I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.' Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
--
Donna O'Connell
Peter Dunkelberger on
If your club had checking with TDA, Schwab will permit you to continue with that privilege, If your club did not have checking with TDA, you are not permitted that service with Schwab. Bizarre, but that is what I was told by Schwab.
I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.' Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
--
Donna O'Connell
Tracy, Molly M on
Agreed. Our club got moved from TDA to Schwab in the merger. Every representative at Schwab told us a different story, some provided forms, but at the end of the day Schwab would not transfer club stocks to individual accounts. Therefore, we moved our entire
club portfolio to Fidelity to pay out departing members in stock. The customer service at Fidelity was fantastic, and since then almost all of our club members have chosen to move their personal brokerage accounts to Fidelity as well.
Sent from my iPhone
On Oct 2, 2024, at 1:02 PM, John Rice via bivio.com <user*24380400001@bivio.com> wrote:
Donna, you must of had an existing account because the ones that were transferred over from TDA got screwed and can not transfer stock.
I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.'
Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock
transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact
for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows
stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this
choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means
you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another
broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
--
Donna O'Connell
Dan Cohn on
We are in Atlanta; we were told we could transfer whole shares to exiting member who had a Schwab account! Famous last words actually told we might be able to do it once but not really! Went with Fidelity, some paperwork was needed but we have been able to transfer whole shares!
Dan Cohn
NAMC Investment club #3
Sent from my iPhone
On Oct 2, 2024, at 2:02 PM, John Rice via bivio.com <user*24380400001@bivio.com> wrote:
Donna, you must of had an existing account because the ones that were transferred over from TDA got screwed and can not transfer stock.
I'm the Treasurer for our club, which started out at TD Ameritrade and was later gobbled up by Schwab.
When we moved to Schwab I wasn't concerned about Schwab service, as I had a personal Schwab account and liked them. That said, I called Schwab to confirm things would work the same, especially re: stock transfers to members. I was told 'yes, no problem.' Schwab even provided me with their Stock Transfer form so I'd have it to reference when I wanted to use it. Long story short, the first time I submitted the form to do a stock transfer, I was told we were NOT allowed to make stock transfers! Reason: stock transfer capability was allowed only for 'old' Schwab Club accounts; new Schwab Club accounts do NOT have that option. Ridiculous.
We bit the bullet and transferred our Club account to Fidelity in July of this year. I wasn't thrilled to to go through another brokerage transfer, but once we submitted the initial Fidelity application, Fidelity assigned one person as our point of contact for our transition which made it much less painful than our experience w/Schwab transition. After everything moved over to Fidelity, I transferred shares of stock to some of our members. It was flawless, no mistakes at receiving end. (BTW, Fidelity allows stock transfers to either: a member's personal Fidelity account, or, to member's non-Fidelity broker.) We chose to have each member open a personal Fidelity account (if they didn't have one already) for the purposes of eventual stock transfers. We made this choice for 3 reasons:
1. It's a bit more complicated to transfer to a different broker - time and paperwork-wise.
2. It takes about 20 minutes to open a personal Fidelity acct online, and even if a member doesn't take stock now, the account will be there and open for future stock transfers.
3. Our assigned Fidelity contact offered to help any member open their personal account if the member felt they wanted help, or had questions (a few of our members did it this way) .
Fidelity syncs with bivio. I've not (yet) run into the possible fractions of shares not matching exactly as was mentioned in this string, but we occasionally had that happen with TDA also, so am not concerned.
Bottom line, I don't think Schwab really wanted more Investment Club business, I think they bought TDA for the majority of TDA's other business and assets. Otherwise why would they change the rules for new Clubs coming in?
DO NOT transfer to Schwab. They are really not friendly to investment clubs. As you can read from others, one cannot pay third parties out off the Schwab account. The club has to have a separate ( not with Schwab) bank account, which means you have to be register and on good standing with the state where your club is located. The club bank may not bank with Schwab as Schwab Bank only accepts personal accounts, not organizational accounts. Go to fidelity or do more due diligence for another broker.
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
--
Donna O'Connell
Jennifer P on
Hello Elizabeth,
Did you consider filing a complaint with FINRA or the SEC against Morgan Stanley?
From:
club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Elizabeth A. Smith 6/97 via bivio.com <user*14462200001@bivio.com> Date: Tuesday, October 1, 2024 at 4:35PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: [club_cafe] Does Schwab sync with BIVIO nicely?
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Norman Gee on
I would not consider Schwab as possible destination. Too many restrictions on new club accounts. No checking account and no stock transfer to departing members
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Barbara Wolf on
We are leaving Schwab because of the inability to transfer stock to members who are taking out funds or departing. In every other way, it worked fine.
I would not consider Schwab as possible destination. Too many restrictions on new club accounts. No checking account and no stock transfer to departing members
Our club has been with e-trade, which was brought out by
morgan Stanley. As I new treasurer, Morgan Stanley is
making us jump through hoops to get a new authorized person
on the account. I am fed up! If the club votes, we will
switch to Schwab. Does Schwab sync nicely with BIVIO? Any
other issues with Schwab? Thank you in advance for your
reply.
Elizabeth A. Smith 6/97 on
For those of you who replied that Fidelity is impeccable and
are set up with Fidelity, did you register as an investment
club or as a partnership? We are an investment club that
has a partnership agreement and are registered as a
partnership for tax purposes. On the Fidelity Business
application, you have to choose one or the other.
Thanks for your replies.
Beth Smith
For those of you who replied that Fidelity is impeccable and
are set up with Fidelity, did you register as an investment
club or as a partnership? We are an investment club that
has a partnership agreement and are registered as a
partnership for tax purposes. On the Fidelity Business
application, you have to choose one or the other.
Thanks for your replies.
Beth Smith
Peter Dunkelberger on
I have exactly the same question. How did Fidelity advise you?
For those of you who replied that Fidelity is impeccable and
are set up with Fidelity, did you register as an investment
club or as a partnership? We are an investment club that
has a partnership agreement and are registered as a
partnership for tax purposes. On the Fidelity Business
application, you have to choose one or the other.
Thanks for your replies.
Beth Smith
Cynthia Corkery on
Fidelity advised me to check investment club on page 2 of the "New Fidelity Account--Business" application.
For those of you who replied that Fidelity is impeccable and
are set up with Fidelity, did you register as an investment
club or as a partnership? We are an investment club that
has a partnership agreement and are registered as a
partnership for tax purposes. On the Fidelity Business
application, you have to choose one or the other.
Thanks for your replies.
Beth Smith
For those of you who replied that Fidelity is impeccable and
are set up with Fidelity, did you register as an investment
club or as a partnership? We are an investment club that
has a partnership agreement and are registered as a
partnership for tax purposes. On the Fidelity Business
application, you have to choose one or the other.
Thanks for your replies.
Beth Smith
Tracy, Molly M on
That's what our club did as well - investment club
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Cynthia Corkery via bivio.com <user*39378600001@bivio.com> Sent: Monday, October 7, 2024 5:50 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] Re: Does Schwab sync with BIVIO nicely?
Fidelity advised me to check investment club on page 2 of the "New Fidelity Account--Business" application.
For those of you who replied that Fidelity is impeccable and
are set up with Fidelity, did you register as an investment
club or as a partnership? We are an investment club that
has a partnership agreement and are registered as a
partnership for tax purposes. On the Fidelity Business
application, you have to choose one or the other.
Thanks for your replies.
Beth Smith