Monthly deposits
| HelpRegister |
Monthly deposits Hello all- I'm in the process of starting a club. I'm wondering how you all manage the nuts and bolts of getting the monthly deposits- do people write a check each month? I'm hoping not to have to deal with a zillion checks and chase people down each month for their check. Are you able to have a kind of "bill-pay" setup from individual members' accounts into the club account? This is what I'm hoping for, just not sure how to manage that from a security standpoint. Along the same lines, do you set it up so that your bank account requires two signatures on checks to withdraw funds? This would make sense to me, my local bank says that is not possible for their business accounts. Thanks We have our investment account with Schwab and each member sets up an auto pay check from their bank account (bill pay) for their monthly or if the wish they can pay quarterly or annually. Each member is assigned a number and their payment would include that number of cents extra so I know to whom the payment belongs. Works great and I don't have to handle the money. We only get a list of amounts not check copies from Schwab so without the cents on the transactions I wouldn't know who made the payment. Sent from my iPhone > On Jun 22, 2015, at 12:51 PM, Scott Stevens <stevens.scottk@gmail.com> wrote: > > Hello all- > > I'm in the process of starting a club. I'm wondering how you all manage the nuts and bolts of getting the monthly deposits- do people write a check each month? I'm hoping not to have to deal with a zillion checks and chase people down each month for their check. Are you able to have a kind of "bill-pay" setup from individual members' accounts into the club account? This is what I'm hoping for, just not sure how to manage that from a security standpoint. > > Along the same lines, do you set it up so that your bank account requires two signatures on checks to withdraw funds? This would make sense to me, my local bank says that is not possible for their business accounts. > > Thanks Thanks, that is a brilliant way to keep track of deposits. So is Schwab your brokerage account? Do you have a separate bank account as well, or does it just go straight into the brokerage account?
On Mon, Jun 22, 2015 at 4:09 PM, Scott Stevens <stevens.scottk@gmail.com> wrote: Thanks, that is a brilliant way to keep track of deposits. So is Schwab your brokerage account? Do you have a separate bank account as well, or does it just go straight into the brokerage account? Hi Scott, We describe our process on handling Partners' investments on our website. Check the link on the bottom, left side of the web page. https://sites.google.com/site/biscconlinemic/documents Feel free to explore the rest of the club's web site for ideas. Bob On Jun 22, 2015 3:52 PM, "Scott Stevens" <stevens.scottk@gmail.com> wrote: Hello all- We set up our quarterly deposits according to the Bivio recommendations, and I assigned each member a unique number of pennies to add to their contribution. Bivio tracks even that tiny amount, so no pennies are wasted! Our ETrade brokerage account also has check writing & bill pay included, which makes it super easy to pay bills. I asked the members to set up an automatic scheduled transfer directly to our ETrade account. For those what are not able, they send a paper check to me. I think Etrade can accept that paper check directly, but I'm unsure of the mechanics of that. The ETrade iPhone app lets me deposit those paper checks by taking a photo of them, which is pretty easy. I'm really happy with Bivio so far. I would't want to be the treasurer of an investment club without Bivio! Best, Dave Nathanson Hawaiian Shirt Society On Jun 22, 2015, at 1:16 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
On Mon, Jun 22, 2015 at 4:09 PM, Scott Stevens <stevens.scottk@gmail.com> wrote: Thanks, that is a brilliant way to keep track of deposits. So is Schwab your brokerage account? Do you have a separate bank account as well, or does it just go straight into the brokerage account? My club does the same thing with TDAmeritrade. They provide check writing against the cash in the account so we don't need any other accounts at a bank or credit union. We still have some folks that send checks, but most people use their bank bill pay service. That makes it super easy for the Treasurer as late payments never happen. My only caveat - don't reuse the assigned number of cents until it is absolutely necessary. That's just clean bookkeeping. Mark Eckman On Mon, Jun 22, 2015 at 3:06 PM, Norma Wochna <jean.wochna@sbcglobal.net> wrote: We have our investment account with Schwab and each member sets up an auto pay check from their bank account (bill pay) for their monthly or if the wish they can pay quarterly or annually. Each member is assigned a number and their payment would include that