This is horrible and I guess they don't warn people ahead of time.I deposited a $100K check into my VG brokerage account in early Feb using the app. It was a cashier's check I received after selling our RV. Decided to withdraw $45K to purchase a vehicle the next month and couldn't transfer anything out to my long established bank account. Called customer service and was told there was a 1 year security hold on the funds and that I could only transfer money back to the originating source. Not sure how that would work with a check? They did eventually allow the transfer after I jumped through hoops. I had to initiate a 3 party call with the bank that issued the cashier's check so they could verify that the check would clear (even though it was 6 weeks after issuance). Once we got that done, the agent had to get a supervisor's approval for the override and I had to explain to them why I was making the withdrawal. Supervisor approved and the money showed up at my bank 4 days later.
It all worked out, but it was a hassle and intrusive. The VG customer service agent said I wouldn't have to get the bank that issued the check involved if I needed another withdrawal, but would still have to call for an override. Seriously made me consider moving to another firm, but haven't done anything yet. One year seems ridiculous . . .
Statistics: Posted by student — Tue May 07, 2024 8:30 am — Replies 30 — Views 3846