I believe they verify there is a signature, but I suspect that they don't verify that the signature matches one of those on record. Perhaps banks and brokers do random 'spot' checks, and perhaps they are liable for signatures that do not match. Does anyone know for sure? Worth finding out.
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Margaret Wentworth on
Hello all,
We have had an account at TD Ameritrade since its inception. We have a check book from them so I can just write a check in the normal way to pay bills or for withdrawing members. Only one signature is required.
For our previous broker we needed to use a bank. That meant two reconciliations per month plus depositing payments then writing one big check to the broker.
We just send our payments each month with a deposit form I fill out. Some members pay automatically from their bank right to TD.
Only one mistake from them in all our years, easily spotted and fixed in one call.
This is the easiest, fastest way with minimal work from me as treasurer. No fees for any of this process.
Peg Wentworth, treasurer, Women's Investment Network, LAncaster, PA
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
ira smilovitz on
I can assure you that banks do not verify signatures unless a payment is questioned by the account holder or perhaps if the check is "unusual" in some fashion. It's less expensive for them to make good on errors than to verify every transaction. Brokers may or may not check the signatures and that may be a function of the type of account holder. My synagogue has accounts with large brokerages where we have had checks returned because we had changed our authorized signatories internally, but had forgotten to update the signature cards with the broker. That may be special handling for charitable organizations or maybe not.
I believe they verify there is a signature, but I suspect that they don't verify that the signature matches one of those on record. Perhaps banks and brokers do random 'spot' checks, and perhaps they are liable for signatures that do not match. Does anyone know for sure? Worth finding out.
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Peter Dunkelberger on
-You can probably put 4 signatures on the check, as long as one of them is the signatory that TDA has on file. Someone wrote earlier that their credit union wanted minutes form the organization authorizing the account and the signatories. The person wrote that since the minutes required two signatures, the credit union would require 2 signatures on the checks. I could be wrong, but I would check that out, because I am betting the credit union has legalese denying responsibility for processing a check that only has one signature, if that signer is one of the authorized signers.
-if some of your members send their payments directly to TDA, how do you know who has paid and who has not? I would love to have direct deposit like that for our club, but one person said that to identify payors, members were assigned 2 digit codes that they added to the cents part of their deposit. Neat idea, but sounded difficult to implement. Besides, our TDA branch has the best coffee going, so I decided it was worth it to go to the branch and make the deposits.
We have had an account at TD Ameritrade since its inception. We have a check book from them so I can just write a check in the normal way to pay bills or for withdrawing members. Only one signature is required.
For our previous broker we needed to use a bank. That meant two reconciliations per month plus depositing payments then writing one big check to the broker.
We just send our payments each month with a deposit form I fill out. Some members pay automatically from their bank right to TD.
Only one mistake from them in all our years, easily spotted and fixed in one call.
This is the easiest, fastest way with minimal work from me as treasurer. No fees for any of this process.
Peg Wentworth, treasurer, Women's Investment Network, LAncaster, PA
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
John Rice on
Peter, the 2 digit code (cents) works great. All of our members send their payments directly to TDA. When a member joins the club I just assign him the next 2 digit number. As long as your members put the correct cents in their deposit there is no issues. We have been doing it for over a decade with only having 1 or 2 mistakes. They are easily corrected.
-You can probably put 4 signatures on the check, as long as one of them is the signatory that TDA has on file. Someone wrote earlier that their credit union wanted minutes form the organization authorizing the account and the signatories. The person wrote that since the minutes required two signatures, the credit union would require 2 signatures on the checks. I could be wrong, but I would check that out, because I am betting the credit union has legalese denying responsibility for processing a check that only has one signature, if that signer is one of the authorized signers.
-if some of your members send their payments directly to TDA, how do you know who has paid and who has not? I would love to have direct deposit like that for our club, but one person said that to identify payors, members were assigned 2 digit codes that they added to the cents part of their deposit. Neat idea, but sounded difficult to implement. Besides, our TDA branch has the best coffee going, so I decided it was worth it to go to the branch and make the deposits.
We have had an account at TD Ameritrade since its inception. We have a check book from them so I can just write a check in the normal way to pay bills or for withdrawing members. Only one signature is required.
For our previous broker we needed to use a bank. That meant two reconciliations per month plus depositing payments then writing one big check to the broker.
We just send our payments each month with a deposit form I fill out. Some members pay automatically from their bank right to TD.
Only one mistake from them in all our years, easily spotted and fixed in one call.
This is the easiest, fastest way with minimal work from me as treasurer. No fees for any of this process.
Peg Wentworth, treasurer, Women's Investment Network, LAncaster, PA
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
BarbaraLounsbury on
Another direct deposit strategy:
We have our accounts through E-trade. They allow external accounts to be added under the tab "manage external funding accounts". We have it set up so E-Trade pulls whatever amount the member has authorized out of the member's account (usually $50, but a few members contribute $100 each month) and into our E-trade brokerage account each month on a predetermined date (on the 15th in our case). It makes managing the deposits much easier no more chasing down checks or having to send through the mail.
After finding the "Manage external funding accounts" tab, then I select "new external funding account", enter the member's bank routing number, account type (saving or checking), account number and then the account nickname. Then E-Trade has a system of deposit verification. In our case we used "deposit verification" - Etrade sends 2 small deposits to the new account number. The owner of the account then lets the treasurer know the amount of those 2 deposits. The treasurer enters that into the confirmation page and voila the accounts are linked. The treasurer can then list the amount to be sent from the member's account to E-Trade and the date each month it should be sent. No more trying to chase down checks or managing late fees.
We have done this for years without difficulty - the only problem is if someone changes their checking account and forgets to let the treasurer know which has happened only twice among our group. And of course if someone leaves the group, it is important to remember to disconnect their account.
Peter, the 2 digit code (cents) works great. All of our members send their payments directly to TDA. When a member joins the club I just assign him the next 2 digit number. As long as your members put the correct cents in their deposit there is no issues. We have been doing it for over a decade with only having 1 or 2 mistakes. They are easily corrected.
-You can probably put 4 signatures on the check, as long as one of them is the signatory that TDA has on file. Someone wrote earlier that their credit union wanted minutes form the organization authorizing the account and the signatories. The person wrote that since the minutes required two signatures, the credit union would require 2 signatures on the checks. I could be wrong, but I would check that out, because I am betting the credit union has legalese denying responsibility for processing a check that only has one signature, if that signer is one of the authorized signers.
-if some of your members send their payments directly to TDA, how do you know who has paid and who has not? I would love to have direct deposit like that for our club, but one person said that to identify payors, members were assigned 2 digit codes that they added to the cents part of their deposit. Neat idea, but sounded difficult to implement. Besides, our TDA branch has the best coffee going, so I decided it was worth it to go to the branch and make the deposits.
We have had an account at TD Ameritrade since its inception. We have a check book from them so I can just write a check in the normal way to pay bills or for withdrawing members. Only one signature is required.
For our previous broker we needed to use a bank. That meant two reconciliations per month plus depositing payments then writing one big check to the broker.
We just send our payments each month with a deposit form I fill out. Some members pay automatically from their bank right to TD.
Only one mistake from them in all our years, easily spotted and fixed in one call.
This is the easiest, fastest way with minimal work from me as treasurer. No fees for any of this process.
Peg Wentworth, treasurer, Women's Investment Network, LAncaster, PA
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.