Problems with Vanguard linking bank to brokerage account

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water2357
Posts: 654
Joined: Sat Sep 12, 2020 9:24 am

Problems with Vanguard linking bank to brokerage account

Post by water2357 »

I have had both mutual fund and brokerage accounts since Vanguard offered the Pershing brokerage accounts. My bank was always shown as linked to all of the accounts, no problem.

However, when I went to check on the linkage today to be sure the bank was linked to the brokerage accounts, before I remove the mutual fund accounts, under the profile settings bank information, Vanguard indicated that only the mutual fund accounts were linked to the bank.

On this page Vanguard stated that the link to the brokerage accounts had been "declined", which is crazy.

So, I actually tried to do a purchase in my brokerage account through my bank, and there Vanguard listed my bank as an option for a transfer of funds to make the purchase.

So, what is wrong with Vanguard's Profiel Settings bank information web page that it lists the brokerage accounts as "declined"????

It almost seems like that since I already have brokerage accounts, that Vanguard is so intent on getting people to "convert" to brokerage accounts, they aren't recognizing the existing old brokerage accounts on their "new" web pages.

Has anyone else run into this possible problem, where one way into the Vanguard bank info your old brokerage accounts are shown as not linked to your bank, but another way into you brokerage account to actually place a purchase, your bank is linked?

The new style Profile Settings bank info page stated to call Vanguard about the "declined", but they are closed all weekend and in any case on the actual purchase page the bank is linked. I don't want to have to call Vanguard just about their messed up web page.

Thanks.
rkhusky
Posts: 17766
Joined: Thu Aug 18, 2011 8:09 pm

Re: Problems with Vanguard linking bank to brokerage account

Post by rkhusky »

water2357 wrote: Fri Aug 19, 2022 9:09 pm So, I actually tried to do a purchase in my brokerage account through my bank, and there Vanguard listed my bank as an option for a transfer of funds to make the purchase.
Did you actually make a transfer? If so, and it worked, you are good to go. Or you may want to contact Vanguard to see if they plan to sever the link in the near future.
sycamore
Posts: 6360
Joined: Tue May 08, 2018 12:06 pm

Re: Problems with Vanguard linking bank to brokerage account

Post by sycamore »

water2357 wrote: Fri Aug 19, 2022 9:09 pm It almost seems like that since I already have brokerage accounts, that Vanguard is so intent on getting people to "convert" to brokerage accounts, they aren't recognizing the existing old brokerage accounts on their "new" web pages.
FYI, the "old" a.k.a. Pershing brokerage accounts were previously upgraded to Vanguard Brokerage Services accounts. I think the last of them were upgraded last year.

You may want to double check yours. My hunch is you don't have "old" brokerage accounts anymore.
Topic Author
water2357
Posts: 654
Joined: Sat Sep 12, 2020 9:24 am

Re: Problems with Vanguard linking bank to brokerage account

Post by water2357 »

Thanks for the input. I sent Vanguard a message asking about the web pages, but I'm guessing I'll have to try to call them to be sure everything is working ok. It was just really weird that one web page gives you one set of information and others provide exactly the opposite information. I did not complete the transfer as I have no idea what would happen and it's the weekend.
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