number of cents extra so I know to whom the payment belongs. Works great and I don't have to handle the money. We only get a list of amounts not check copies from Schwab so without the cents on the transactions I wouldn't know who made the payment. Being treasure of past club, We took checks, cash at meeting to be deposited in banking account. If members were not present at the meeting, it was up to them to get money to the treasurer or they were charged a late fee. For a bill-Pay method that would need to be discussed among the members, I would think if it would help the treasurer to keep books of the club. We had two banks accounts and we had voted to two signatures but banks to not check for two signatures. The best way to handle that is to determine a dollar limit in which the club decides if two signatures are needed. Amounts over $50 or $100. We never wrote that many checks and usually if a Check was written we had already discussed it in a meeting. Hope this helps Wanda Gary Sent from Surface Hello all- I'm in the process of starting a club. I'm wondering how you all manage the nuts and bolts of getting the monthly deposits- do people write a check each month? I'm hoping not to have to deal with a zillion checks and chase people down each month for their check. Are you able to have a kind of "bill-pay" setup from individual members' accounts into the club account? This is what I'm hoping for, just not sure how to manage that from a security standpoint. Along the same lines, do you set it up so that your bank account requires two signatures on checks to withdraw funds? This would make sense to me, my local bank says that is not possible for their business accounts. Thanks
Laurie- Thanks. That is what I originally intended to do; however when I spoke to a Scottrade representative they told me this was not possible, and that rather than have many different deposits from members, it would be better to pool money into a regular bank account, then transfer to the brokerage account. Granted, this was an online "Chat" representative so perhaps they didn't know what they were talking about. So, the bottom line is that some brokerage accounts do allow members to transfer directly into the account, correct? And I'm presuming it is just like a bill pay, or do they have to actually "link" their bank account to the brokerage account? On Mon, Jun 22, 2015 at 1:16 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
On Mon, Jun 22, 2015 at 6:54 PM, Scott Stevens <stevens.scottk@gmail.com> wrote:
Etrade lets you have a brokerage account with check writing privileges. One account does it all. Very simple. It accept electronic deposits, and you can send money via bill pay or paper checks. The one thing to watch out for is when you are selling an equity & buying another right away before the sale is "settled" that can use up all your buying power. Which means that even though you've been very careful to always keep a cushion of cash in your account, a check could bounce if presented for payment during that 3 day "unsettled" period. That came as a surprise. Have to watch out when doing a sell & quick buy while paying bills all at once. Best, Dave Nathanson Hawaiian Shirt Society On Jun 22, 2015, at 3:54 PM, Scott Stevens <stevens.scottk@gmail.com> wrote: Laurie- Thanks. That is what I originally intended to do; however when I spoke to a Scottrade representative they told me this was not possible, and that rather than have many different deposits from members, it would be better to pool money into a regular bank account, then transfer to the brokerage account. Granted, this was an online "Chat" representative so perhaps they didn't know what they were talking about. So, the bottom line is that some brokerage accounts do allow members to transfer directly into the account, correct? And I'm presuming it is just like a bill pay, or do they have to actually "link" their bank account to the brokerage account? On Mon, Jun 22, 2015 at 1:16 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
They are our brokerage account but they didn't have a checking account we could use. Actually we don't need a checking account as whenever we have to pay out money to a member we submit a request to Schwab and the issue the check. We really don't have many other expenses so we keep a small petty cash account. Our biggest expenses are Bivio and BI. Sent from my iPhone > On Jun 22, 2015, at 1:09 PM, Scott Stevens <stevens.scottk@gmail.com> wrote: > > Thanks, that is a brilliant way to keep track of deposits. So is Schwab your brokerage account? Do you have a separate bank account as well, or does it just go straight into the brokerage account? All our members have to do to deposit in our Schwab account is make sure they send their payment to our club account number so Schwab knows what to do with it. Sent from my iPhone
|
|
||||||