The Importance of Keeping Notices (Part 1)
Update: this week I am in Ireland working on a school project, so I've been mostly away from a computer. I'll return at the end of the month, in which I will give you my updated net worth.
Right before I left, I discussed opening an account with Vanguard. I choose Vanguard because it has low expenses and an excellent fund that mirrors the S&P 500. To fund the account, though, I had a mini-disaster. I used $1000 from my main checking account and $1000 from my "emergency" savings at ING. It took a few days for Vanguard to withdraw the money, but when they did--they made a huge mistake, and withdrew $2000 from my main checking account. I didn't have anought money in the account and it caused my account to be overdrawn by $462! I tried not to panic anc called Vanguard to sort out the problem. The initial customer service representative transferred me to someone else, who was able to help me. Thankfully, I printed all of the confirmations I received regarding the initial funding, which I don't always do. The rest of the details are pretty long, but in the end I transferred the money from ING to my main checking account to keep my account from being overdrawn, and Vanguard offered, without any prodding, to pay any fees associated with their error. Vanguard was incredibly responsible by admitting they made a mistake an immediately attempting to remedy it. But because they were so forthcoming, it was an indication to me that this probably wasn't the first time a situation like this came up. Even though I often end up with a sea of papers, I learned the important lesson of keeping confirmations and notices. Next time, I'll write about my issue with MBNA and how keeping the notices came in handy.
This is also posted at Financial Freedom Trek.
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