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?
Transferring mutual funds from Vanguard to Chase You Invest
Transferring mutual funds from Vanguard to Chase You Invest
Last edited by student on Thu Jan 16, 2020 9:03 pm, edited 1 time in total.
Re: Transferring mutual funds from Vanguard to Chase You Invest
When you go into Chase You Invest is there an option to use Specific ID? Do you still have the basis details from Vanguard?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?
Re: Transferring mutual funds from Vanguard to Chase You Invest
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.Duckie wrote: ↑Thu Jan 16, 2020 8:50 pmWhen you go into Chase You Invest is there an option to use Specific ID? Do you still have the basis details from Vanguard?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?
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Re: Transferring mutual funds from Vanguard to Chase You Invest
Has anyone else experienced cost basis issues when transferring holdings from Vanguard to Chase?