The Vanguard Group
Vanguard Steals from My Paycheck

Mark1265
06-13-2008
14

My employer uses the Vanguard Group to manage our 401K plans.
I signed up for a 401K Dec 3 using their online system.

A few days later I received a letter of confirmation from Vanguard:
It said my account would become effective in Jan.
It also asked me to recheck all the information and contact them if there were any problems.

There was a problem - this company did not provide options I desired, so I cancelled the 401K on December 6.
I received a letter from Vanguard on Dec 11, that my account had been cancelled.

Then Vanguard began stealing from my paycheck!
On December 15th, the first automatic deduction was taken. I understood that perhaps it was not possible to stop the auto transfer in time, and that was fine.

It became not fine when Vanguard refused to refund that money. They claimed IRS rules forced them to keep it. So after I had revoked authorization, they put my contribution into an account that had already been CLOSED acccount and refused to refund to me.
They took another auto deduction 2 weeks later. They refused to refund that money, as well.

Unless I withdraw with PENALTIES, I am stuck managing this account that has a balance of $200 for YEARS until I reach retirement age.