Problems with Chase Bank depositing into Etrade account

Scott Stevens on

We are a relatively new club, and one of our members is having trouble depositing money into the brokerage account. Our brokerage is Etrade.

Most of our members have been able to set up a monthly deposit directly from their bank accounts into the etrade account, but one member, who uses Chase, has not been able to- despite many phone calls and several physical trips to his bank.

Has anyone else experienced this or have any thoughts on why this might be happening?

rice.j1969 on

What does his bank and Etrade say? Has he tried to just send a payment thru billpay to see if it goes through?

John

On Sunday, February 21, 2016 10:52 PM, Scott Stevens <stevens.scottk@gmail.com> wrote:

Laurie Frederiksen on

This is right. While not all banks will let you set up a direct funds transfer to your club brokerage account, most will allow you to set up an electronic bill pay which sends a check to your brokerage account. You'll need to ask your broker who the check should be made out to and the address the check should be sent to. They also should put the club account number in the check memo field. I suspect the other members of your club are already doing that if their monthly deposits are coming through.

Laurie Frederiksen
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On Mon, Feb 22, 2016 at 1:56 AM, <rice.j1969@att.net> wrote:

What does his bank and Etrade say? Has he tried to just send a payment thru billpay to see if it goes through?

John

On Sunday, February 21, 2016 10:52 PM, Scott Stevens <stevens.scottk@gmail.com> wrote:

We are a relatively new club, and one of our members is having trouble depositing money into the brokerage account. Our brokerage is Etrade.

Most of our members have been able to set up a monthly deposit directly from their bank accounts into the etrade account, but one member, who uses Chase, has not been able to- despite many phone calls and several physical trips to his bank.

Has anyone else experienced this or have any thoughts on why this might be happening?

Norma Wochna on

Does he ebank? One of our members had that problem and instead of setting up a recurring payment on his checking he was trying to do an account transfer. The account transfer was not allowed because the investment account was not in his name it was in the club name so the bank couldn't do their penny transfer to verify the account.

Sent from my iPhone

> On Feb 21, 2016, at 10:52 PM, Scott Stevens <stevens.scottk@gmail.com> wrote:
>
> We are a relatively new club, and one of our members is having trouble depositing money into the brokerage account. Our brokerage is Etrade.
>
> Most of our members have been able to set up a monthly deposit directly from their bank accounts into the etrade account, but one member, who uses Chase, has not been able to- despite many phone calls and several physical trips to his bank.
>
> Has anyone else experienced this or have any thoughts on why this might be happening?

Scott Stevens on

Thanks, I will double check to see if he's tried this.

On Mon, Feb 22, 2016 at 7:10 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:

This is right. While not all banks will let you set up a direct funds transfer to your club brokerage account, most will allow you to set up an electronic bill pay which sends a check to your brokerage account. You'll need to ask your broker who the check should be made out to and the address the check should be sent to. They also should put the club account number in the check memo field. I suspect the other members of your club are already doing that if their monthly deposits are coming through.
Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
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On Mon, Feb 22, 2016 at 1:56 AM, <rice.j1969@att.net> wrote:
What does his bank and Etrade say? Has he tried to just send a payment thru billpay to see if it goes through?

John

On Sunday, February 21, 2016 10:52 PM, Scott Stevens <stevens.scottk@gmail.com> wrote:

We are a relatively new club, and one of our members is having trouble depositing money into the brokerage account. Our brokerage is Etrade.

Most of our members have been able to set up a monthly deposit directly from their bank accounts into the etrade account, but one member, who uses Chase, has not been able to- despite many phone calls and several physical trips to his bank.

Has anyone else experienced this or have any thoughts on why this might be happening?

dennymccarthy on

One of our members experienced a similar problem with his bank refusing to electronically pay our broker TD Ameritrade. The reason was that our TDA account had a different name than his. We eventually got it squared away by talking to his bank and explaining the situation.

From: "Scott Stevens" <stevens.scottk@gmail.com>
To: "club cafe" <club_cafe@bivio.com>
Sent: Monday, February 22, 2016 1:52:05 AM
Subject: [club_cafe] Problems with Chase Bank depositing into Etrade account

We are a relatively new club, and one of our members is having trouble depositing money into the brokerage account. Our brokerage is Etrade.

Most of our members have been able to set up a monthly deposit directly from their bank accounts into the etrade account, but one member, who uses Chase, has not been able to- despite many phone calls and several physical trips to his bank.

Has anyone else experienced this or have any thoughts on why this might be happening?

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