Transferring mutual funds from Vanguard to Chase You Invest

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Topic Author
student
Posts: 10720
Joined: Fri Apr 03, 2015 6:58 am

Transferring mutual funds from Vanguard to Chase You Invest

Post by student »

I have recently transferred almost all my mutual fund shares from Vanguard to Chase You Invest to meet the sapphire banking bonus requirement. Here is my experience.

Day 1: I was told to go online and do it there. I saw Vanguard Brokerage on the list but not Vanguard for mutual funds. So I called them and the rep said just use Vanguard Brokerage and see what happens.
Day 3: I received an email from them saying that it did not go through as Vanguard does not accept electronic signature. So I filled a form and uploaded it.
Day 6: The shares transferred but with no cost basis, which I expected as I knew it would take some time.
Day 10: I saw that cost basis is transferred correctly for each fund. However, everything is in average cost basis (covered shares and non-covered shares are separate).

Losing the tax lots is not ideal but it is not detrimental either. Does anybody have better experience than me regarding tax lots of mutual funds?
Last edited by student on Thu Jan 16, 2020 9:03 pm, edited 1 time in total.
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Duckie
Posts: 9767
Joined: Thu Mar 08, 2007 1:55 pm

Re: Transferring mutual funds from Vanguard to Chase You Invest

Post by Duckie »

student wrote:I have recently transferred almost all my mutual fund shares from Vanguard to Chase You Invest
<snip>
I saw that cost basis is transferred correctly for each fund. However, everything is in average cost basis (covered shares and non-covered shares are separate).

Losing the tax lots is not ideal but it is not detrimental either. Does anybody have better experience than me regarding tax lots of mutual funds?
When you go into Chase You Invest is there an option to use Specific ID? Do you still have the basis details from Vanguard?
Topic Author
student
Posts: 10720
Joined: Fri Apr 03, 2015 6:58 am

Re: Transferring mutual funds from Vanguard to Chase You Invest

Post by student »

Duckie wrote: Thu Jan 16, 2020 8:50 pm
student wrote:I have recently transferred almost all my mutual fund shares from Vanguard to Chase You Invest
<snip>
I saw that cost basis is transferred correctly for each fund. However, everything is in average cost basis (covered shares and non-covered shares are separate).

Losing the tax lots is not ideal but it is not detrimental either. Does anybody have better experience than me regarding tax lots of mutual funds?
When you go into Chase You Invest is there an option to use Specific ID? Do you still have the basis details from Vanguard?
I do not see an option of specific ID. I do have the basis details from Vanguard but it is kind of a pain as I had done $50 a month automatic investment for many years.
greenway23
Posts: 107
Joined: Sun May 16, 2021 9:00 pm

Re: Transferring mutual funds from Vanguard to Chase You Invest

Post by greenway23 »

Has anyone else experienced cost basis issues when transferring holdings from Vanguard to Chase?
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