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Anyone have experience with Vanguard IRAs?
1/23/2012 10:06:17 PM
I recently opened up a Roth IRA through Vanguard and I made my initial deposit via a hand written check. I would like to automate or electronically make my future deposits, but my understanding is the only way to do that is through an Electronic Fund Transfer, and with Bank of America they, of course, charge a fee for that.
So is their another way to make deposits that I won't be charged for or any banks that offer free Electronic Fund Transfers?
So is their another way to make deposits that I won't be charged for or any banks that offer free Electronic Fund Transfers?
1/24/2012 12:21:25 AM
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch. Then it would have been one of your regular bank accounts that you could transfer money into.
Other than that I would say maybe you could do some type of payroll deduction through your job.
Other than that I would say maybe you could do some type of payroll deduction through your job.
1/24/2012 8:57:08 AM
I have a Roth IRA with Vanguard and I set up an automatic transfer every month. I think you are thinking of a bank wire and thats what your bank charges for? You should be able to enter your routing number and account number into Vanguard and they will take care of the rest.
If BoA charges for simple ACH transfers then you definitely need to find a new bank or credit union.
If BoA charges for simple ACH transfers then you definitely need to find a new bank or credit union.
1/24/2012 9:10:44 AM
Originally Posted By urbanredneck:
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
1/24/2012 9:31:11 AM
Get a new bank. I make weekly automatic transfers from Chase to Merrill Lynch and have never been charged a fee for that particular activity. My girlfriend does the same between Chase and eTrade with no issues.
1/24/2012 11:42:21 AM
I have an IRA and my non-retirement investment accounts at Vanguard. I don't recall being charged a fee for any electronic funds transfers.
I would not recommend "investing" anything with BoA. I audited a family trust that we had with them - the loads charged on their mutal funds are insanely high.
Oops - after reading the OP I realized BoA was charging a fee for the EFT, not Vanguard. You need to find a new bank pronto.
I would not recommend "investing" anything with BoA. I audited a family trust that we had with them - the loads charged on their mutal funds are insanely high.
Oops - after reading the OP I realized BoA was charging a fee for the EFT, not Vanguard. You need to find a new bank pronto.
1/24/2012 1:01:12 PM
Originally Posted By castiel:
I have a Roth IRA with Vanguard and I set up an automatic transfer every month. I think you are thinking of a bank wire and thats what your bank charges for? You should be able to enter your routing number and account number into Vanguard and they will take care of the rest.
If BoA charges for simple ACH transfers then you definitely need to find a new bank or credit union.
I have a Roth IRA with Vanguard and I set up an automatic transfer every month. I think you are thinking of a bank wire and thats what your bank charges for? You should be able to enter your routing number and account number into Vanguard and they will take care of the rest.
If BoA charges for simple ACH transfers then you definitely need to find a new bank or credit union.
I'm not positive if they charge a fee for that or not. I'll give them a call tonight to clarify. If they do, I will be switching banks. The only reason I have them now is for the convenience of getting cash and they're close to my work.
1/26/2012 8:47:00 AM
Originally Posted By Bubbles:
I have an IRA and my non-retirement investment accounts at Vanguard. I don't recall being charged a fee for any electronic funds transfers.
I would not recommend "investing" anything with BoA. I audited a family trust that we had with them - the loads charged on their mutal funds are insanely high.
Oops - after reading the OP I realized BoA was charging a fee for the EFT, not Vanguard. You need to find a new bank pronto.
I have an IRA and my non-retirement investment accounts at Vanguard. I don't recall being charged a fee for any electronic funds transfers.
I would not recommend "investing" anything with BoA. I audited a family trust that we had with them - the loads charged on their mutal funds are insanely high.
Oops - after reading the OP I realized BoA was charging a fee for the EFT, not Vanguard. You need to find a new bank pronto.
What am I misssing?
I have a few accounts with B of A. I set-up a Roth IRA through B of A a couple years ago. The Roth account that was opened showed up on my "Accounts" page but the actual account was with another company (i forget) and has since been taken over by Merill.
