We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
Hope that helps.
Lynda Feit
Treasurer
TERIC Investment Club
Sent from my iPhone
On Oct 17, 2023, at 1:33 PM, Candy Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
I have not tried that, the other methods of trying to move money says we are not eligible because we are an investment group.
They no longer allow investment groups and have us only because we transferred from Ameritrade
On Tuesday, October 17, 2023, 12:54 PM, Roman Geletkanycz via bivio.com <user*33583000001@bivio.com> wrote:
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
That is interesting, 1) How do you make deposits? 2) For Schwab Bank, what is the legal structure of your organization?
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Lynda Feit on
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
MARY FRAN NOVAK on
My club is moving on Nov. 3 weekend. Do not have an address to send deposits to , yet. Could you share that with us? Not looking forward to this, saving all the emails about it, cuz some have the answers. Thanks to all who went before us
On Oct 18, 2023, at 3:18 PM, Lynda Feit via bivio.com <user*26876200001@bivio.com> wrote:
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
Lynda--I can't tell you how frustrating it is for me to read this, for multiple reasons:
1) Schwab has told me over and over that partnerships may not send checks to partners from the brokerage account.
2) Schwab has told me over and over that partnerships may not have a Schwab Bank account.
Yet here is the Teric Investment Club, a general partnership, with a Schwab Bank account. And your club transitioned from TD Ameritrade just as we did. Heaven help me.
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Candy Clemmons on
I talked to a person at our closest Schwab branch and he told me he could not help me but told me to call the complex business support phone number. When I tried to call that number it is no longer a valid number.
I looked at wiring the money but it was a $15 charge. Today I was able to request a check and will have a check sent to the address on record and then will deposit it into our bank. This is easier than trying to figure out how to transfer the money. We will see how long it takes t get the check.
Candace Clemmons
On Wednesday, October 18, 2023 at 02:04:46 PM PDT, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Lynda--I can't tell you how frustrating it is for me to read this, for multiple reasons:
1) Schwab has told me over and over that partnerships may not send checks to partners from the brokerage account.
2) Schwab has told me over and over that partnerships may not have a Schwab Bank account.
Yet here is the Teric Investment Club, a general partnership, with a Schwab Bank account. And your club transitioned from TD Ameritrade just as we did. Heaven help me.
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Candy Clemmons on
We are a partnership, RW Investment
Not an individual account nor do we have an individual account associated with it
Candace Clemmons
On Tuesday, October 17, 2023 at 07:24:51 PM PDT, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
What is the name of your club and what is the legal structure? If the club operates with an individual account then what you did makes sense.
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Norman Gee on
We are still on TD Ameritrade and have not received our notice yet. Other threads have mentioned that if you had a checking account with TD Ameritrade, you will be grandfathered in for a checking account with Schwab.
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
So here is the answer that I just got from Schwab (the quote marks are there because the information is from a chat session):
"It looks like our Schwab One
payment feature needs to be updated as I have found a more recent page that
shows the following:
No
third-party distributions (including payments directly to the agents
listed on the Investment Club account).
Distributions
permitted to like-registered accounts only.
Debit cards
and BillPay will not be supported at Schwab.
Check-writing
will be supported only if client had an Investment Club account at TD
Ameritrade with check-writing enabled and in use within the last two
years.
5.It was having a checkbook added to the account
so you could write your own checks. Right now for distributions it looks like
the guidance is as followed.
6.If a client would like to transfer funds to a third party, they will need
to have an account (e.g., checking, savings, or other account type of their
choice) at another firm or bank under the exact same registration name as their
broker-dealer account at Schwab.
7.This can be at any firm or bank that allows Investment Club accounts to
make third-party distributions.
8.To move funds to a third party, the client will need to move money out of
the Investment Club to this account, then transfer funds to the third party
from this account."
So the bottom line is if a club had a check writing feature at TDA, and used it within the past 2 years, the feature was included in the transition. Otherwise the club cannot write checks out of the brokerage account (unless the club is the payee) and a club cannot get a Schwab Bank account.
I find that really silly as the mechanism for a club to write checks exists, so why limit it? This does not endear one to Schwab.,
We are still on TD Ameritrade and have not received our notice yet. Other threads have mentioned that if you had a checking account with TD Ameritrade, you will be grandfathered in for a checking account with Schwab.
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Anna Murray on
This has been my experience with Schwab also. If their customer service is this poor, why would anyone invest in Schwab?
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
John Rice on
So if you have a club that has not transitioned yet see if you can apply for checks now.
