Remember using a payphone? For those of us born before the new century, feeding quarters and dimes into a payphone to make calls feels a bit nostalgic at this point. But how do you feel about paying for phone service when your retirement is on the line? No one should be nickeled and dimed for a phone call when there are hundreds of thousands or even millions of dollars on the line. But that’s what Vanguard, in its pursuit of new revenue streams, is doing to its customers. Jeff Blumenthal of the Philadelphia Business Journal reports:
The Vanguard Group will be adding fees to its brokerage platform, particularly for smaller investors looking for customer service assistance over the phone.
Effective July 1, the Malvern-based investment management giant will introduce $25 transaction fees for calling the company for assistance in trading mutual funds and ETFs. The fees apply to both Vanguard and non-Vanguard funds for any account below $1 million.
Action Line: Just because you can remember payphones doesn’t mean you enjoy paying. When you want to talk to someone about your investments, I’m here. In the meantime, read more about Vanguard in my SPECIAL REPORT: The Trouble with BlackRo… er… ummm, Vanguard.
