Systems glitch sends erroneous text messages to some Vanguard customers

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

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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