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Carole Jansen on
I can't tell you how much I appreciate Fidelity at this point, after hearing about all of Schwab's inconsistencies in their treatment of investmwnt clubs. Our account was transferred to Fidelity from Folio Investing (with very little notice of the transition of Folio away from self-directed brokerage accounts) during COVID, which didn't help things that required signatures, but we got it done, and have had no issues with Fidelity. We are a Texas General Partnership with a federal Tax ID# of its own, and we also have check writing privileges on our Fidelity Brokerage account. I am the Treasurer and I deposit the partner's checks into the brokerage account using Fidelity's module app. I and a few of the partners also have individual Fidelity brokerage accounts and I don't anticipate any problems if we wanted to transfer stocks into their personal accounts. We would also be able to write them or any other entity, with or without a Fidelity account, a check on the brokerage account.
So here is the answer that I just got from Schwab (the quote marks are there because the information is from a chat session):
"It looks like our Schwab One
payment feature needs to be updated as I have found a more recent page that
shows the following:
No
third-party distributions (including payments directly to the agents
listed on the Investment Club account).
Distributions
permitted to like-registered accounts only.
Debit cards
and BillPay will not be supported at Schwab.
Check-writing
will be supported only if client had an Investment Club account at TD
Ameritrade with check-writing enabled and in use within the last two
years.
5.It was having a checkbook added to the account
so you could write your own checks. Right now for distributions it looks like
the guidance is as followed.
6.If a client would like to transfer funds to a third party, they will need
to have an account (e.g., checking, savings, or other account type of their
choice) at another firm or bank under the exact same registration name as their
broker-dealer account at Schwab.
7.This can be at any firm or bank that allows Investment Club accounts to
make third-party distributions.
8.To move funds to a third party, the client will need to move money out of
the Investment Club to this account, then transfer funds to the third party
from this account."
So the bottom line is if a club had a check writing feature at TDA, and used it within the past 2 years, the feature was included in the transition. Otherwise the club cannot write checks out of the brokerage account (unless the club is the payee) and a club cannot get a Schwab Bank account.
I find that really silly as the mechanism for a club to write checks exists, so why limit it? This does not endear one to Schwab.,
We are still on TD Ameritrade and have not received our notice yet. Other threads have mentioned that if you had a checking account with TD Ameritrade, you will be grandfathered in for a checking account with Schwab.
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
James HART III on
Please remove me from your distribution list.
Sent from my iPhone
On Oct 18, 2023, at 11:10 PM, Carole Jansen via bivio.com <user*8441200001@bivio.com> wrote:
I can't tell you how much I appreciate Fidelity at this point, after hearing about all of Schwab's inconsistencies in their treatment of investmwnt clubs. Our account was transferred to Fidelity from Folio Investing (with very little notice of the transition of Folio away from self-directed brokerage accounts) during COVID, which didn't help things that required signatures, but we got it done, and have had no issues with Fidelity. We are a Texas General Partnership with a federal Tax ID# of its own, and we also have check writing privileges on our Fidelity Brokerage account. I am the Treasurer and I deposit the partner's checks into the brokerage account using Fidelity's module app. I and a few of the partners also have individual Fidelity brokerage accounts and I don't anticipate any problems if we wanted to transfer stocks into their personal accounts. We would also be able to write them or any other entity, with or without a Fidelity account, a check on the brokerage account.
So here is the answer that I just got from Schwab (the quote marks are there because the information is from a chat session):
"It looks like our Schwab One
payment feature needs to be updated as I have found a more recent page that
shows the following:
No
third-party distributions (including payments directly to the agents
listed on the Investment Club account).
Distributions
permitted to like-registered accounts only.
Debit cards
and BillPay will not be supported at Schwab.
Check-writing
will be supported only if client had an Investment Club account at TD
Ameritrade with check-writing enabled and in use within the last two
years.
5.It was having a checkbook added to the account
so you could write your own checks. Right now for distributions it looks like
the guidance is as followed.
6.If a client would like to transfer funds to a third party, they will need
to have an account (e.g., checking, savings, or other account type of their
choice) at another firm or bank under the exact same registration name as their
broker-dealer account at Schwab.
7.This can be at any firm or bank that allows Investment Club accounts to
make third-party distributions.
8.To move funds to a third party, the client will need to move money out of
the Investment Club to this account, then transfer funds to the third party
from this account."
So the bottom line is if a club had a check writing feature at TDA, and used it within the past 2 years, the feature was included in the transition. Otherwise the club cannot write checks out of the brokerage account (unless the club is the payee) and a club cannot get a Schwab Bank account.
