Agreed. I am also 100% certain.You are worrying about nothing. Vanguard is implementing something here that most brokerages implemented. The terms are industry standard and have nothing to do with cash transfers to your bank. I am 100% certain.Maybe.It's almost certainly ACATS transfers and complete account closures only. Things haven't got that bad.If the new fee applies to monthly dividend distributions from a money market fund to one’s bank account at, say, Schwab, that’s going to hit a lot of people.
Maybe not.
Presumably, Vanguard knows, but why aren’t they being more specific and informative?
Regardless, I’m still left wondering how Vanguard plans to collect the $100 from someone who slowly transfers all of their money market holdings to a bank, leaving the account balance at Vanguard at zero after a few transfers.
How would Vanguard know whether the account owner plans to put money back into the money market account? And when would Vanguard charge the $100 fee?
At each transfer to a bank? At the last transfer that leave the account balance at zero?
What if, a few days after the money market account hits zero, the owner transfers $100,000 back in? Does the $100 get credited back to the owner?
The whole $100 account transfer fee is so poorly worded that I hope it ends up backfiring on Vanguard.
Statistics: Posted by manlymatt83 — Wed May 01, 2024 8:37 pm — Replies 240 — Views 12134