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Vanguard, Valley Forge, Pennsylvania Complaints & Reviews - Bad service

Vanguard Contacts & Informations

Vanguard

Posted:    Ken

Bad service

Complaint Rating:  93 % with 15 votes
Contact information:
Vanguard
Valley Forge, Pennsylvania
United States
Vanguard, "the people's mutual fund firm" has made it astonishingly difficult to roll over IRA funds from another institution into Vanguard. That their standard IRA rollover forms stipulate a "guaranteed signature" at the end (but which isn't really required, as I discovered after I called a Vanguard rep several weeks ago), was just the beginning of the roadblocks. The absolute worst is that, on receipt of my rollover funds, Vanguard co-mingled them with non-IRA funds in an already-existing Vanguard money market account, even though my intent in the filled-out rollover forms and a cover letter was clear--open a new account. IRA/non-IRA funds should NEVER be co-mingled!! The result could be a 10% penalty levied by the IRS on the full amount rolled over. A Vanguard rep implied today that if I'd also filled out and submitted a Vanguard "IRA Kit, " this would not have happened. (In my numerous discussions with Vanguard reps in the previous weeks, I had never been told this.) To make things worse, I have just received a "message" from Vanguard that this very serious infraction will be resolved "by December 22"!
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 16th of Jan, 2009 by   Arthur 0 Votes
Vanguard, "the people's mutual fund firm" has made it astonishingly difficult to roll over IRA funds from another institution into Vanguard. That their standard IRA rollover forms stipulate a "guaranteed signature" at the end (but which isn't really required, as I discovered after I called a Vanguard rep several weeks ago), was just the beginning of the roadblocks. The absolute worst is that, on receipt of my rollover funds, Vanguard co-mingled them with non-IRA funds in an already-existing Vanguard money market account, even though my intent in the filled-out rollover forms and a cover letter was clear--open a new account. IRA/non-IRA funds should NEVER be co-mingled!! The result could be a 10% penalty levied by the IRS on the full amount rolled over. A Vanguard rep implied today that if I'd also filled out and submitted a Vanguard "IRA Kit, " this would not have happened. (In my numerous discussions with Vanguard reps in the previous weeks, I had never been told this.) To make things worse, I have just received a "message" from Vanguard that this very serious infraction will be resolved "by December 22"!
 23rd of Jan, 2010 by   Charlie P +1 Votes
I had a 401K with Vanguard that I had forgotten about and it had about $4000 in it. It dropped to about $500 dollars when the market dropped a year ago. I let the money sit there waiting to see if it would come back. I just received a check from vanguard for $50. I received a statement and the 401K had gone up to about $780. They charged $722.64 in other transactions cost, ie administrative costs and took out $12.00 in taxes. They closed the account themselves, I did not ask for this account to be closed. I think there is a real problem here, especially if they are doing this on a wide scale. Is anyone else out there having this problem?
 8th of Feb, 2011 by   Pissedoffvanguardcustomer +1 Votes
Vanguard really sucks. They mishandle your money and they make the mistakes, and they expect you to pay for their mistakes.
 7th of Apr, 2011 by   B. Dalton 0 Votes
If you think rolling an IRA into Vanguard is tough, just wait if you try to roll it out to another company. And WAIT is what you'll do. Right after I started the rollout, I tired to log in and Vanguard said I missed the password. I knew I didn't but, what the heck, I'll just do it again. It rejected me again. Then I asked my wife to watch me and to be sure I was doing it perfectly (By the way, I log in once a day). It was rejected, and she said I did it perfectly. Then I got a notice that I'd have to re-enroll, which meant just that. Twenty minutes of filling in the forms, and I was allowed to own my assets again. But here's the kicker: because I'd re-enrolled I couldn't trade or move the assets for several days. I started this whole process 10 days ago and the ETFs did transfer two days ago. The Funds have a possible April 18 transfer date placed on them by Vanguard, and they disppeared from my online Vanguard portfolio two days ago. My money is somewhere in the ether and I'm sure it will reappear...right? Today is April 7, 2011.
 4th of May, 2011 by   makotojs -1 Votes
I'm astonished by all these bad service complaints. The first one especially because it was a breeze to rollover my ING IRA account to a Vanguard IRA. Moreover, their customer service has been really helpful and I've been a customer with them for over 4 years. Even during the market collapse, investing in their mutual funds saved me from taking a huge hit from my own bad investments in certain stocks. So I'm sorry that others have had such a poor experience but my experience with Vanguard has been great.
 18th of May, 2011 by   dontinvestwithvanguard +1 Votes
Vanguard does SUCK. Their employees steal money out of customers accounts. Their is a rep named Corey Turolis that STEALS money out of peoples bank accounts and Vanguard Accounts. Don't invest with this company. Also his brother Mark Turolis is nothing but a FAG IT, and PROUD of it.
 14th of Jul, 2011 by   nomorelostfundsatvanguard +1 Votes
Agree 100% I will not deal with such a crappy company who mishandles peoples investiments and retirement money. How can a compay allow people to screw up peoples accounts including hacking into customers private accounts. I did have quite a bit of money missing out of my Retirement account and Vanguard had no answer for me whats so ever. They said sorry for any inconvience which is a complete excuse for allowing dumb asses at Vanguard to handle my money in the first place. To this day I have quite a bit of money that was deposited in to Vanguard and they can not count for it or tell anyone where the money went to and in fact if that employee is secretly taking money out of customers accounts they need to stop him before its too late. I will withdraw all my money at once and expect an answer on why they allow such people to act in a way thats going to cost people their retirement or worse yet go out of business because of some dumb ass they allow to work there. Managment was advised and they wont do anything about this. My advise for everyone else who has their funds with Vanguard take your money and RUN with it before someone else does.
