VanguardAdvantage® Account clients are eligible to participate in our online Billpay service. If you already have a VanguardAdvantage Account, you can log on and add this service online. If you open a new VanguardAdvantage Account, you can add this service during the application process.
With Billpay, you can pay bills online through our secure website and even have your bills presented to you online for payment to eliminate the hassles of buying stamps, writing checks, and taking trips to a mailbox.
When you choose to add our Billpay service, you should consider the benefits of overdraft protection through a margin account. If you don't have overdraft protection and the cash in your account is insufficient to cover a check, check card, or Billpay transaction, your transaction may be returned or declined, and you may be charged an insufficient funds fee. If you have established overdraft protection through margin, your check, check card, or Billpay transaction is more likely to be honored, assuming you have margin cash available. You will be subject to margin interest, and you may be required to deposit more money or securities in your account. If you cannot, Vanguard Brokerage may be required to sell all or a portion of your pledged securities. Read the VanguardAdvantage Billpay service agreement.
Because of the risks associated with margin investing, you must get approval from Vanguard Brokerage Services® to establish a margin account. To learn more about this service, read the Investing on Margin, Rules for Margin Investing, and How Your Margin Accounts Settle sections of our Investor's Guide. Requests for overdraft protection will take approximately two weeks to approve after your VanguardAdvantage Account is opened.