Vanguard transfer is sloooooowwwww

[TomTX]

So, as I was selling my last individual stock ( https://forum.mrmoneymustache.com/investor-alley/sold-my-last-stock/ ) - I started the process at Vanguard to transfer over my IRA from TD Ameritrade.

I dropped off the paperwork the same day at 10AM at the post office itself.

It took Vanguard 14 days to initiate the actual transfer from TD.

Vanguard is estimating an additional 12 days for the transfer to actually happen.

Seems an awfully slow process in the modern computerized era. Vanguard already had the account set up and all the transfer info when I initially talked to Concierge Services the first day at 8AM - all they should have to do is verify I signed the paperwork when it arrived and poke at TD to send over the money.

I know, I know. Complainypants ;)

[schimt]

I've never transfered an IRA, so i have no idea what the process is for them. Good news for you for the future, when i purchase index funds through my checking account that is linked to Vanguard, it usually takes no longer then a business day to complete the transaction.

[TomTX]

Unfortunately, I probably won't be buying anything directly from Vanguard for awhile. After I rebuild cash reserves this year, I'll be shoveling all I can into the 401(k) at work with the intent of getting AGI below the threshold where I can qualify for the Earned Income Tax Credit. $3,300 is quite the incentive.

It still will be going into Vanguard, but filtered through the 401(k).

[matchewed]

Insert "First World Problems Meme Here"

All that aside yeah it takes some time. I found it a bit frustrating as well but then remembered that it's not so bad, the time gap is meaningless, and that there are worse things in life.

[Frankies Girl]

Keep in mind that it may not be Vanguard either. I transferred 3 accounts over the last year, and two took less than 10 days start to finish, but one dragged out over 3 weeks.

[TomTX]

Oh, absolutely. I thought I adequately called myself on it with the "complainypants" comment.

Thanks for listening.

[matchewed]

Oh, absolutely. I thought I adequately called myself on it with the "complainypants" comment.

Thanks for listening.

Yeah I know you were self aware on that one. :)

[Frankies Girl]

Oh, absolutely. I thought I adequately called myself on it with the "complainypants" comment.

Thanks for listening.

No worries. I was feeling the exact same thing having to wait on that one slowpoke... it's because you're actually watching and waiting and anticipating it that it feels like it's taking forever. ;) Like waiting for the summer break when you're a kid.

[KS]

Keep in mind that it may not be Vanguard either. I transferred 3 accounts over the last year, and two took less than 10 days start to finish, but one dragged out over 3 weeks.

+1 to this! I'm doing this too and most of the waiting has been on the original accounts to actually send the money. I just finally got the last check and sent it off to Vanguard (still not sure why some of these places won't just send it directly to Vanguard themselves, seems like a waste of postage plus I don't like such big checks travelling back and forth across the country like that!) but the Vanguard part of things for all my transfers has taken just a few days at most. Then another couple days until I can distribute the money how I want... I know what you mean though, once you decide to take care of these things, it's hard to wait around for them to get it done!

[FrugalZony]

Keep in mind that it may not be Vanguard either. I transferred 3 accounts over the last year, and two took less than 10 days start to finish, but one dragged out over 3 weeks.

+1 I transferred an investment account from a European Bank to TD end of December, took TWO MONTHS!!
European bank was done relatively quick at their end TD did not quite as well....

[TomTX]

I actually should have left TD years ago, not one but TWO breaches with my data. One was "Um, we lost the box off the back of the truck on the way to storage"

[Nords]

It took Vanguard 14 days to initiate the actual transfer from TD.

Vanguard is estimating an additional 12 days for the transfer to actually happen.

Seems an awfully slow process in the modern computerized era. Vanguard already had the account set up and all the transfer info when I initially talked to Concierge Services the first day at 8AM - all they should have to do is verify I signed the paperwork when it arrived and poke at TD to send over the money.

I know, I know. Complainypants ;)

But boy, is it cheap!