Posted by Large check lost for days and wa
I attempted to roll over a very large sum of money from my 401k into an IRA at Vanguard. I was told the money was there and my advisor was ready to start investing. On a Friday morning I got a call saying the check was non-negotiable. No explanation. In the meantime, the originating account showed a zero balance. On Monday the money is still missing. This is in the millions! The originating bank said the check was cashed. I called the compliance department and was on hold for over an hour. They said they couldn't give me the name of the person working on it nor would they take my number and call me back and they were returning the check to me.
Tuesday, the money reappeared. The check that was returned to me had been presented for deposit twice! And the original deposit clawed back. I am disgusted with the cavalier attitude toward resolving this.