We need a new brokerage house
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The 711 Investment Club uses Fidelity and we have checks from Fidelity that I write, as Treasurer. No hassle - none. I did a recent distribution to each member and wrote 22 checks. Simple and cheap. And Fidelity reports the checks by number and AccountSynch picks them up as they appear, automatically. Slick. Our trades are $7.95. Fidelity is top notch, with a great web site, fantastic online trading, etc - the real deal. I would never entertain a separate checking account with a bank, whatever. Best regards, Leo -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Charles Stephen Foster Sent: Wednesday, June 29, 2011 11:54 PM To: club_cafe@bivio.com Subject: [club_cafe] Re: We need a new brokerage house Our club has used Schwab since 2008 and the checking account has not cost us anything to date. We are a partnership, have 2 signers on the account, but it only takes 1 signature on a check. We got about 5 free checks to start and don't have any restrictions on who we write them to. We do have to reorder some checks now, so I'm not sure if there will be a charge for that. They charge $8.95 for any brokerage trades. You can even set up your account on their website. We had one of our partners withdraw and he set up his own Schwab account and we transferred a portion of our stocks to his new account at no charge to either of us. Even the call centers are located in the US. They've been great to work with and I recommend them highly. Steve Foster Circle of Friends Investment Club We are the same with TD Ameritrade. We have had that checking account for years and we probably write 2 or 3 checks a year if that. It depends on Withdrawals. No charge for writing a check in the account. Our club Treasurer (me right now) writes the checks. I want to give our members an option for a new brokerage coming up in May for the transition from TDA to Schwab. I thought I saw a list who Bivio works with and can't find it now. Any hints where to go? :). I am sure as soon as I send this email, I will find it. Thank you, Brenda Our club uses Fidelity. It's been okay, though I will say if your club changes treasurers from time to time, we've found it doable but challenging to make the changes for whos authorized to trade in the account. On Sun, Mar 19, 2023, 1:57 AM Brenda Kathryn Schuhmacher via bivio.com <user*23598900001@bivio.com> wrote: We are the same with TD Ameritrade. We have had that Our club uses Fidelity and my personal accounts are with Schwab. I'm completely satisfied with both. I think Schwab has a little better research availability, but it doesn't seem to be a huge difference.
A number of years ago we used TdAmertade for about 20 years, but encountered and issue that came about when our previous treasurer had passed away. We had extreme difficulty changing ownership of the account because the account was actually an individual account vs a stock club account. After great deal of effort we found E*Trade was one of very few brokerage houses that offered a stock club account which listed our club members and officers as owners of the account and there was no requirement to provide them any funds as collateral for opening the account. Several other brokerage houses required almost a million dollars of separate collateral to open a stock club account outside of our portfolio. Sincerely, Stephen Grossberg 843-707-4930 > On Mar 19, 2023, at 1:57 AM, Brenda Kathryn Schuhmacher via bivio.com <user*23598900001@bivio.com> wrote: > > We are the same with TD Ameritrade. We have had that > checking account for years and we probably write 2 or 3 > checks a year if that. It depends on Withdrawals. No > charge for writing a check in the account. Our club > Treasurer (me right now) writes the checks. > > I want to give our members an option for a new brokerage > coming up in May for the transition from TDA to Schwab. I > thought I saw a list who Bivio works with and can't find it > now. Any hints where to go? :). I am sure as soon as I > send this email, I will find it. Thank you, Brenda We've been using ETrade since the beginning of our club. Our account is a stock investor club account and E-trade has been fine for us. Customer service initially dropped when Morgan Stanley bought Etrade, but it's gotten a good deal better again. Bivio syncs with Etrade nightly without problems. That's one of the most important things for me. Best, Dave Nathanson Hawaiian Shirt Society
Best, Dave Nathanson Our club has always used E*Trade. As treasurer, I was so
impressed with them that I purchased ET shares for myself. That
was exchanged for Morgan Stanley it's done reasonably well too. Lee, Market Miners Investment Club
On 3/19/2023 12:16 PM, DrDave via
bivio.com wrote:
Just wondering if your club is a Partnership? Our account at Fidelity is owned by our partnership, which has an EIN. We had no problem opening our Fidelity account in the Partnership's name. Carole Jansen Wise Investment Club A number of years ago we used TdAmertade for about 20 years, but encountered and issue that came about when our previous treasurer had passed away. We had extreme difficulty changing ownership of the account because the account was actually an individual account vs a stock club account. After great deal of effort we found E*Trade was one of very few brokerage houses that offered a stock club account which listed our club members and officers as owners of the account and there was no requirement to provide them any funds as collateral for opening the account. Several other brokerage houses required almost a million dollars of separate collateral to open a stock club account outside of our portfolio. One of our model clubs (a 16 year old partnership) has used TD Ameritrade as our broker since day one. Included with our account is a checking account that allows us to write checks to anyone whenever we need to do so. Our Treasurer is one of the original partners, and he has been Treasurer since the club was founded, so we haven't had a need to make any changes to the signatories on the account. Someday your club will need to change signatories, so it would be wise to determine just how difficult doing so will be before you open an account. I suspect that you will find that the process is cumbersome at best, since I have gone through the process at various banks for our chapter checking account. A word to the wise... |
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