 10th of Mar, 2012 by   PoorVanguardCustomer +1 Votes
I completely agree with all of these upset customers. I was a long time customer for over 25 years with Vanguard and they mishandled my money and all of my investments that I had with them. They have morons that work there as call takers, in which these so called call takers have no clue on what they are doing. Also they are located in PA, so that will tell you a whole lot of what kind of people they hire, in which they are not the smartest people in the world. I did withdrawal the rest of my money and I still have thousands of dollars still missing and no one at the company can give me a straight forward answer on where my money is or went to. Where are my deposits?? Where is my money Vanguard?? Is it true that you have thieves working there???? I hope they go out of business really soon. So it must be true that Vanguard does mishandle their customers money and funds. I never get any answers form anyone besides excuses. Best advise is for EVERYONE to WITHDRAWL their MONEY OUT OF VANGUARD so no more MONEY GO MISSING!!!
 8th of Jun, 2012 by   dawn c. doran 0 Votes
i.ve tried for four months to get vanguard to send my i.r.a. to my bank for there i.r.a.acc. which pay, s more. and all i get is one lie after another. time to complain to the s.e.a. these people are heartless and crooked.
 28th of Nov, 2012 by   bryanjg 0 Votes
I made a stupid move on my part and decided to open an account with Vanguard, but the amount of money was more than I should have started with. Now, I cannot access the account, and I am at there mercy, until they decide they want to call me back and actually help me out. for anyone considering doing busines with Vanguard, all I have to say is this; DO NOT CONSIDER INVESTING WITH THIS COMPANY, there's something wrong with Vanguard, probably just corrupt like most other financial institutions in this country.
 1st of Mar, 2013 by   Ed W Chester 0 Votes
30 years no problems.
1/2/2013 I had requested small transfer out. Vanguard transferred (10x) all money out. 1/3- They said they would Stop Payment on check.
1/8/2013 checks cashed (it was busy time of year- hard to get Stop payments done !)
1/18 I was told they are handling correctly. ?
2/1 Legal got request for letter of Indemnity- it takes 4 weeks (or 6 weeks)
I sent letter to CEO- took over a week to get reply.
March 1 - No letter yet.
 1st of May, 2013 by   Glenny1234 0 Votes
Vangaurd started taking money from my check 3 months after I shut my account down after several frustrating phone calls with several people at vangaurd every one told me something different I finally got a refund but was shocked the next day at work I was wrote up for harassing vangaurd. They called my employer and complained about my harassing phone calls
 5th of Mar, 2014 by   JESEYAH 0 Votes
I AM CURRENTLY TRYING TO GET A LOAN FROM MY 401 WITH VABGUARD. YOU WOULD NOT BELIEVE THE BS I AM GOING THRU TO TRY AND GET MY MONEY. FIRST EMAIL BACK FROM THEM SAID TO DO WHAT I HAVE BEEN DOING FOR THE LAST WEEK. VANGUARD NEEDS TO BE INVESTIGATED BY SOMEONE, LIKE FEDS, ANYBODY THEY ARE THE WORST CASE SCENARIO FOR CAPITALISM I HAVE EVER SEEN!!!
 8th of Mar, 2014 by   Vincemuloka 0 Votes
Agree, Vanguard are one of the worst financial companies I have had the misfortune to deal with. I am trying to rollover my 401k with a former employer to my current employers 401K. Closed the account and they sent the balance to my new employers 401K.
For almost 2 weeks I have been waiting for a 'Favorable IRS letter' before my current HR dept will put the funds into my current 401K.
Every time I call and go through a menu maze and eventually get to speak to somebody I am told it will be ready tomorrow.
If you have a choice avoid vanguard at all costs.
 11th of Mar, 2014 by   theomp 0 Votes
For many years Vanguard gave very good service. In the last couple of years it has changed dramatically.
In Feb 2014 I received a Vanguard brokerage 1099 showing the cost basis and sale price of all the stocks I sold in 2013. I checked their numbers and for 4 stocks the cost basis was wrong compared to my records. I went on their website, looked at my transaction histories and verified that my records had the correct cost basis. I reported this to my rep there 2-3 weeks ago. He did not admit the error, but reported the problem to their tax department. Many phone calls later they have been unable to resolve the errors confirmed by their own website. Meanwhile I can't file my tax return because of the incorrect 1099.
You get a feeling they have been strangled by their own success and are unable or unwilling to solve problems in a reasonable amount of time, or even at all.
Vanguard offers many great mutual funds and etf's, and their low expense ratios are commendable. If you don't need any help from them, they are fine. If something goes wrong though, good luck getting it fixed.
 1st of May, 2014 by   vanguard sucks 0 Votes
Vanguard sucks because the people who are running the retail group. Some 20 year old girl told me she is the manager. Are you kidding me? They don't care to hire people with real finance knowledge. Only people they hire are young. As long as you are in early 20s, you are in.
 11th of Jun, 2014 by   Ellig 0 Votes
Vanguard is making everything hard, I never know this company make everything hard, I m in hardship withdraw . The document need to notary, no fax need to be send to them. After that you have to wait 1-3 business days, so on after that processor you have to wait 1-3 days for you check, so far total you wait is about 10 business days. Other company I know of is take only 4 days for everything . Because they make everything easy and fast processor . And the amount you request is different from paperwork is ejection, I send two paperwork one amount was 600$ past due bill which have notrtly sign . But other have 1250$ but no notrtly sign, but is come with same person that I owe, vanguard call me they want a company letter head, Is not company is private . If I send new paperwork it will take me other 10 more days again, now they put eviction I need to move out by 16th which I have couple more days. Nothing was done, this is 5 business day, .

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