An article, "Vanguard to End Cash-Management Service for Larger Customers," written by The Wall Street Journal, tell us, "Vanguard Group is shutting down a service for larger customers that paired a debit card with tools to help them manage cash. The feature let clients write checks and pay bills out of a Vanguard account. The service was launched as a way for the money-management behemoth to press deeper into the financial lives of individual investors. Vanguard is now ending the service on July 31, an acknowledgment the offering couldn't rival what banks provide. The firm told customers that VanguardAdvantage 'is no longer meeting the range of needs articulated by our clients,' according to a Feb. 28 letter reviewed by The Wall Street Journal." It adds, "The service being cut launched in 2002. It linked banklike features with Vanguard's brokerage accounts for bigger clients. Those customers could write checks, pay bills, and use a debit card to draw cash from an account with Vanguard in addition to tapping other services. Vanguard offered the service for an annual fee to those with between $500,000 and below $1 million invested with the firm. It was free for those with at least a million dollars invested with Vanguard. Less than 2% of eligible clients are using it, according to the firm. Of those people, only about half were active in the past three to six months. Vanguard decided to pull the plug recently after reviewing the service, said a person familiar with the matter. The firm is exploring other ways it can make cash-management services available to clients, the person said, but no decision is in the works."

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