Teachers or were at one time, and if you still have money in TIAA’s CREF Money Market Account, you need to know that they are already waiving fees to keep the yield above zero—but only until the end of the year. After that, they’ll let the yield go negative if necessary and, to put insult to injury, TIAA is reserving the right to recoup any fees it waives.
I tell you this because that is one thing Vanguard won’t do. In the aftermath of the Financial Crisis, as I was reporting on firms like Charles Schwab, which was reserving the right to recoup lost revenues, Vanguard added language to its money market fund reports specifying that they would not recoup waived fees—never. That’s a big deal, and kudos to them for saying so.
Contact me to let me know how I can help you transfer it to a higher interest money market that will not try to recoup fees retroactively.