Since it is one of my B of A accounts, I set up an automatic transfer (I can move money amongst any of my accounts online) of $50 every 2 weeks. I just looked at my accounts, I don't see any fees being charged. $50 goes out of my checking and $50 shows up in my Roth money market account. The only fees of which I am aware are a $10 trade fees. Other than that, I look at the different mutual funds and I see whether they are front end, back end or level loaded. None of my holdings have anything to do with B of A, they are in Prudential and Invesco mutuals right now. I mean are they padding the load fees or something?
School me here.
1/26/2012 6:54:49 PM
Originally Posted By urbanredneck:
What am I misssing?
I have a few accounts with B of A. I set-up a Roth IRA through B of A a couple years ago. The Roth account that was opened showed up on my "Accounts" page but the actual account was with another company (i forget) and has since been taken over by Merill.
Since it is one of my B of A accounts, I set up an automatic transfer (I can move money amongst any of my accounts online) of $50 every 2 weeks. I just looked at my accounts, I don't see any fees being charged. $50 goes out of my checking and $50 shows up in my Roth money market account. The only fees of which I am aware are a $10 trade fees. Other than that, I look at the different mutual funds and I see whether they are front end, back end or level loaded. None of my holdings have anything to do with B of A, they are in Prudential and Invesco mutuals right now. I mean are they padding the load fees or something?
School me here.
Originally Posted By Bubbles:
I have an IRA and my non-retirement investment accounts at Vanguard. I don't recall being charged a fee for any electronic funds transfers.
I would not recommend "investing" anything with BoA. I audited a family trust that we had with them - the loads charged on their mutal funds are insanely high.
Oops - after reading the OP I realized BoA was charging a fee for the EFT, not Vanguard. You need to find a new bank pronto.
I have an IRA and my non-retirement investment accounts at Vanguard. I don't recall being charged a fee for any electronic funds transfers.
I would not recommend "investing" anything with BoA. I audited a family trust that we had with them - the loads charged on their mutal funds are insanely high.
Oops - after reading the OP I realized BoA was charging a fee for the EFT, not Vanguard. You need to find a new bank pronto.
What am I misssing?
I have a few accounts with B of A. I set-up a Roth IRA through B of A a couple years ago. The Roth account that was opened showed up on my "Accounts" page but the actual account was with another company (i forget) and has since been taken over by Merill.
Since it is one of my B of A accounts, I set up an automatic transfer (I can move money amongst any of my accounts online) of $50 every 2 weeks. I just looked at my accounts, I don't see any fees being charged. $50 goes out of my checking and $50 shows up in my Roth money market account. The only fees of which I am aware are a $10 trade fees. Other than that, I look at the different mutual funds and I see whether they are front end, back end or level loaded. None of my holdings have anything to do with B of A, they are in Prudential and Invesco mutuals right now. I mean are they padding the load fees or something?
School me here.
You won't be charged any fees since your IRA is offered through BoA, I'm sure they get a kick back for every customer they get to open up an IRA. It's just like transferring from a savings to a checking account.
I called last night to clarify with BoA and they said that if I give Vanguard my account number and routing number there won't be a fee, it's basically like sending them an electronic check.
BoA charges a fee for an electronic transfer from 1 bank account to another, mon BoA bank account.
1/27/2012 12:02:19 AM
Well, at least I know to look at Vanguard funds in the future.
1/27/2012 10:57:27 AM
Originally Posted By Evilaviator:
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
Originally Posted By urbanredneck:
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
So you could have opened up the Roth in BofA and bought Vanguard funds right?
1/27/2012 8:03:23 PM
Originally Posted By urbanredneck:
So you could have opened up the Roth in BofA and bought Vanguard funds right?
Originally Posted By Evilaviator:
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
Originally Posted By urbanredneck:
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
So you could have opened up the Roth in BofA and bought Vanguard funds right?
BofA charges you a fee to manage your funds. Vanguard also charges you a fee to manage your funds, but they do not charge nearly as much as others.
https://personal.vanguard.com/us/whatweoffer/ira/overview
ETA: BofA is a middle man if you will to Meryll Lynch. They get customers to sign up for a Roth which is through Meryll Lynch and they then get a kick back from ML for getting them new customers.
1/28/2012 7:26:08 AM
Find a new bank to deal with.