I find that really silly as the mechanism for a club to write checks exists, so why limit it? This does not endear one to Schwab.,
We are still on TD Ameritrade and have not received our notice yet. Other threads have mentioned that if you had a checking account with TD Ameritrade, you will be grandfathered in for a checking account with Schwab.
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Bill Peterson on
Mary,
Until you have a Schwab account you will not be able to determine the address to which you will send deposits, as it is dependent upon which state you are in. (I send ours to El Paso, TX.) You will also need the account number, of course, and a deposit slip. Once you have an account and can login, you can find a deposit slip online (though it is well hidden on Schwab's web site). Do not use the BANK deposit slip - only use the brokerage deposit slip. If you can't find it, call or chat with Schwab's Customer Support and they will help you find it. Once you find it, make a copy as a PDF on your personal computer so you won't have to find it on Schwab's web site again.
William C. Peterson
Treasurer
Phoenix Area Model Investment Club
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of MARY FRAN NOVAK via bivio.com Sent: Wednesday, October 18, 2023 1:48 PM To: The Club Cafe <club_cafe@bivio.com> Subject: Re: [club_cafe] Schwab cash withdrawal
My club is moving on Nov. 3 weekend. Do not have an address to send deposits to , yet. Could you share that with us? Not looking forward to this, saving all the emails about it, cuz some have the answers. Thanks to all who went before us
'Interesting' is a polite comment, Peter. I've spent hours going around and around w/various Schwab employees re: the checking account, and member deposits. So many conflicting answers depending on who I talked to. All wanted to help, but didn't really know what they were talking about. So, so painful!
Our Club is a General Partnership.
Most of our members set-up mo. payments using Bill Pay through their various banks. Two of us (myself included) set up mo. direct transfers from our bank accounts. ALL payments, regardless of 'how' paid, are made to Schwab using the Club's brokerage account number (NOT the Club's Schwab checking account number). Payments are sent to the brokerage address used for deposits, NOT the Schwab checking account address.
This process now works, but it's not perfect. Case in point... this month one member's auto-Bill Pay was sent as usual; it left her bank on Sept 27th, but 15 days later Schwab wasn't showing it's arrival. When I called, they couldn't 'see' the payment anywhere, so initiated an investigation by the 'Money Movement Team.' The payment magically showed up in the Club account the very next morning. I will never know how/why.
My tale of woe on this subject is sadly ridiculous. It's all (largely) working now, but if you're interested in how we got there, here's the rest of the story (and if you don't like torture, skip reading this part):
We were first advised to send pmts to the checking account - when the deposits weren't showing up in our account, we were then told the checking account is not used for deposits, and that our checks would be returned to the address on record (our Club address), not individual members. It took 6 weeks before all checks were returned. Some went to the Club's address... but MOST went back to the individual members' home addresses. And... ONE ENDED UP IN THE BROKERAGE ACCOUNT. Arg.
We were given a different address to send the payments to - so we sent pmts there but, yet again, they didn't show up in the Club account. This was because we were given a NEW, wrong address. Eventually some were returned to the individual members, some made it to the brokerage account, but 2 of our members who were fed-up, issued stop payments because their checks weren't showing up anywhere. (In the meantime, they physically drove second payments directly to the local Schwab office.) Schwab could not explain where those 2 checks went. However, several weeks later, when Schwab apparently DID find them and tried to deposit them, they bounced (due to stop payment orders), so Schwab charged the Club $25/each for those 2 checks. I called and got those charges reversed, but the 2 members who sent those pmts got charged by their banks for the stop-payments they initiated.
We were given a third address to send payments to. Since then, things have worked - except for the recent '15-day missing' check I mentioned before.
Our club has decided to shop for a new Broker, and so far it's looking like Fidelity may be our choice. However, we've decided not to move until early 2024, as I don't know what nightmares might be lurking in my future when I do the 2023 tax returns. Hopefully none.
As an aside, I have long-held personal Schwab accounts, and I have never encountered any problems with them at all. NONE. So when some people say that perhaps Schwab didn't really want TDA's Investment Club accounts, rather they wanted all the personal account business, I'm inclined to think they might be right.
We also transitioned from TDA to Schwab. At that time we had to open a Schwab checking account; they told us it only allowed us to write checks for outgoing money, NOT for making deposits into.
We recently sold stock to provide partial withdrawals to four of our members. I wrote the 4 checks and all 4 members were able to cash them, no issues.
You can ask Schwab to expedite the opening of the checking account, and delivery of checks. Free checks are single copy; I ordered duplicate copy checks (for a small fee), as I want a copy of checks for record keeping.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade