CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]
On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
Why do you use Fidelity?
Why can't you use a local bank?
We have Foliofn transfer funds electronicly to our local bank account when we want to pay bills or member w/d's
Date: Fri, 22 Apr 2016 18:55:45 +0000
From: pessex@bgsu.edu
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.com
Why can't you use a local bank?
We have Foliofn transfer funds electronicly to our local bank account when we want to pay bills or member w/d's
Date: Fri, 22 Apr 2016 18:55:45 +0000
From: pessex@bgsu.edu
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.com
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]
On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
It's not only Fidelity that's a major hassle when you change
Treasurer's. We've been with 2 banks and a credit union over the last 18
years...... and it's a hassle with all of them. Many clubs avoid this
(including ours) by electing to have a permanent Treasurer.... if they have a
member willing to take on this responsibility long term.
Dick Lewis
Gentlemen's Mutual Investment Club
From: Patricia Ann Essex
Sent: Friday, April 22, 2016 2:55 PM
Subject: RE: [club_cafe] CHANGING TREASURERS - W/
FIDELITY
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com
[mailto:club_cafe@bivio.com] On Behalf Of VIA via
bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To:
club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/
FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in
this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus
Database: 4556/12082 - Release Date:
04/22/16
That is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhone
Sent from my iPhone
Curtis Meaux, CPA
It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.Dick LewisGentlemen's Mutual Investment ClubFrom: Patricia Ann EssexSent: Friday, April 22, 2016 2:55 PMSubject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITYOur club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.com
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.com
That is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhone
Sent from my iPhone
Curtis Meaux, CPA
It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.Dick LewisGentlemen's Mutual Investment ClubFrom: Patricia Ann EssexSent: Friday, April 22, 2016 2:55 PMSubject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITYOur club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Sent from my iPhone
Curtis Meaux, CPA
I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhoneCurtis Meaux, CPAIt's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.Dick LewisGentlemen's Mutual Investment ClubFrom: Patricia Ann EssexSent: Friday, April 22, 2016 2:55 PMSubject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITYOur club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
We have our account at Fidelity and we have changed officers many times in the 9 years we have been in existence. It can take us up to 9 months to make the transition and it is a MAJOR hassle. Most brokerage firms, from what I have heard, are not much different. Since the Patriot act, the laws became so strict even the lawyers at these firms don't know how to handle an investment club. They sometimes tell us we need the signatures of everyone in the club and a copy of the minutes when we vote in the new officers. They also want a copy of the bylaws. We have over 50 members, some of whom are often in Florida over the winter or on vacation somewhere. Many times we have been in limbo while we wait.
I took over the treasurer's job soon after I joined because I felt the treasurer at the time didn't really want the job and did a poor job of it. There were about 30 members at the time. After that we grew to almost 70 members and the task became very time-consuming. As a tax preparer, the job is right up my alley, but still a lot of work. Thankfully many people have dropped out for a variety of reasons, but we still have too many members. I don't think anyone will take this job if I step down.
Linda Wiltse
Pointe Players
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Curtis Meaux
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 3:03 PM, William Muhlke <weomuhlke@hotmail.com> wrote:
I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhoneCurtis Meaux, CPA
On Apr 22, 2016, at 2:31 PM, Dick Lewis <rlewis21@nc.rr.com> wrote:It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.
Dick Lewis
Gentlemen's Mutual Investment Club
From: Patricia Ann Essex
Sent: Friday, April 22, 2016 2:55 PM
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
 |
Virus-free. www.avast.com |
Realistically; web banking only requires 1 password. And web banking can write checks via Bill-Pay.
So the 2 signatures thing is so easy to bypass it may not be worth trying to enforce. Also this is an easy way to change treasurers.
I was treasurer for a non-investment club for 3 years & (due to some lack of coordination) did not became signer on the bank account. However, it was not really a problem as I had the web banking password, so I just paid all bills through the bank's web bill pay. Which btw, saved about 47ยข postage on every one. :-) I'm not saying this is desirable, nor even a good idea, but it did work ok, and got the job done. I would suggest that you do make sure that all signers on the bank account are still in the club.
Bottom line; you can pass the treasurer's job from one person to another without dealing with the bank.
Best,
Dave Nathanson
Hawaiian Shirt Society
On Apr 22, 2016, at 4:21 PM, Linda Wiltse <wiltse@optonline.net> wrote:
We have our account at Fidelity and we have changed officers many times in the 9 years we have been in existence. It can take us up to 9 months to make the transition and it is a MAJOR hassle. Most brokerage firms, from what I have heard, are not much different. Since the Patriot act, the laws became so strict even the lawyers at these firms don't know how to handle an investment club. They sometimes tell us we need the signatures of everyone in the club and a copy of the minutes when we vote in the new officers. They also want a copy of the bylaws. We have over 50 members, some of whom are often in Florida over the winter or on vacation somewhere. Many times we have been in limbo while we wait.
