Vanguard Reviews (Written By Customers) (2024)

I was bombarded with numerous phone calls and emails from various agents at Vanguard, even as early as 7:00 am, despite my clear lack of interest. Eventually, I relented and spoke with an agent named Soul who assured me of securing a line of credit for my company. I explicitly stated that I wasn't seeking funds unless it was to expand my inventory, and I emphasized my requirement for low monthly payments and a maximum interest rate of 12% per annum.

Soul promised that with an application and four months of bank statements, he could easily meet these terms. However, his persistence led me to block his number after he continued to call from different lines. He eventually reached out again, pleading for another chance. I relented and provided all requested documents.

Within 24 hours of submission, another representative contacted me with absurd offers: $200,000 for two years at 2.5% monthly interest with weekly payments, or a $100,000 line of credit at 2.45% monthly interest with monthly payments. These terms were completely contrary to what I was assured initially. Frustrated and disappointed, I declined their offers and blocked all further communication. I strongly advise against working with Vanguard to avoid the wasted time and misleading experiences I endured. Recent reviews I've read suggest that many others share similar concerns about their practices.

I would no longer classify Vanguard as a brokerage firm. They were great 20 years ago when I originally opened my 401K with them through the company I worked for at the time. Now, they behave more like used car dealers (no offense if you're a used car dealer). I have no clue how a once highly reputable company could plunge so far, but charging fees and providing atrocious customer service seems to be the only thing they are good at now. First, moving cash from your bank account to Vanguard is like taking a voyage on the Mayflower. It takes forever to land, and even then, Vanguard temporarily freezes the funds. I think it took me a week simply to purchase stock.

Second, I own stock in a foreign company, and when I found out that Vanguard had begun charging a fee for owning foreign stock, I decided it was probably time to move my funds to another broker. I called Vanguard, and the rep told me that if I rolled over my shares, they would be frozen for what sounded like a lengthy period. When I explained that this could cause me to potentially lose a lot of money if my stock fluctuated during the period, the rep essentially shrugged his shoulders. So, I decided to just stay with Vanguard since they made it sound like rolling over my account would take an act of Congress.

Later, I found out that they had begun charging a $100 fee to close an account. They also did not accept my stock dividends when they were issued (which I feel must surely violate some SEC regulation). That's when I decided it was time to go. I contacted my other brokerage firm. They simply asked me for the Vanguard account numbers, extracted my funds from Vanguard, and my shares landed in my new account within a few days unscathed and unfrozen. If you value your investments, stay away from Vanguard.

Updated on 08/05/2024: Vanguards continue to invent excuses to prevent me from having access to an account where I am joint with my deceased mother. Now they want a waiver to not take inheritance taxes out. The estate lawyer sent them the certification from the state that they have ALL the taxes due paid. They don't need the waiver. I told them I consider the incompetence to be intentional and deliberate at this point.

Updated on 07/23/2024: I still do not have access to a brokerage account that I am joint on with my deceased mother. This is day 42. I told them I was filing a police report at the end of the day.

Original Review: I have been trying to get my half of an inherited brokerage account transferred to my name. My brother got his half a month ago. There is always a problem. A wrong SS# so fill out this form, a wrong address, then it will transfer in 3 to 5 business days expect it didn't. Another transfer in 3 to 5 business days and now claiming I asked them to transfer the existing IRA to a brokerage account. Now another 3 to 5 business days, but I already know it won't happen. No one gave them a wrong SS#, no one gave them a wrong address and no one asked them to transfer an existing IRA to a non retirement brokerage account. They invented all these issues,.