Key insights
- A user is experiencing difficulties rolling over a 403(B) from Principal to a Vanguard IRA due to issues with Vanguard's Yodlee-based bank connection and lack of clear instructions. This negative experience with Vanguard's customer service is causing the user to consider alternative IRA providers like Principal, Schwab, or Fidelity. This highlights potential operational risks and customer service gaps at Vanguard, which could lead to decreased inflows.
I have a 403(B) with a former employer (traditional and Roth) that I'd like to rollover into a Vanguard IRA. Went to the website, started setting up an account and got to the funding step. Vanguard uses Yodlee for bank connections/transfers but Principal, my 403(B) institution, isn't listed. Only option for manual linking is using routing/account numbers which Principal doesn't provide (that I can find anyway).
Then I thought I'd just have Principal issue a direct rollover check to Vanguard... but for that, I have to provide a Vanguard account #. And I can't get an account # without the previous bank connection step.
I'm going in circles and gave up on Vanguard customer service after being transferred to four different people who kept saying they couldn't help me. This terrible customer service has me doubting Vanguard is the best IRA option for me. Other options:
- Move my Principal 403(B) to a Principal IRA * I have a Schwab brokerage account - I could set up a Schwab IRA but I hear cash sweeps are better at Vanguard than Schwab (then again I don't fully understand what cash sweeps are so maybe this doesn't matter - I plan on setting/forgetting after the transfer) * Try Fidelity
Open to any recommendations. Thanks in advance.