Systems glitch sends erroneous text messages to some Vanguard customers

Text said a 401(k) loan was being processed, but no accounts were actually affected

Jul 25, 2018 @ 4:33 pm

By InvestmentNews

Some participants in 401(k) accounts administered by the Vanguard Group received an erroneous text message Tuesday night saying that a loan from the account was being processed and the proceeds would soon be sent to the account holder's bank.

A Vanguard spokesperson said the texts — sent "in error" to only a small portion of the company's 401(k) account holders — were the result of a "systems issue" and that no loans actually were processed, according to a report by the Wall Street Journal.

"No accounts were affected, but we apologize for any confusion this may have caused," the spokesperson said.

(More: Vanguard wrestles with new service problems)

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