I took over the treasurer's job soon after I joined because I felt the treasurer at the time didn't really want the job and did a poor job of it. There were about 30 members at the time. After that we grew to almost 70 members and the task became very time-consuming. As a tax preparer, the job is right up my alley, but still a lot of work. Thankfully many people have dropped out for a variety of reasons, but we still have too many members. I don't think anyone will take this job if I step down.
Linda Wiltse
Pointe Players
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Curtis Meaux
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 3:03 PM, William Muhlke <weomuhlke@hotmail.com> wrote:
I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhoneCurtis Meaux, CPA
On Apr 22, 2016, at 2:31 PM, Dick Lewis <rlewis21@nc.rr.com> wrote:It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.Dick LewisGentlemen's Mutual Investment ClubSent: Friday, April 22, 2016 2:55 PMSubject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITYOur club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
| Virus-free. www.avast.com |
Our club moved from Fidelity for just the reasons you
describe. As treasurer, it is sometimes easier for me to pay
for club expenses with my personal credit card and have the
club reimburse me by selling me units for the the same value
as the expense.
No check writing is involved for the few expenses we have.
Scott
describe. As treasurer, it is sometimes easier for me to pay
for club expenses with my personal credit card and have the
club reimburse me by selling me units for the the same value
as the expense.
No check writing is involved for the few expenses we have.
Scott
Changing treasurers at your broker is a hassle, by design. This is a control the brokers put in place to avoid identity theft and maintain fiduciary responsibility. Your club is a business, regardless in the eyes of the law and brokers are too. You may not like that since you are all friends investing together, but that's the situation. This is a protection for both the club and the broker
Our club has changed treasurers twice in 8 years and both times were a hassle. We use TD Ameritrade and the first time the issues were worse, but the second time, was just following the process. It took a couple of weeks to get the forms, signatures etc, but we followed the process and we were done.
Mark Eckman
On Fri, Apr 22, 2016 at 1:41 PM, VIA via bivio.com <user*27500300001@bivio.com> wrote:
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.Jay
I have been treasurer of out club since 1997 st times with a co treasurer. We deposit our checks to a cfedit union and transfer funds electronically monthly to TDAmeritrade. If we have a member leave we transfer funds back to credit union where 3 officers sign checks. Signature change with copy of minutes and 3 signers at credit union. Write less than 4 chevks a year
At one time we had 40 members but are now a comfortable 16. Years ago I read the founding of Investment Clubs about the SEC ruling that the member limit be 25 or it was not a club and required other tax status
We began reducing members. Is this still true?
Cindy Gerke
Coles River Investment Group
On Apr 22, 2016 7:21 PM, "Linda Wiltse" <wiltse@optonline.net> wrote:
We have our account at Fidelity and we have changed officers many times in the 9 years we have been in existence. It can take us up to 9 months to make the transition and it is a MAJOR hassle. Most brokerage firms, from what I have heard, are not much different. Since the Patriot act, the laws became so strict even the lawyers at these firms don't know how to handle an investment club. They sometimes tell us we need the signatures of everyone in the club and a copy of the minutes when we vote in the new officers. They also want a copy of the bylaws. We have over 50 members, some of whom are often in Florida over the winter or on vacation somewhere. Many times we have been in limbo while we wait.
I took over the treasurer's job soon after I joined because I felt the treasurer at the time didn't really want the job and did a poor job of it. There were about 30 members at the time. After that we grew to almost 70 members and the task became very time-consuming. As a tax preparer, the job is right up my alley, but still a lot of work. Thankfully many people have dropped out for a variety of reasons, but we still have too many members. I don't think anyone will take this job if I step down.
Linda Wiltse
Pointe Players
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Curtis Meaux
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 3:03 PM, William Muhlke <weomuhlke@hotmail.com> wrote:I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 2:31 PM, Dick Lewis <rlewis21@nc.rr.com> wrote:It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.
Dick Lewis
Gentlemen's Mutual Investment Club
From: Patricia Ann Essex
Sent: Friday, April 22, 2016 2:55 PM
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
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It was never true. If your club has more than 100 members, it might become subject to SEC regulation, but there are other factors beyond membership size that are considered.
Ira Smilovitz
On Sat, Apr 23, 2016 at 12:25 PM, cindy gerke <cgerke0@gmail.com> wrote:
I have been treasurer of out club since 1997 st times with a co treasurer. We deposit our checks to a cfedit union and transfer funds electronically monthly to TDAmeritrade. If we have a member leave we transfer funds back to credit union where 3 officers sign checks. Signature change with copy of minutes and 3 signers at credit union. Write less than 4 chevks a year
At one time we had 40 members but are now a comfortable 16. Years ago I read the founding of Investment Clubs about the SEC ruling that the member limit be 25 or it was not a club and required other tax status
We began reducing members. Is this still true?