I've had stuff with Vanguard for 27 years now. Even my first investment which I've done nothing but add to.
Best customer service I've ever seen and a pleasure to do biz with.
I've had stuff with Vanguard for 27 years now. Even my first investment which I've done nothing but add to.
Best customer service I've ever seen and a pleasure to do biz with.
1/29/2012 12:08:12 AM
Originally Posted By cr85rider09:
BofA charges you a fee to manage your funds. Vanguard also charges you a fee to manage your funds, but they do not charge nearly as much as others.
https://personal.vanguard.com/us/whatweoffer/ira/overview
ETA: BofA is a middle man if you will to Meryll Lynch. They get customers to sign up for a Roth which is through Meryll Lynch and they then get a kick back from ML for getting them new customers.
Originally Posted By urbanredneck:
So you could have opened up the Roth in BofA and bought Vanguard funds right?
Originally Posted By Evilaviator:
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
Originally Posted By urbanredneck:
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
So you could have opened up the Roth in BofA and bought Vanguard funds right?
BofA charges you a fee to manage your funds. Vanguard also charges you a fee to manage your funds, but they do not charge nearly as much as others.
https://personal.vanguard.com/us/whatweoffer/ira/overview
ETA: BofA is a middle man if you will to Meryll Lynch. They get customers to sign up for a Roth which is through Meryll Lynch and they then get a kick back from ML for getting them new customers.
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
1/29/2012 12:26:12 AM
Originally Posted By urbanredneck:
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
Originally Posted By cr85rider09:
BofA charges you a fee to manage your funds. Vanguard also charges you a fee to manage your funds, but they do not charge nearly as much as others.
https://personal.vanguard.com/us/whatweoffer/ira/overview
ETA: BofA is a middle man if you will to Meryll Lynch. They get customers to sign up for a Roth which is through Meryll Lynch and they then get a kick back from ML for getting them new customers.
Originally Posted By urbanredneck:
So you could have opened up the Roth in BofA and bought Vanguard funds right?
Originally Posted By Evilaviator:
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
Originally Posted By urbanredneck:
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Was there any benefit to using Vanguard? You could have set-up a roth bank of america that would have been placed with Meryll Lynch.
Yes, it's called the lowest expense mutual funds offered by any company. High expense ratios is an anchor to investment returns.
So you could have opened up the Roth in BofA and bought Vanguard funds right?
BofA charges you a fee to manage your funds. Vanguard also charges you a fee to manage your funds, but they do not charge nearly as much as others.
https://personal.vanguard.com/us/whatweoffer/ira/overview
ETA: BofA is a middle man if you will to Meryll Lynch. They get customers to sign up for a Roth which is through Meryll Lynch and they then get a kick back from ML for getting them new customers.
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
I don't know enough on this to feel comfortable giving you a definite answer. Hopefully someone with more knowledge on this will drop in shortly.
1/29/2012 2:26:38 AM
Originally Posted By urbanredneck:
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
That sounds more like a transaction fee than a load.
My IRA is at Vanguard, so I don't pay transaction fees to buy and sell their funds. If I were to open an investment account to purchase a non-Vanguard funds or individual stocks I think they would charge me fees, but I haven't done that.
1/29/2012 7:59:55 AM
Originally Posted By Bubbles:
That sounds more like a transaction fee than a load.
My IRA is at Vanguard, so I don't pay transaction fees to buy and sell their funds. If I were to open an investment account to purchase a non-Vanguard funds or individual stocks I think they would charge me fees, but I haven't done that.
Originally Posted By urbanredneck:
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
I'm still confused, I just told yo the fees that I'm paying. I'm paying a $10 per trade. Are you saying they are extra loads? So if I buy a Vanguard fund in my Merill IRA that I'm paying a higher % load than you are with your Vanguard IRA?
That sounds more like a transaction fee than a load.
My IRA is at Vanguard, so I don't pay transaction fees to buy and sell their funds. If I were to open an investment account to purchase a non-Vanguard funds or individual stocks I think they would charge me fees, but I haven't done that.
Okay, here is a simple check. Pull up a particular fund, tell me if it front/back/even loaded and what the % is. Then I will check it in my Roth.
