Systems glitch sends erroneous text messages to some Vanguard customers

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)​