Can't Transfer Out of Vangaurd MM Fund

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LifeIsGood
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Can't Transfer Out of Vangaurd MM Fund

Post by LifeIsGood »

I was trying to move some money out of my Vanguard money market fund (VMMXX) to my local bank account today when I encountered the message "This fund is closed to new investors." and would not let me proceed. Is this just a temporary glitch or is there another larger issue that I'm not aware of?
UpperNwGuy
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by UpperNwGuy »

Is that your settlement account? If not, don't you first have to move the money to your settlement account before transferring to a bank?
crefwatch
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by crefwatch »

The interface is confusing-are you sure you were working on a “bank transfer” and not on a “mutual fund transfer?” For example, did you see a menu of your approved and previously used banks, with a partial account number shown?
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galawdawg
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by galawdawg »

Here is the information on the changes to VMMXX: https://investornews.vanguard/changes-t ... nd-lineup/

However, that should not have any impact on your ability to transfer funds that you already have in VMMXX to your linked bank account. Do you already have shares of VMMXX? If so, I believe you will first need to go to the Sell Funds page to set up the transaction which should give you the option to select your bank account for where the money is going. https://investor.vanguard.com/contact-u ... guard-bank

If you have shares in VMMXX and you still can't sell and transfer to your linked bank account, perhaps what you are encountering is one of the Vanguard IT "features" that is often discussed here. :shock:

Why not just call Vanguard and ask them what's going on. Whoops, scratch that. Vanguard is closed until Monday. :o You'll just have to wait until next week.

In all seriousness, good luck. Hope you are able to get this resolved.
cas
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by cas »

LifeIsGood wrote: Sat Jun 05, 2021 5:26 am Vanguard money market fund (VMMXX)
Have you been getting letters/emails/alerts recently that June 4 (yesterday) was the final-final-final date for processing checks written on the now-closed investor shares of Vanguard Cash Reserves (VMMXX), after which an automatic conversion to the Admiral Shares version of Vanguard Cash Reserves (VMRXX) would occur? (VMMXX is, in fact, a closed fund ... Admiral shares version is what will exist going forward.)

(I have elderly relatives who have been getting many such notices.)

They've been transitioning people to the Admiral shares of Vanguard Cash Reserves in phases, so this might or might not have been your time, but - given that you write this around 6am eastern on a Saturday morning - is it possible that you managed to try to do the transaction right when the computer was busy doing an overnight conversion of your VMMXX to the Admiral shares version (VMRXX)?

Any existing links to banks should carry over to the Admiral shares once the conversion is done.
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LifeIsGood
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by LifeIsGood »

Thanks everyone for your feedback & suggestions. I guess that notification just got lost in the shuffle somehow. I just initiated the Admiral shares conversion. Any idea how long it will take for those converted funds to be available? I'm going to need that money fairly soon.
tominsc
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by tominsc »

Life is good, when I did the auto convert to the admiral VMRXX it was almost instantaneous. No more than the time it took for vanguard’s software to record it. And I did talk to a human about it and he did confirm if I’m using check writing, which I am, I still use the same checks. Since then I have continued to use them with no hiccups at all. I have also had no trouble at all doing online cash movements in or out of the new flavor of MM acct, to other Vanguard funds in my portfolio and to our checking account when I just need to spend the money.
increment
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by increment »

tominsc wrote: Sat Jun 05, 2021 8:48 am Life is good, when I did the auto convert to the admiral VMRXX it was almost instantaneous. No more than the time it took for vanguard’s software to record it. And I did talk to a human about it and he did confirm if I’m using check writing, which I am, I still use the same checks. Since then I have continued to use them with no hiccups at all.
However, Vanguard's website says, "The fund's Admiral Share class does not offer checkwriting and it is not available upon conversion from the fund's Investor Share class."
tominsc
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by tominsc »

Yeah I know. I read that too. I didn’t understand it either. It sounded contradictory. So it’s why I sat on hold a while some time ago till a human came on line. He said what I said. Once I switched my former VMMXX to the admiral flavor that’d become my settlement fund and it’d all (checkwriting, et al) work exactly as I said. And it does.

I have no idea what Vanguard is doing in the background. All I know is my settlement fund is still my money market fund but now it’s in the admiral flavor and I still write my QCD checks using the same paper checks I always used, and tonight I got yet another statement online from Vanguard confirming that the one I sent to my church last week got cashed just like it was supposed to.
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bhwabeck3533
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Re: Can't Transfer Out of Vangaurd MM Fund

Post by bhwabeck3533 »

LifeIsGood wrote: Sat Jun 05, 2021 5:26 am I was trying to move some money out of my Vanguard money market fund (VMMXX) to my local bank account today when I encountered the message "This fund is closed to new investors." and would not let me proceed. Is this just a temporary glitch or is there another larger issue that I'm not aware of?
I make monthly transfers from my VMMXX account to my local bank account once a month. I also get the same message you cite above, I just ignore it and proceed to the next step in the transaction process and it works every time. Very strange result for you.
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