Complaint Review: The Vanguard Group - Internet
- The Vanguard Group Internet U.S.A.
- Phone: 800-523-1188
- Web:
- Category: Financial Services
The Vanguard Group Vanguard Steals from My Paycheck Internet
*Consumer Comment: stealing from my paycheck
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My employer uses the Vanguard Group to manage our 401K plans.
I signed up for a 401K Dec 3 2007 using their online system.
A few days later I received a letter of confirmation from Vanguard:
It said my account would become effective in Jan 2008.
It also asked me to recheck all the information and contact them if there were any problems.
There was a problem - this company did not provide options I desired, so I cancelled the 401K on December 6, 2007.
I received a letter from Vanguard on Dec 11, 2007, that my account had been cancelled.
Then Vanguard began stealing from my paycheck!
On December 15th, the first automatic deduction was taken. I understood that perhaps it was not possible to stop the auto transfer in time, and that was fine.
It became not fine when Vanguard refused to refund that money. They claimed IRS rules forced them to keep it. So after I had revoked authorization, they put my contribution into an account that had already been CLOSED acccount and refused to refund to me.
They took another auto deduction 2 weeks later. They refused to refund that money, as well.
Unless I withdraw with PENALTIES, I am stuck managing this account that has a balance of $200 for YEARS until I reach retirement age.
Mark
New Woodstock, New York
U.S.A.
This report was posted on Ripoff Report on 06/13/2008 07:51 AM and is a permanent record located here: https://www.ripoffreport.com/reports/the-vanguard-group/internet/the-vanguard-group-vanguard-steals-from-my-paycheck-internet-339908. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
stealing from my paycheck
AUTHOR: C - (United States of America)
SUBMITTED: Thursday, December 02, 2010
The same thing happened to me! Only I never signed up, they just started taking my money without my permission. My company automatically enrolls you, and you have the option to opt out, only I never knew anything about it! So now they wont give me any of my money back until I retire! It can't be legal to take money without permission, can it?
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