Cindy Gerke
Coles River Investment GroupOn Apr 22, 2016 7:21 PM, "Linda Wiltse" <wiltse@optonline.net> wrote:We have our account at Fidelity and we have changed officers many times in the 9 years we have been in existence. It can take us up to 9 months to make the transition and it is a MAJOR hassle. Most brokerage firms, from what I have heard, are not much different. Since the Patriot act, the laws became so strict even the lawyers at these firms don't know how to handle an investment club. They sometimes tell us we need the signatures of everyone in the club and a copy of the minutes when we vote in the new officers. They also want a copy of the bylaws. We have over 50 members, some of whom are often in Florida over the winter or on vacation somewhere. Many times we have been in limbo while we wait.
I took over the treasurer's job soon after I joined because I felt the treasurer at the time didn't really want the job and did a poor job of it. There were about 30 members at the time. After that we grew to almost 70 members and the task became very time-consuming. As a tax preparer, the job is right up my alley, but still a lot of work. Thankfully many people have dropped out for a variety of reasons, but we still have too many members. I don't think anyone will take this job if I step down.
Linda Wiltse
Pointe Players
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Curtis Meaux
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 3:03 PM, William Muhlke <weomuhlke@hotmail.com> wrote:I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 2:31 PM, Dick Lewis <rlewis21@nc.rr.com> wrote:It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.
Dick Lewis
Gentlemen's Mutual Investment Club
From: Patricia Ann Essex
Sent: Friday, April 22, 2016 2:55 PM
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
Virus-free. www.avast.com
We must sign into Fidelity under our own Social Security # and passwords. Once when we had trouble adding someone to Fidelity he used my login and had to call with a question. He didn’t realize they would question that he was not female. Fidelity cancelled my ability to sign in and it took a long time to get that corrected. What a mess!
They won’t allow bill-pay for a club.
Linda
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of DAVE NATHANSON
Sent: Friday, April 22, 2016 7:56 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Realistically; web banking only requires 1 password. And web banking can write checks via Bill-Pay.
So the 2 signatures thing is so easy to bypass it may not be worth trying to enforce. Also this is an easy way to change treasurers.
I was treasurer for a non-investment club for 3 years & (due to some lack of coordination) did not became signer on the bank account. However, it was not really a problem as I had the web banking password, so I just paid all bills through the bank's web bill pay. Which btw, saved about 47ยข postage on every one. :-) I'm not saying this is desirable, nor even a good idea, but it did work ok, and got the job done. I would suggest that you do make sure that all signers on the bank account are still in the club.
Bottom line; you can pass the treasurer's job from one person to another without dealing with the bank.
Best,
Dave Nathanson
Hawaiian Shirt Society
On Apr 22, 2016, at 4:21 PM, Linda Wiltse <wiltse@optonline.net> wrote:
We have our account at Fidelity and we have changed officers many times in the 9 years we have been in existence. It can take us up to 9 months to make the transition and it is a MAJOR hassle. Most brokerage firms, from what I have heard, are not much different. Since the Patriot act, the laws became so strict even the lawyers at these firms don’t know how to handle an investment club. They sometimes tell us we need the signatures of everyone in the club and a copy of the minutes when we vote in the new officers. They also want a copy of the bylaws. We have over 50 members, some of whom are often in Florida over the winter or on vacation somewhere. Many times we have been in limbo while we wait.
I took over the treasurer’s job soon after I joined because I felt the treasurer at the time didn’t really want the job and did a poor job of it. There were about 30 members at the time. After that we grew to almost 70 members and the task became very time-consuming. As a tax preparer, the job is right up my alley, but still a lot of work. Thankfully many people have dropped out for a variety of reasons, but we still have too many members. I don’t think anyone will take this job if I step down.
Linda Wiltse
Pointe Players
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Curtis Meaux
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 3:03 PM, William Muhlke <weomuhlke@hotmail.com> wrote:
I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 2:31 PM, Dick Lewis <rlewis21@nc.rr.com> wrote:It’s not only Fidelity that’s a major hassle when you change Treasurer’s. We’ve been with 2 banks and a credit union over the last 18 years...... and it’s a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.
Dick Lewis
Gentlemen’s Mutual Investment Club
From: Patricia Ann Essex
Sent: Friday, April 22, 2016 2:55 PM
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
| Virus-free. www.avast.com |
|
Virus-free. www.avast.com |
Women Investing Now has had Edward Jones as our broker most of the time in our 17 years of existence. We switched a couple of times the first five years because someone would think that someone would do a better job but we always came back. I have been treasurer for several years now and I don't feel the job is difficult at all. The tax form has been a snap to do because all of our facts have correlated; unless I entered a dividend incorrectly. We have used the local bank and they have never charged us a fee. Edward Jones does not let us do a EFT because it is an investment club but writing the check is no big deal, either. If either EJ or I have a question a phone call gets me a real person every time.
