Leo Cardillo wrote:
> How would one handle a cash withdrawal?

If the broker doesn't offer checks, then you're stuck asking
them to issue checks or EFTs for cash withdrawals.

Eric Dobbs
bivio Inc.

May I mention that one of the reasons we use Schwab is that they have check
writing privileges
Their fees are now 8.95/trade, they have excellent research, no downloading
problems, and you can easily talk to them.
FYI, I don't have stock in Schwab

Arthur Klages

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Eric
Dobbs
Sent: Wednesday, March 03, 2010 6:01 PM
To: club_cafe@bivio.com
Subject: club_cafe: RE: Re: Single Versus Multiple Club Financial Accounts

Leo Cardillo wrote:
> How would one handle a cash withdrawal?

If the broker doesn't offer checks, then you're stuck asking
them to issue checks or EFTs for cash withdrawals.

Eric Dobbs
bivio Inc.

I agree and understand.

Our Club switched to Fidelity to get much lower commission charges (
Fidelity is now $7.95, and we were paying over $100.00!!), and to have
check-writing, to b

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Arthur
Klages
Sent: Wednesday, March 03, 2010 9:04 PM
To: 'The Club Cafe'
Subject: RE: club_cafe: RE: Re: Single Versus Multiple Club Financial
Accounts

May I mention that one of the reasons we use Schwab is that they have check
writing privileges Their fees are now 8.95/trade, they have excellent
research, no downloading problems, and you can easily talk to them.
FYI, I don't have stock in Schwab

Arthur Klages

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Eric
Dobbs
Sent: Wednesday, March 03, 2010 6:01 PM
To: club_cafe@bivio.com
Subject: club_cafe: RE: Re: Single Versus Multiple Club Financial Accounts

Leo Cardillo wrote:
> How would one handle a cash withdrawal?

If the broker doesn't offer checks, then you're stuck asking them to issue
checks or EFTs for cash withdrawals.

Eric Dobbs
bivio Inc.

Our club's new to bivio, and I have been interested in the
recent discussion among treasurers about one vs. local bank
+ broker account. Our club wants to have members deposit
their payments directly into our one broker account, rather
than getting checks all during the month and having to
deposit them into the local bank account, then transfer cash
to the broker account.

My question to everyone:
does anyone know of a broker where we can have a no-fee
account that ALL our members can send monthly payments
(electronic or otherwise) into, AND which allows free check
writing privileges.

Many thanks for an info you have.

Andy Hinds, Treasurer
Grey Rock--Ft Collins, Colorado


Laurie Frederiksen wrote:
> Hi Lynn,
>
>  
>
> I will play devils advocate from the other perspective.
>
>  
>
> For my clubs,  member payments are deposited directly to
> the broker before our meeting.  We used to have everyone mail in checks to
> the broker,  now they do it
>
> using their banks automatic bill pay service.    A
> nice feature of online bill pay from
>
> your bank is that you can tell them the day you want the payment
> to arrive at the payee.  We have a date we have agreed on in our operating
> agreements.    We picked a monthly date which is before our
> regular meeting date. 
>
>  
>
> This means I don’t have to chase down or wait for payments
> and we have the money to invest already available when we have our
> meeting.  If someone
>
> is not making their monthly contribution,  whether they are
> serious about being in the club or not can be addressed at the meeting.    
>
>
>  
>
> It’s not just less entries to use one account.    Less
> transactions means less work to reconcile each month and to audit at the end of
> the year. 
>
>  
>
> It’s not that it’s an insurmountable chore to use a
> bank account also if clubs want to do that.    We prefer to keep
> things simple and I prefer to spend the time I have
>
> available on investing activities.
>
>  
>
>   Laurie Frederiksen
>
>  

Fidelity Investments provides free checking and a no fee account.
Commissions are $7.95 per trade and Fidelity is a big, secure and
well-managed business with many branches around the country.

I am "testing" the process for sending our monthly checks directly to them
as I type. It should work without a hitch. I plan to have each club member
send in his dues check directly to Fidelity. In order to identify the
sender, I will use the Bivio method of having each member be assigned a
number from 1 to 20 ( the number of members in our club at this time). The
member will add "cents" to the check that correspond to his number. Bivio
will actually "learn" who is who, or so I am told.

I am all but certain that this process will work and then there will be no
hassle with monthly member checks to deposit. Amen.

Best Regards,

Leo
____________________________________________________________________________
_________________________________________

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Andrew
W. Hinds
Sent: Thursday, March 04, 2010 7:29 PM
To: club_cafe@bivio.com
Subject: club_cafe: Re: Single Versus Multiple Club Financial Accounts

Our club's new to bivio, and I have been interested in the recent discussion
among treasurers about one vs. local bank
+ broker account. Our club wants to have members deposit
their payments directly into our one broker account, rather than getting
checks all during the month and having to deposit them into the local bank
account, then transfer cash to the broker account.

My question to everyone:
does anyone know of a broker where we can have a no-fee account that ALL our
members can send monthly payments (electronic or otherwise) into, AND which
allows free check writing privileges.

Many thanks for an info you have.

Andy Hinds, Treasurer
Grey Rock--Ft Collins, Colorado


Laurie Frederiksen wrote:
> Hi Lynn,
>
>  
>
> I will play devils advocate from the other perspective.
>
>  
>
> For my clubs,  member payments are deposited directly to the
> broker before our meeting.  We used to have everyone mail in
> checks to the broker,  now they do it
>
> using their banks automatic bill pay service.    A nice
> feature of online bill pay from
>
> your bank is that you can tell them the day you want the payment to
> arrive at the payee.  We have a date we have agreed on in our
> operating agreements.    We picked a monthly date which
> is before our regular meeting date. 
>
>  
>
> This means I don’t have to chase down or wait for payments and
> we have the money to invest already available when we have our
> meeting.  If someone
>
> is not making their monthly contribution,  whether they are
> serious about being in the club or not can be addressed at the
> meeting.    
>
>
>  
>
> It’s not just less entries to use one account. 
>   Less transactions means less work to reconcile each month
> and to audit at the end of the year. 
>
>  
>
> It’s not that it’s an insurmountable chore to use a bank
> account also if clubs want to do that.    We prefer to
> keep things simple and I prefer to spend the time I have
>
> available on investing activities.
>
>  
>
>   Laurie Frederiksen
>
>  

Hi Andy,

>My question to everyone:
does anyone know of a broker where we can have a no-fee
account that ALL our members can send monthly payments
(electronic or otherwise) into, AND which allows free check
writing privileges.


I am in two clubs, one uses TDAmeritrade and the other uses
FolioInvesting. They both offer what you have asked about.
We are operating in the way you'd like to in both clubs.
We've had members send deposits in directly either as
checks or as electronic bill payments. Either way, it works
great. Electronic bill pay is nice because the members
can just set up automatic monthly payments so they (and we)
don't have to worry about it each month.

     Laurie Frederiksen