I just talked to Folio. The Cash Hold is for Bill Pay only.
They stated the reason was that fraud has become an issue
with Bill Pay. Electronic Funds Transfers, on the other
hand, are not affected.

For information, type "Fund an account" into the search bar.
There are many topics that appear.
1. Select and read "How Do I deposit funds into my account."
2. On your accounts page, select "Transfer Money in the
dropdown then Deposit" to get the necessary routing details.

3. Scroll down far to "What information is required to set
up an EFT Bank link?

It is not a simple process but it may relieve the pressure
created by the 120 day cash hold.

I am going to set up the process for my own account. If I
find it disastrous, I will advise in this thread.

I understand what Folio says. My question is, why is this not a concern for the other thousands, millions, billions of financial institutions worldwide? Why is Folio the only institution surfacing the fraud issue w bill pay and using the 120 day hold as remedy.

Thousands, (millions?) of people worldwide use bill pay. Why is this not a subject for business news everywhere? Surfacing the concern for consumer safety.

I don’t buy it (pun not intended).


Best, Irina
Treasurer, Streetbeaters
PS I recall Larry Reno had a Folio issue with a hold on a withdrawal, maybe $50k as I recall. Larry surfaced his concern about Folio at the time.

> On Feb 19, 2020, at 10:34 AM, Martin J. Eckerle via bivio.com <user*12801300001@bivio.com> wrote:
>
> I just talked to Folio. The Cash Hold is for Bill Pay only.
> They stated the reason was that fraud has become an issue
> with Bill Pay. Electronic Funds Transfers, on the other
> hand, are not affected.
>
> For information, type "Fund an account" into the search bar.
> There are many topics that appear.
> 1. Select and read "How Do I deposit funds into my account."
> 2. On your accounts page, select "Transfer Money in the
> dropdown then Deposit" to get the necessary routing details.
>
> 3. Scroll down far to "What information is required to set
> up an EFT Bank link?
>
> It is not a simple process but it may relieve the pressure
> created by the 120 day cash hold.
>
> I am going to set up the process for my own account. If I
> find it disastrous, I will advise in this thread.

They do allow ETFs. There is a hoop to go through for
investment clubs. See the copied text below.

"Bank links can only be established for accounts with
identical account name(s). If the account with us and the
bank account are not an exact match, such as in the case of
an investment club account or corporate account, use the EFT
Authorization Form, located on the Forms page in the Help
Center, to set up the bank link."

From my conversation with an agent, I get the feeling that they may have been on the bad side of a bill pay fraud issue.

Marty Eckerle

-----Original Message-----
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Irina Clements via bivio.com
Sent: Wednesday, February 19, 2020 10:50 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Re: Folio Cash Hold

I understand what Folio says. My question is, why is this not a concern for the other thousands, millions, billions of financial institutions worldwide? Why is Folio the only institution surfacing the fraud issue w bill pay and using the 120 day hold as remedy.

Thousands, (millions?) of people worldwide use bill pay. Why is this not a subject for business news everywhere? Surfacing the concern for consumer safety.

I don’t buy it (pun not intended).


Best, Irina
Treasurer, Streetbeaters
PS I recall Larry Reno had a Folio issue with a hold on a withdrawal, maybe $50k as I recall. Larry surfaced his concern about Folio at the time.

> On Feb 19, 2020, at 10:34 AM, Martin J. Eckerle via bivio.com <user*12801300001@bivio.com> wrote:
>
> I just talked to Folio. The Cash Hold is for Bill Pay only.
> They stated the reason was that fraud has become an issue with Bill
> Pay. Electronic Funds Transfers, on the other hand, are not affected.
>
> For information, type "Fund an account" into the search bar.
> There are many topics that appear.
> 1. Select and read "How Do I deposit funds into my account."
> 2. On your accounts page, select "Transfer Money in the dropdown then
> Deposit" to get the necessary routing details.
>
> 3. Scroll down far to "What information is required to set up an EFT
> Bank link?
>
> It is not a simple process but it may relieve the pressure created by
> the 120 day cash hold.
>
> I am going to set up the process for my own account. If I find it
> disastrous, I will advise in this thread.