Vanguard investors complained Monday about getting erroneous messages about not having enough money in their settlement accounts to make trades. Others complained that the balances displayed on the Vanguard homepage were substantially below their actual balances, which were accurate on other parts of the Vanguard website. "Some retail clients received an email in error reporting insufficient funds in their brokerage settlement accounts," said Vanguard spokesman John Woerth. "We expect to resolve the issue shortly and apologize to clients for any undue concern. No action is required on the part of affected clients." Vanguard also warned on its website this morning that customers could have difficulties reaching the company by phone due to a technical issue with its phone lines.
I received the same email as well. What the article doesn't mention is Vanguard automatically lined up securities to sell to auto-cover the glitch. I had a pending sell order placed on Vanguards behalf to pull money out of one of my other funds. Raises the question if the auto-sell orders went through on a glitch, who would be liable for any losses that followed?
Submitted March 28, 2018 at 12:21AM by John_Crichton https://ift.tt/2I8T2mO
