Bungled Banking
We wanted to contribute a small amount to an IRA for 2005 to maximize our tax refund. I called my credit union to verify the routing number and to ensure my savings account number plain and simple was all that was needed. The rep said to add enough zeros in front of the account number to make it a nine-digit number. We initiated the transaction with Vanguard online the week before April 17 (you have up till Tax Day to contribute to an IRA for the previous year for tax purposes).
Then we got a call from Vanguard about the 14th saying the wire debit from our bank account was rejected, but if we verified the info ASAP and got back with them, they could still do it for 2005. So I called the credit union and was told to leave off the zero, which we did this time.
And whaddya know. Another call from Vanguard. Rejected. Apparently, my credit union does not allow wire transfers from a savings account. (Wish during one of my two prior calls to the credit union someone had told me that.) At this stage Vanguard said again that if we got this straightened out right away, we could still have the transaction count for 2005. So I transferred money from checking to savings online and then had Vanguard use the checking account number, which we had used successfully with them before.
A few days after Tax Day I went online to check the status of things. They money went through this time, but it went through TWICE.
Drained savings into checking to hopefully cover in time. Thankfully part of the second erroneous transaction was rejected (don't understand why but don't care). Just spoke to Vanguard three more times today and things should be cleared up by next week.
Why are these things so damn difficult?
Then we got a call from Vanguard about the 14th saying the wire debit from our bank account was rejected, but if we verified the info ASAP and got back with them, they could still do it for 2005. So I called the credit union and was told to leave off the zero, which we did this time.
And whaddya know. Another call from Vanguard. Rejected. Apparently, my credit union does not allow wire transfers from a savings account. (Wish during one of my two prior calls to the credit union someone had told me that.) At this stage Vanguard said again that if we got this straightened out right away, we could still have the transaction count for 2005. So I transferred money from checking to savings online and then had Vanguard use the checking account number, which we had used successfully with them before.
A few days after Tax Day I went online to check the status of things. They money went through this time, but it went through TWICE.
Aagggghhhhhhh!!!!!!
Drained savings into checking to hopefully cover in time. Thankfully part of the second erroneous transaction was rejected (don't understand why but don't care). Just spoke to Vanguard three more times today and things should be cleared up by next week.
Why are these things so damn difficult?
Tags:
posted by Michelle at
3:41 PM
3 Comments:
Yes. I use the credit union service center affiliate, wherever I am, whenever I need to make a cash withdrawal. When on vacation in Massachusetts, hundreds of miles from home, I discovered that what I thought was my account number really wasn't. It was missing some magical prefix or suffix which they didn't tell me. I had to borrow from my sister-in-law for all my expenses the rest of the week.
By
Becky, at 4/26/2006 12:36 PM
That's nuts. Did you use the same account number as on your check or on your statements? B/c then that's just silly if it's not sufficient.
By
twominutetrek, at 4/27/2006 2:17 PM
Hi, I was surfing the internet and happened on your blog. I'm quite impressed , with how this all works. This is one to watch.
Best wishes,
NEWCU
By
Chris Moonbeams, at 5/02/2006 11:59 AM
Post a Comment
Links to this post:
Create a Link
<< Home