Same same for our club.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laura Murray via bivio.com
Sent: Tuesday, October 10, 2023 4:21 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Re: Trouble with deposits at Schwab

This is regarding our experience with mobile deposits: Our club (a partnership) was transferred to Schwab from TD Ameritrade in May. No individual member has an account with Schwab. We always did mobile deposits with TD Ameritrade. In June I tried to do this with Schwab but got a rejection saying my application was pending. After a week or so I started an online chat with Schwab through their website. We were approved on the spot.

Mobile deposit have been working great since then.

Laura Murray

On Tue, Oct 10, 2023, 4:05 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

P.S. This is Peter Dunkelberger again. The easiest thing to do if you have a Schwab office near you, is to collect the checks, endorse them, again as you suggest except for the member signature on the back of the check, complete the deposit document, and take it to a Schwab office. They can transmit the deposit.

Peter Dunkelberger

On Tue, Oct 10, 2023 at 3:53 PM William Peterson via bivio.com <user*26072600001@bivio.com> wrote:

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

My actual experience with Schwab mobile check deposits is that work exactly the way mobile check deposit with TDA worked.

If there's any question about a check, once the check has been accepted the checks can be reviewed in detail in the deposit status selection. Front and back images are available.

Get Outlook for iOS

---

From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Peter Dunkelberger via bivio.com <user*26984900001@bivio.com>
Sent: Tuesday, October 10, 2023 5:59:14 PM
To: club_cafe@bivio.com <club_cafe@bivio.com>
Subject: Re: [club_cafe] Re: Trouble with deposits at Schwab

Yes, but one does not see the names of the payers in bivio. One has to go into bivio and assign the partner accounts to the deposit.

On Tue, Oct 10, 2023 at 5:49 PM Sharon Holley via bivio.com <user*25691200001@bivio.com> wrote:

Won't the Schwab account link to Bivio, the way TD Ameritrade did?

Sent from Yahoo Mail for iPhone

On Tuesday, October 10, 2023, 2:41 PM, Gary Henricksen via bivio.com <user*32968100001@bivio.com> wrote:

Same same for our club.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laura Murray via bivio.com
Sent: Tuesday, October 10, 2023 4:21 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Re: Trouble with deposits at Schwab

This is regarding our experience with mobile deposits: Our club (a partnership) was transferred to Schwab from TD Ameritrade in May. No individual member has an account with Schwab. We always did mobile deposits with TD Ameritrade. In June I tried to do this with Schwab but got a rejection saying my application was pending. After a week or so I started an online chat with Schwab through their website. We were approved on the spot.

Mobile deposit have been working great since then.

Laura Murray

On Tue, Oct 10, 2023, 4:05 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

P.S. This is Peter Dunkelberger again. The easiest thing to do if you have a Schwab office near you, is to collect the checks, endorse them, again as you suggest except for the member signature on the back of the check, complete the deposit document, and take it to a Schwab office. They can transmit the deposit.

Peter Dunkelberger

On Tue, Oct 10, 2023 at 3:53 PM William Peterson via bivio.com <user*26072600001@bivio.com> wrote:

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

Our club made the transition from TDA to Schwab back in May. Aside from the requirement that each individual (officer) that needs online access to the account have an individual login, the transition was smooth. We had check writing privileges with TDA and Schwab sent us a book of checks so that can continue using them for any expenses or withdraws.

We have two sets of procedures for deposits:

1. Use your bank's bill-pay and send payments direct to Schwab:
   Payee: Charles Schwab
   Account: 99999999
   Name on Account: Book Readers Investment Group
   Address: PO Box 628291, Orlando, FL 32862
   Phone: (800) 669-3900
   
   
2. Send checks to the treasurer who deposits them using the Schwab mobile app:
   Payee: Book Readers Investment Group
   Memo: Account #: 99999999
   

It appears that most (if not all) of our various bank's bill-pay payments are made via paper check sent through the USPS as opposed to an ACH transfer. As such, we recommend allowing 10-12 days for the payments to be received and processed at Schwab. There may be a different (better) address to send to, but this is one that I found somewhere in the Schwab help pages and that my bank had in their list. While using bill-pay is easier, having checks sent to the treasurer and deposited via the mobile app is faster. In both cases we use the penny system to correctly identify payments.

Rich Hill
Treasurer
Book Readers Investment Group
Charlotte, NC

On 11/15/2023 6:33 PM, MARTHA RHODE via bivio.com wrote:

In our club each member makes a check out to Schwab and puts our club account no. in the memo line. Our treasurer lives near a Schwab office and takes our checks to the office for deposit.

Martha Rhode, Capitol Enterprises Invest. Club

On 11/15/2023 5:24 PM CST Mary Fran Novak via bivio.com <user*7094300001@bivio.com> wrote:


Just moved to Schwab, will be sending our first deposit.  Do
we make the check to Schwab? the club in c/o Schwab?
Deposit slip I found on the website is not clear.  TIA

On Nov 15, 2023, at 8:44 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:

Mary also check if you can transfer stock to members leaving the club and if so how?

Dan

Investment Club #3

Sent from my iPhone

On Nov 15, 2023, at 10:05 PM, MARY NOVAK <mfnrn@aol.com> wrote:

Thank everyone. I plan on going to our local office for the First deposit, to avoid any pitfalls

Sent from my iPad

Mary Fran Novak

On Nov 15, 2023, at 8:44 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:



Interestingly we were told that Schwab does not allow investment clubs to use internet deposits only in person. But there again I heard that they would transfer stock to individual accounts at Schwab; but my branch said it is not allowed.

Virus-free.www.avg.com

On Wed, Nov 15, 2023 at 8:55 PM Rich Hill via bivio.com <user*16738200001@bivio.com> wrote:

Our club made the transition from TDA to Schwab back in May. Aside from the requirement that each individual (officer) that needs online access to the account have an individual login, the transition was smooth. We had check writing privileges with TDA and Schwab sent us a book of checks so that can continue using them for any expenses or withdraws.

We have two sets of procedures for deposits:

1. Use your bank's bill-pay and send payments direct to Schwab:
   Payee: Charles Schwab
   Account: 99999999
   Name on Account: Book Readers Investment Group
   Address: PO Box 628291, Orlando, FL 32862
   Phone: (800) 669-3900
   
   
2. Send checks to the treasurer who deposits them using the Schwab mobile app:
   Payee: Book Readers Investment Group
   Memo: Account #: 99999999
   

It appears that most (if not all) of our various bank's bill-pay payments are made via paper check sent through the USPS as opposed to an ACH transfer. As such, we recommend allowing 10-12 days for the payments to be received and processed at Schwab. There may be a different (better) address to send to, but this is one that I found somewhere in the Schwab help pages and that my bank had in their list. While using bill-pay is easier, having checks sent to the treasurer and deposited via the mobile app is faster. In both cases we use the penny system to correctly identify payments.

Rich Hill
Treasurer
Book Readers Investment Group
Charlotte, NC

On 11/15/2023 6:33 PM, MARTHA RHODE via bivio.com wrote:

In our club each member makes a check out to Schwab and puts our club account no. in the memo line. Our treasurer lives near a Schwab office and takes our checks to the office for deposit.

Martha Rhode, Capitol Enterprises Invest. Club

On 11/15/2023 5:24 PM CST Mary Fran Novak via bivio.com <user*7094300001@bivio.com> wrote:


Just moved to Schwab, will be sending our first deposit.  Do
we make the check to Schwab? the club in c/o Schwab?
Deposit slip I found on the website is not clear.  TIA

--

Dan Cohn
404 862 5640