completed. Our bank actually specializes in construction loans. Vanguard then begins to explain that if I would have applied for a Hardship Withdrawal BEFORE we closed on the loan, that this would have been permitted. REALLY??? How in the world could we have predicted that we would need access to these funds for our primary residence BEFORE we entered into a construction loan agreement???
After 3 more phone calls and hardship withdrawal reviews, we continued to get the same messages... although the stories changed with each very uneducated associate I spoke to. Basically if I wanted to buy a home or build a home and didn't save money to do so, I could have access to MY money. But because my wife and I did everything right, had the appropriate funds to build a home up front (not foreseeing the increases in lumber that would come our way and a few other items) and then running short on the tail end of the loan and finding ourselves in a very large bind in trying to complete the construction on our home, we DIDN'T qualify for a hardship. This company actually asked us to have our CLOSING DOCUMENTS AMENDED... REALLY??? I'm not sure the FTC would agree with this advice or gave practices.
Then the last guys we spoke to BLAMED IT ON THE IRS. Typical!!! Always a blame game in the world today. Bottom line, DO NOT invest with this company... do not recommend anyone use this company for a rollover or as an entrepreneur seeking to invest. They employee sub-par uneducated regarding specific industries in which they support. The last guys we talked to advised that he was NOT familiar with the construction loan process... why is he employed to help assist customers with their needs??? Very pitiful excuse for an investment company. I am raising this awareness with my employer's HR department and will push to have Vanguard resourced from managing my company's 401K investments. They are not a consumer driven or a consumer supporting company. They offered nothing but lies.
It's like pulling teeth to open an account with Vanguard. Many other financial institutions, including brokerages, value their clients and leverage technology to provide exceptional customer service. Not so with Vanguard. Plan on a minimum of three weeks to a month to open a new account as it has to be done in multiple steps via USPS or other hard-copy messenger. There are other options of course, if you prefer telegraph or -- wait for it -- facsimile transmission! (Pony Express would probably be faster.) Congratulations, Vanguard, on making simple processes complex and quick transactions interminably lengthy. In fact, I entered this comment while on hold with Vanguard Customer Service for 25 minutes and counting...
On March 28 I started a process for a HARDSHIP withdrawal, hence the word HARDSHIP. Today April 6, I'm still have not completed step 1 of the process. Vanguard SUCKS. I've had 401K in the past and had to withdraw and it took all of 3 days. I'm hoping I can move my 401K to a much better company. I don't recommend anyone to use Vanguard, every representative I've talked to has a different way of doing things. Khiana ** the supervisor was no better, in fact she needs a few lessons in customer service.
This company is an absolute joke. We went for 6+ months without going into the account and they refuse to let us back in. They have a lot of our money and will not help us log in. We've wasted over 10 hours on the phone with them and they are not helpful at all. We are filing a complaint with the CA Attorney General and hiring a lawyer to sue them for access to the account.
Vanguard expert review by Barbara Friedberg
The Vanguard Group is one of the oldest and most highly regarded mutual fund companies on the market. This company is known for its pioneering creation of low-cost index funds. Their robo-advisor offering is targeting the baby boomers with a combination of automated and human advisor services.
Financial advisors: The Vanguard Personal Advisor Services begins with a meeting between the client and the advisor in order to map out the user’s goals and to create an investment plan. Vanguard implements the plan and allows the consumer to decide upon their level of input.
Fees and minimums: The annual management fee is 0.30 percent of AUM with a $50,000 minimum investment account. There are no commission charges for transactions.
Low cost index mutual funds and ETFs: As is the case with most of the automated advisors, the account is populated with low fee ETFs.
Other features: Vanguard offers rebalancing as well as consideration for tax consequences. The Vanguard site provides access to valuable educational and investment tools as well.
Not comprehensive: The Vanguard Personal Advisor Services minimum $50,000 entrance investment rules out lower net worth individuals. The platform is limited to Vanguard funds.
Best for: Higher net worth investors that prefer contact with a human advisor.
Vanguard Company Information
- Company Name:
- Year Founded:
- Vanguard P.O. Box 1110
- Valley Forge
- Postal Code:
- United States
- (877) 662-7447