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of ira smilovitz
Sent: Saturday, April 23, 2016 11:29 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
It was never true. If your club has more than 100 members, it might become subject to SEC regulation, but there are other factors beyond membership size that are considered.
Ira Smilovitz
On Sat, Apr 23, 2016 at 12:25 PM, cindy gerke <cgerke0@gmail.com> wrote:
I have been treasurer of out club since 1997 st times with a co treasurer. We deposit our checks to a cfedit union and transfer funds electronically monthly to TDAmeritrade. If we have a member leave we transfer funds back to credit union where 3 officers sign checks. Signature change with copy of minutes and 3 signers at credit union. Write less than 4 chevks a year
At one time we had 40 members but are now a comfortable 16. Years ago I read the founding of Investment Clubs about the SEC ruling that the member limit be 25 or it was not a club and required other tax status
We began reducing members. Is this still true?
Cindy Gerke
Coles River Investment GroupOn Apr 22, 2016 7:21 PM, "Linda Wiltse" <wiltse@optonline.net> wrote:
We have our account at Fidelity and we have changed officers many times in the 9 years we have been in existence. It can take us up to 9 months to make the transition and it is a MAJOR hassle. Most brokerage firms, from what I have heard, are not much different. Since the Patriot act, the laws became so strict even the lawyers at these firms don't know how to handle an investment club. They sometimes tell us we need the signatures of everyone in the club and a copy of the minutes when we vote in the new officers. They also want a copy of the bylaws. We have over 50 members, some of whom are often in Florida over the winter or on vacation somewhere. Many times we have been in limbo while we wait.
I took over the treasurer's job soon after I joined because I felt the treasurer at the time didn't really want the job and did a poor job of it. There were about 30 members at the time. After that we grew to almost 70 members and the task became very time-consuming. As a tax preparer, the job is right up my alley, but still a lot of work. Thankfully many people have dropped out for a variety of reasons, but we still have too many members. I don't think anyone will take this job if I step down.
Linda Wiltse
Pointe Players
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Curtis Meaux
Sent: Friday, April 22, 2016 6:49 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Exactly. You do good job, and they don't let you leave.
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 3:03 PM, William Muhlke <weomuhlke@hotmail.com> wrote:I know the feeling Curtis. You are doing too good of a job.
I have been treasurer for over 35 years for my church.
I told them many times they need to find somebody else.
They told me (former CFO of a bank holding company) that nobody can do the job I am doing.
Date: Fri, 22 Apr 2016 14:54:14 -0500
From: cpmeaux51@att.net
Subject: Re: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
To: club_cafe@bivio.comThat is the way our club operates. One treasurer who cannot give his position up. CPA. No other takers. (I am treasurer.).
Sent from my iPhone
Curtis Meaux, CPA
On Apr 22, 2016, at 2:31 PM, Dick Lewis <rlewis21@nc.rr.com> wrote:It's not only Fidelity that's a major hassle when you change Treasurer's. We've been with 2 banks and a credit union over the last 18 years...... and it's a hassle with all of them. Many clubs avoid this (including ours) by electing to have a permanent Treasurer.... if they have a member willing to take on this responsibility long term.
Dick Lewis
Gentlemen's Mutual Investment Club
From: Patricia Ann Essex
Sent: Friday, April 22, 2016 2:55 PM
Subject: RE: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Our club has had to change the signatory at Fidelity twice in a number of years. It is a total hassle, made worse by the fact that every Fidelity person with whom you speak will tell you a different way to go about the task. Having a new person acting as trading agent isn't the problem b/c that requires just the user name and password for the club. The problem is the check signature. We pay all bills/distributions from our investment account. The last time we changed, we managed to set it up with four of us authorized to be on the account. Hopefully, we can keep the treasurer position among those persons for a while.
Good luck!
Pat Essex
Mt. Ararat Investment Club
Bowling Green, Ohio
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of VIA via bivio.com
Sent: Friday, April 22, 2016 2:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] CHANGING TREASURERS - W/ FIDELITY
Anyone have any experience with Fidelity and trying to change their clubs Treasurer name?
Another member has taken up the Treasurer responsibility. I called Fidelity to see if there's a (simple) form to complete. Basically they wanted us to submit almost the identical paperwork as we submitted when we originally setup the account.
Jay
No virus found in this message.
Checked by AVG - www.avg.com
Version: 2016.0.7539 / Virus Database: 4556/12082 - Release Date: 04/22/16
Virus-free. www.avast.com
