Vanguard Dividend Auto-Transfer to Bank

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Nathan Drake
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Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

I have it set up so that Dividends should transfer to a settlement account before being withdrawn and sent to my Bank at M1 Finance (and auto invested once at M1).

However, the dividends posted on 10/4 but were just sitting in the money market account and didn’t transfer to my bank.

Vanguard doesn’t mention the schedule of transfers to external banks….does that only happen once at the end or start of a month?
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CRC_Volunteer
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by CRC_Volunteer »

A couple of questions:

A) Have you attached a bank account to your Vanguard account?

B) Have you setup a scheduled transfer from your settlement account into your checking?
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Nathan Drake
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

BMWrider1986 wrote: Mon Oct 18, 2021 9:30 am A couple of questions:

A) Have you attached a bank account to your Vanguard account?

B) Have you setup a scheduled transfer from your settlement account into your checking?
A) yes

B) under dividend and capital gain elections I just have both set to go to my external bank account but don’t see a transfer schedule setting
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by CRC_Volunteer »

Since I take a monthly distribution, in the upper right hand corner, there is Profile and Account settings. Click that and there will be an entry for Automatic Withdraws.

I do not know if this technique would apply to you.
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

BMWrider1986 wrote: Mon Oct 18, 2021 10:20 am Since I take a monthly distribution, in the upper right hand corner, there is Profile and Account settings. Click that and there will be an entry for Automatic Withdraws.

I do not know if this technique would apply to you.
I see. I guess you can manage it both ways, just strange that the dividend setting isn’t seeming to work at all

Maybe I need to talk to Vanguard
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by CRC_Volunteer »

If you would not mind, could you please post the results of your conversation with Vanguard?
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

BMWrider1986 wrote: Mon Oct 18, 2021 10:35 am If you would not mind, could you please post the results of your conversation with Vanguard?
Will do
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by CRC_Volunteer »

Change your dividends and capital gains distribution elections
Changes made to Vanguard mutual funds will be effective today. Changes to all other holdings may take up to 2 business days to take effect. Once you've made your selections, click Continue at the bottom of this page.

Notes:

To change the default election that's applied to new purchases, go to Trading profile and select an account. Under Services, click Change election and follow the instructions.
You can't change your dividend and capital gains elections on holdings that currently have unsettled trades. You must wait until the day after settlement in order to make election changes.
You can only choose bank transfer or check for Vanguard mutual funds.
If your holding is making a payment today, we'll use your previous election and apply your new election to future payments.
Please note that not all securities are eligible for dividend and capital gains changes.
Would the bold line apply to you? Just asking one last question.
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

BMWrider1986 wrote: Mon Oct 18, 2021 11:07 am
Change your dividends and capital gains distribution elections
Changes made to Vanguard mutual funds will be effective today. Changes to all other holdings may take up to 2 business days to take effect. Once you've made your selections, click Continue at the bottom of this page.

Notes:

To change the default election that's applied to new purchases, go to Trading profile and select an account. Under Services, click Change election and follow the instructions.
You can't change your dividend and capital gains elections on holdings that currently have unsettled trades. You must wait until the day after settlement in order to make election changes.
You can only choose bank transfer or check for Vanguard mutual funds.
If your holding is making a payment today, we'll use your previous election and apply your new election to future payments.
Please note that not all securities are eligible for dividend and capital gains changes.
Would the bold line apply to you? Just asking one last question.
Strange. I have Vanguard ETFs but not mutual funds.

I’m not sure why that would matter since the funds are just sitting in my settlement account?
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by CRC_Volunteer »

Like you said earlier, a call to Vanguard would be in order. I am just throwing stuff against the wall and seeing what may stick.

FWIW, all my holdings are in MF…
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Cheez-It Guy »

Only works for Vanguard mutual funds.
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Nathan Drake
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

Cheez-It Guy wrote: Mon Oct 18, 2021 8:01 pm Only works for Vanguard mutual funds.
Totally bizarre restriction. But it's vanguard, so I guess not too surprising. Maybe I should just transfer my funds to M1.

Still waiting on confirmation since I sent them an email about it.
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by pizzy »

Nathan Drake wrote: Mon Oct 18, 2021 8:33 pm
Cheez-It Guy wrote: Mon Oct 18, 2021 8:01 pm Only works for Vanguard mutual funds.
Totally bizarre restriction. But it's vanguard, so I guess not too surprising. Maybe I should just transfer my funds to M1.

Still waiting on confirmation since I sent them an email about it.
If you are transferring the dividends to M1. Why not just transfer all positions in kind?
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Nathan Drake
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

pizzy wrote: Mon Oct 18, 2021 8:46 pm
Nathan Drake wrote: Mon Oct 18, 2021 8:33 pm
Cheez-It Guy wrote: Mon Oct 18, 2021 8:01 pm Only works for Vanguard mutual funds.
Totally bizarre restriction. But it's vanguard, so I guess not too surprising. Maybe I should just transfer my funds to M1.

Still waiting on confirmation since I sent them an email about it.
If you are transferring the dividends to M1. Why not just transfer all positions in kind?
It represents a huge portion of my portfolio and M1 is fairly new. I didn't really want to bother transferring the assets at first.
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by UpperNwGuy »

Why not do it manually instead of trying to set up auto-transfer? It can't be that much extra work. (Full disclosure: all of my transfers are manual because I don't trust auto-transfer at any institution.)
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Nathan Drake
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Re: Vanguard Dividend Auto-Transfer to Bank

Post by Nathan Drake »

UpperNwGuy wrote: Mon Oct 18, 2021 10:05 pm Why not do it manually instead of trying to set up auto-transfer? It can't be that much extra work. (Full disclosure: all of my transfers are manual because I don't trust auto-transfer at any institution.)
Just annoying more than anything else, otherwise it's not a huge deal. I'm a big fan of automation so I don't need to worry about it.
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