From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Dan Cohn via bivio.com
Sent: Tuesday, March 12, 2024 5:38 PM
To: club_cafe@bivio.com
Cc: Lynda Feit via bivio.com <user*26876200001@bivio.com>
Subject: Re: [club_cafe] Question for Clubs that use Fidelity

our club's officers were at Fidelity today; besides having to get signatures from all members (took 3 weeks!) and filling out some easy forms at their location - it was no big deal even for us old guys.

FWIW, part of our [arduous] conversion from TDA to Schwab involved an error in the name.  Schwab carried over our banking information from TDA, but only enabled cash transfers from the bank to Schwab, not outbound transfers from Schwab to our bank (which we used to have both inbound/outbound available to us with TDA).  They said the names had to match exactly.  Our club's legal name is "Blue Chips & Salsa" which is how our bank account was titled.  Schwab (and apparently TDA for the past 20+ years) had our account titled "Blue Chips & Salsa Inv Club".  After sending them a copy of our original IRS determination letter showing our legal name, they removed the "Inv Club" portion from line one.  They then added a line 2 of "An Investment Club" so whether you call yourself an investment club or simply a partnership, it seems Schwab is intent on classifying it as a very specific type of partnership - one that I don't believe they have a strong interest in making it easy to work with for whatever reason.

 

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of sharon kulkis via bivio.com
Sent: Tuesday, March 12, 2024 4:37 PM
To: club_cafe@bivio.com; Lynda Feit via bivio.com <user*26876200001@bivio.com>
Subject: Re: [club_cafe] Question for Clubs that use Fidelity

 

[External Email]

Schwab told me we wouldn't be having the problems if it was a partnership. I told them that it is a partnership and that tax filing is under a partnership. I told them that having club in the name didn't prevent it from being a legal partnership. They said that having "club" in the name made it a club. I'm thinking we just need to change the name. Our club has Investment Club in name.. maybe change to ...... Investment Partners or Partnership. But then they'll probably give us a hard time about a name change and who knows what the IRS would do. Does anyone have any input about a name change.

Yahoo Mail: Search, Organize, Conquer

 

On Tue, Mar 12, 2024 at 4:19 PM, Lynda Feit via bivio.com

<user*26876200001@bivio.com> wrote:

I agree, it's kind of bizarre.  If you ever get a good answer, be sure to let us all know!

Lynda 

 

On Tue, Mar 12, 2024 at 1:08 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I find it curious that there is so much brokerage turmoil surrounding organizational investment accounts in general, and investment clubs in particular.   Never have had a solid explanation.

 

Peter Dunkelberger 

 

On Tue, Mar 12, 2024 at 2:26 PM Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:

I have appreciated all the input re: changing our brokerage
acct from Schwab to Fidelity.  Several Clubs recommended I
call Fidelity and ask them to open a case # so that I could
talk to a Fidelity person who is in the 'back office' who
can speak to the specifics of moving our Club to Fidelity.
I have tried this twice, and both times was told there is no
such back office.

One of those 2 times, the person had no clue if Fidelity had
accounts for Investment Clubs, despite my telling her I know
for a fact that they do.  She has asked me, to ask other
Clubs, for a specific name of such a Fidelity person (and
phone # if you have it).  Then, I'm to call her back and she
will look up  that person's name and contact them to find
out how to code an account as an Investment Club.

It's like living in the Twilight Zone.

Can any of you share who your Fidelity contact was (name and
phone #)?

Thank you again,
Lynda Feit
Treasurer, TERIC

Dan Cohn
404 862 5640