Fidelity Brokerage Account

Leonard J Delmolino on

I'm a member of a new club that has just been formed. We
have set up our brokerage account at Fidelity.

Several of our members also have personal accounts at
Fidelity. They are interested in making regular club
payments from their personal Fidelity account to the
investment club account. When we asked Fidelity how we could
do this, they said we would need to send a written request
for such a transfer.

This seems odd that we can't set up something more automated
than this.

Does anyone have experience doing this kind of transfer with
Fidelity?

Thanks in advance for your help!

Len Delmolino
Massachusetts High Flyers Investment Club

Laurie Frederiksen on

Dear Len,

Can they set up electronic bill pay from their personal Fidelity Accounts? If so, they should be able to have an electronic or regular check sent to your investment club account automatically.

Laurie Frederiksen
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On Thu, Oct 2, 2014 at 1:55 PM, Leonard J Delmolino < > wrote:

I'm a member of a new club that has just been formed. We
have set up our brokerage account at Fidelity.

Several of our members also have personal accounts at
Fidelity. They are interested in making regular club
payments from their personal Fidelity account to the
investment club account. When we asked Fidelity how we could
do this, they said we would need to send a written request
for such a transfer.

This seems odd that we can't set up something more automated
than this.

Does anyone have experience doing this kind of transfer with
Fidelity?

Thanks in advance for your help!

Len Delmolino
Massachusetts High Flyers Investment Club

Mark Eckman on

Len,

You need to think of funds moving from a Fidelity brokerage account just like any other outside electronic payment. Your members should use Bill Pay from their individual accounts, be they bank accounts, brokerage accounts at other firms or a Fidelity brokerage account.

Mark Eckman

On Thu, Oct 2, 2014 at 12:55 PM, Leonard J Delmolino <ldelmolino@comcast.net> wrote:

I'm a member of a new club that has just been formed. We
have set up our brokerage account at Fidelity.

Several of our members also have personal accounts at
Fidelity. They are interested in making regular club
payments from their personal Fidelity account to the
investment club account. When we asked Fidelity how we could
do this, they said we would need to send a written request
for such a transfer.

This seems odd that we can't set up something more automated
than this.

Does anyone have experience doing this kind of transfer with
Fidelity?

Thanks in advance for your help!

Len Delmolino
Massachusetts High Flyers Investment Club

Paul Madison on

I agree with Mark and Laurie and all of our members do exactly what they are suggesting. The members set up Fidelity Investments as a bill in whatever account they have that has electronic billpay. When setting up the bill look for Fidelity Investments and then for the bills account number use the Investment club's Fidelity Account number.

You will want to make sure you use the pennies approach suggested by bivio. Each member is assigned a certain penny such as Paul is .01 and then when they make a deposit they always include their penny on the end such $25.01. This facilitates making sure that you can tell whose deposit it is and in fact bivio will remember which penny is assigned to which member.

Hope this helps but feel free to ask more if it is confusing.

Paul

On Oct 2, 2014, at 2:27 PM, Mark Eckman wrote:

Len,

You need to think of funds moving from a Fidelity brokerage account just like any other outside electronic payment. Your members should use Bill Pay from their individual accounts, be they bank accounts, brokerage accounts at other firms or a Fidelity brokerage account.

Mark Eckman

On Thu, Oct 2, 2014 at 12:55 PM, Leonard J Delmolino <ldelmolino@comcast.net> wrote:
I'm a member of a new club that has just been formed. We
have set up our brokerage account at Fidelity.

Several of our members also have personal accounts at
Fidelity. They are interested in making regular club
payments from their personal Fidelity account to the
investment club account. When we asked Fidelity how we could
do this, they said we would need to send a written request
for such a transfer.

This seems odd that we can't set up something more automated
than this.

Does anyone have experience doing this kind of transfer with
Fidelity?

Thanks in advance for your help!

Len Delmolino
Massachusetts High Flyers Investment Club

Len Delmolino on

Thanks to everyone for your quick responses! Very helpful.

I called Fidelity again and they again stated that we would need written letters of instruction on file. Then I walked them through Paul's scenario and they changed their response. Said they hadn't thought of Bill Pay as working that way but they agreed that it should work as outlined by Paul.

Much thanks for the help and advice! Very much appreciated!

Len Delmolino

From: "Paul Madison" <madispa@gmail.com>
To: "club cafe" <club_cafe@bivio.com>
Sent: Thursday, October 2, 2014 3:01:50 PM
Subject: Re: [club_cafe] Fidelity Brokerage Account

I agree with Mark and Laurie and all of our members do exactly what they are suggesting. The members set up Fidelity Investments as a bill in whatever account they have that has electronic billpay. When setting up the bill look for Fidelity Investments and then for the bills account number use the Investment club's Fidelity Account number.

You will want to make sure you use the pennies approach suggested by bivio. Each member is assigned a certain penny such as Paul is .01 and then when they make a deposit they always include their penny on the end such $25.01. This facilitates making sure that you can tell whose deposit it is and in fact bivio will remember which penny is assigned to which member.

Hope this helps but feel free to ask more if it is confusing.

Paul

On Oct 2, 2014, at 2:27 PM, Mark Eckman wrote:

Len,

You need to think of funds moving from a Fidelity brokerage account just like any other outside electronic payment. Your members should use Bill Pay from their individual accounts, be they bank accounts, brokerage accounts at other firms or a Fidelity brokerage account.

Mark Eckman

On Thu, Oct 2, 2014 at 12:55 PM, Leonard J Delmolino <ldelmolino@comcast.net> wrote:
I'm a member of a new club that has just been formed. We
have set up our brokerage account at Fidelity.

Several of our members also have personal accounts at
Fidelity. They are interested in making regular club
payments from their personal Fidelity account to the
investment club account. When we asked Fidelity how we could
do this, they said we would need to send a written request
for such a transfer.

This seems odd that we can't set up something more automated
than this.

Does anyone have experience doing this kind of transfer with
Fidelity?

Thanks in advance for your help!

Len Delmolino
Massachusetts High Flyers Investment Club