I primarily was asking about the Scottrade office that you send your payments to. We had attempted to have our members use bill-pay and send their checks direct to Scottrade. The local office where they were sent was not happy and are requiring use to send in the checks at one time with their special deposit form. If I can point our local office to another Scottrade office that does allow this, I may be able to get them to change their mind.
Regarding our name, we started out as a group of co-workers who were reading a series of books together and met once a week over lunch to discuss them. Some of our discussions turned to finance and investing and hence to the starting of an investment club.
Rich
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Bob Bigrigg Sent: Thursday, January 12, 2012 10:58 PM To: club_cafe@bivio.com; 'Ann Dexheimer'; Rich Hill Subject: Re: [club_cafe] Checkwriting and ACH Transfers
Rich, Ann and all - - - I think they mostly work online but there are three local northern VA offices - Vienna, Fairfax and Ashburn. One of our members on this list may know if they work directly with the local office and which one. Or I could find out at the meeting this week and get back to ya.
Off Topic Query: "Book Readers" - gotta be a story here - care to expound? ;-) From the guy who turned their formal living and dining room space into a full on Library with wall to wall books and cozy reading spaces.
Ann and all - the DC Chapter uses Scott Trade and most of us use bill pay individually with the "pennies" method -
I'd double check with Scott Trade to see if you can get a different answer based on our situation - - - we checked before hand and they authorized individual checks without question.
Good luck with Scottrade - they are very inflexible about how money is handled, both withdrawals and deposits. Our club now meets monthly online except for quarterly face-to-face meetings. When we were setting this up (about six months ago) I checked with Scottrade about allowing direct deposits from individual members; not allowed. Our treasurer must continue to make out a special club deposit slip and submit all checks at once, which means we have to mail the check to the treasurer prior to the meeting. A real pain (at least for me). Some members choose to make their contributions for six months at a time to avoid having to remember to mail the checks in.
Even though this is a hassle, we decided to stay with Scottrade (for now) as otherwise they have been very responsive about handling our withdrawals. There is no fee to transfer your account out, FYI.
Ann Money Mavens of Fremont
On Wed, Jan 11, 2012 at 1:27 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
One important factor you may not have considered is the fee to transfer all your stocks to another broker. Some charge upwards of $50 each, so it might be cost prohibitive to move.
The brokers want your business so I've usually found that if you call and talk to them that they will reimburse you for any transfer fees.
It's certainly worth a try.
-- Laurie Frederiksen Invest with your friends! www.bivio.com