Banking
What is True?
This authority allows an account owner to grant a person or organization (known as an interested party) access to information only, e.g. account balances, for an account owner. The interested party has no authority to conduct transactions.
What is Vanguard Information-Only Access.
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True or False: Clients can allocate their beneficiary percentages up to two decimal points (21.50%, 33.33%, etc).
What is True?
Yes, the client can allocate their beneficiary percentages up to two decimal points (21.50%, 33.33%, etc.). However, the total for all beneficiaries must add up to 100% exactly. Thus, if the client had three beneficiaries, then two of the beneficiaries could inherit 33.33%, while the third beneficiary would need to inherit 33.34% so that all three percentages would add up to 100% exactly.
Scenario: CSO Client is in the process of transferring assets to his Vanguard Individual Brokerage account. He wants to check the status of the existing transfer request.
This is the Internal Extension you would transfer the client to.
What is ONB_TOA_INTERNAL?
True or False: ACIPs will have access to add/maintain a bank.
What is False?
ACIPs will be able to view and delete bank information linked to the accounts they have access to online but will not have access to add/maintain the bank.
True or False: After an ACIP form is processed, the incapacitated person will continue to have transact authority over ALL accounts.
What is False?
After an ACIP form is processed, the incapacitated person will have view-only access over ALL accounts. The incapacitated person cannot transact on any account until Vanguard receives proof that they are no longer incapacitated.
True or False: Once a caller provides verbal authorization to another individual, that individual can change beneficiaries over the phone for the client.
What is False?
No, the Beneficiary Phone Service may only be offered to the account owner and full agents acting under a Vanguard Agent Authorization form (viewable through Legal Links) or if Atty-in-Fact is in the registration.
This Internal Extension can assist the client.
What is COO_COMPLEX_INTERNAL?
True or False: If a joint bank account was added to a joint Vanguard account online, then this bank will be added to both clients' profile.
What is False?
If a joint bank account was added to a joint Vanguard account online, then this bank will only be added to the one client's profile. Each client will need to add this joint bank account online, separately.
True or False: A Full Agent Authorization form cannot be faxed to Vanguard.
What is True?
The Full Agent Authorization form requires original certification/notary.
If a client wants to change the address and beneficiaries (or vice-versa), should this be permitted?
What is No?
We must allow a 7-day hold period if the client has a domestic mailing address or 14 day hold period if the client has an international mailing address following either request (e.g. If the client updates his or her beneficiaries, then he/she must wait 7 days or 14 days, respective, before updating the address by phone or on-line, or vice versa.) This provides time for confirmation of the changes to reach the client.
This Internal Extension will be able to assist the client.
What is INV_Stock_ETF_InvestEducation_Internal?
True or False: If a return micro deposit reject is received, the system will not delete the invalid bank.
What is False?
True or False: A Full Agent will continue to have authority over the account, even when the principal (account owner) dies.
What is False?
When the principal dies, the authority ends.
True or False: A client can send in a letter of instruction to confirm the new address and remove the Address Change Hold.
What is True?
Clients can send in a letter of instruction to confirm the new address and remove this hold, or they can wait until the 7-day (or 14-day foreign address) hold lifts to restore their web access.
Scenario: Flagship Client wants to Purchase $25,000 of VFIAX (Vanguard Mutual Fund) within their Roth IRA.
This Internal Extension will be able to assist the client.
What is RET_CONT_DIST_RMD_INTERNAL?
True or False: If the client wants to make a redemption using a bank during Bank Verification hold (micro deposits have already been verified) AND the client is not enrolled in Voice Verification or does not have an Enhanced Security Password, the business can grant exceptions to the additional authentication required for redemptions to a bank during the Bank Verification Hold.
What is False?
There is no way to remove the Bank Verification hold before the 7-day period. The business cannot grant exceptions to the additional authentication required for redemptions to a bank during the Bank Verification Hold, but can work with their business Risk contact for alternative solutions.
This is a court-appointed person or organization selected to protect the interests of incompetent persons, legally disabled persons, or minors and to provide for their care, welfare, education, maintenance, and support.
What is a Guardian or Conservator?
What is Dual Cinergy?
Dual Cinergy can occur in two ways:
This Internal Extension will be able to assist the client.
What is ACCOUNT_SECURITY_RESPONSE?