Vanguard
Bad service

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"!

Company: Vanguard
Country: USA
State: Pennsylvania
City: Valley Forge

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