Complaint / review / scam report
Vanguard Group
Transferring your brokerage out of Vanguard

Complaint / review text:
Initiated complete transfer via Scottrade, took over 2 weeks and still the cash in money market/brokerage account didn't transfer, only the stocks. Transfer was stopped without consent when a stock split, unnecessarily as all will transfer as residuals.

Tried to transfer 57K cash out during transfer and it was frozen "due to transfer:" Couldn't trade, couldn't access money! Today transfer of 2nd of 2 stocks finished, 16 days after initiation and voila! Could transfer out my cash back to my bank. Lesson: if you transfer out of Vanguard, move to a cash position if possible first: its fastest and more fool proof.

Especially when they wouldn't give me a time frame to transfer cash to Scottrade nor a single reason for freezing the cash and not transferring it. Time lost trading equals money lost and this was a costly experience.

Contact information:
Author: Contact with Author

Offender: Vanguard Group

   State: Texas   City: Austin
Address: P. O. Box 1110
Phone: 8776627447, 8005231036

Category: Business & Finance


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