FolioFn
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FolioFn As a member of the BI Volunteer Board, I have been following this discussion with great interest. Please know that I have requested BI provide comments, given that Folio is a BI approved product, with advertised benefits for BI member clubs. I will share comments I receive with this forum. The Folio information on the BI website does indicate an activity fee of $15 per quarter if three trades per quarter are not executed (in the Basic Plan, which is the BI member perk). No mention is made of the 60 day float for Bill Pay deposits on the BI webpage. As treasurer for one club and asst treasurer for another, I found it interesting that neither of my clubs could have avoided the activity fee. In one club, we would have paid the activity fee for three quarters, in the other, for two quarters. (An easy means to check your club's activity level is to go to bivio/Accounting/Reports/Transaction History Report, spool down to "Investment Purchases, Sales and Transfers" and count stock transactions by quarter.) I will provide further information when I receive it. Irina Clements, D.C. Chapter Director Northeast Region Manager, BetterInvesting Volunteer Advisory Board Member Irena. Likewise my club could not have avoided the inactivity fees....For clubs with the "buy and hold" plan Folio doesn't seem like a good deal.... Sent from my iPhone > On Dec 29, 2016, at 8:43 AM, Irina Clements <irina39@verizon.net> wrote: > > As a member of the BI Volunteer Board, I have been following > this discussion with great interest. Please know that I > have requested BI provide comments, given that Folio is a BI > approved product, with advertised benefits for BI member > clubs. I will share comments I receive with this forum. > > The Folio information on the BI website does indicate an > activity fee of $15 per quarter if three trades per quarter > are not executed (in the Basic Plan, which is the BI member > perk). No mention is made of the 60 day float for Bill Pay > deposits on the BI webpage. > > As treasurer for one club and asst treasurer for another, I > found it interesting that neither of my clubs could have > avoided the activity fee. In one club, we would have paid > the activity fee for three quarters, in the other, for two > quarters. (An easy means to check your club's activity > level is to go to bivio/Accounting/Reports/Transaction > History Report, spool down to "Investment Purchases, Sales > and Transfers" and count stock transactions by quarter.) > > I will provide further information when I receive it. > > Irina Clements, > D.C. Chapter Director > Northeast Region Manager, > BetterInvesting Volunteer Advisory Board Member I think you are misinterpreting my comment about inactivity, it was made with respect to the individual Folio "free for a year" Basic Plan, not the BI Club free trades "Unlimited Plan". From the BI Website- " Clubs can use the Folio Investing Unlimited Plan for no annual fee! [1]" and the footnote "[1] Applies only to clubs that have paid their annual club dues and have at least four BetterInvesting members." From the Folio website- Folio Basic Plan - "$15 per quarter service fee for each customer with funded account(s) that hold exchange tradable securities and makes 3 or fewer trades in the preceding quarter3,4". This is an individual member issue not a club issue. I believe the Bill Pay issue is of more concern. Len douglass -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Sheryl via bivio.com Sent: Thursday, December 29, 2016 11:04 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] FolioFn Irena. Likewise my club could not have avoided the inactivity fees....For clubs with the "buy and hold" plan Folio doesn't seem like a good deal.... Sent from my iPhone > On Dec 29, 2016, at 8:43 AM, Irina Clements <irina39@verizon.net> wrote: > > As a member of the BI Volunteer Board, I have been following this > discussion with great interest. Please know that I have requested BI > provide comments, given that Folio is a BI approved product, with > advertised benefits for BI member clubs. I will share comments I > receive with this forum. > > The Folio information on the BI website does indicate an activity fee > of $15 per quarter if three trades per quarter are not executed (in > the Basic Plan, which is the BI member perk). No mention is made of > the 60 day float for Bill Pay deposits on the BI webpage. > > As treasurer for one club and asst treasurer for another, I found it > interesting that neither of my clubs could have avoided the activity > fee. In one club, we would have paid the activity fee for three > quarters, in the other, for two quarters. (An easy means to check > your club's activity level is to go to > bivio/Accounting/Reports/Transaction > History Report, spool down to "Investment Purchases, Sales and > Transfers" and count stock transactions by quarter.) > > I will provide further information when I receive it. > > Irina Clements, > D.C. Chapter Director > Northeast Region Manager, > BetterInvesting Volunteer Advisory Board Member Len, Fair point. I noticed on the BI website that the period for free window trades was through year end 2015. Given that today is 28 Dec 2016, not sure if the website has not been updated, the deal was a "one and done" or there is another circumstance. I agree that the 60 day hold is not a customer friendly feature. Especially since other brokers, if they have it at all, limit it to a 6 month period. I have asked for BI's response to Larry and Len's chat posts (regarding fees, duration of free trades, and 60 day hold) on this forum and will share when I receive a response. Irina > On Dec 29, 2016, at 12:42 PM, Len Douglass <pbco@comcast.net> wrote: > > I think you are misinterpreting my comment about inactivity, it was made > with respect to the individual Folio "free for a year" Basic Plan, not the > BI Club free trades "Unlimited Plan". > > From the BI Website- " Clubs can use the Folio Investing Unlimited Plan for > no annual fee! [1]" and the footnote "[1] Applies only to clubs that have > paid their annual club dues and have at least four BetterInvesting members." > > From the Folio website- Folio Basic Plan - "$15 per quarter service fee for > each customer with funded account(s) that hold exchange tradable securities > and makes 3 or fewer trades in the preceding quarter3,4". > > This is an individual member issue not a club issue. I believe the Bill Pay > issue is of more concern. > > Len douglass > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Sheryl > via bivio.com > Sent: Thursday, December 29, 2016 11:04 AM > To: club_cafe@bivio.com > Subject: Re: [club_cafe] FolioFn > > Irena. Likewise my club could not have avoided the inactivity fees....For > clubs with the "buy and hold" plan Folio doesn't seem like a good deal.... > > Sent from my iPhone > >> On Dec 29, 2016, at 8:43 AM, Irina Clements <irina39@verizon.net> wrote: >> >> As a member of the BI Volunteer Board, I have been following this >> discussion with great interest. Please know that I have requested BI >> provide comments, given that Folio is a BI approved product, with >> advertised benefits for BI member clubs. I will share comments I >> receive with this forum. >> >> The Folio information on the BI website does indicate an activity fee >> of $15 per quarter if three trades per quarter are not executed (in >> the Basic Plan, which is the BI member perk). No mention is made of >> the 60 day float for Bill Pay deposits on the BI webpage. >> >> As treasurer for one club and asst treasurer for another, I found it >> interesting that neither of my clubs could have avoided the activity >> fee. In one club, we would have paid the activity fee for three >> quarters, in the other, for two quarters. (An easy means to check >> your club's activity level is to go to >> bivio/Accounting/Reports/Transaction >> History Report, spool down to "Investment Purchases, Sales and >> Transfers" and count stock transactions by quarter.) >> >> I will provide further information when I receive it. >> >> Irina Clements, >> D.C. Chapter Director >> Northeast Region Manager, >> BetterInvesting Volunteer Advisory Board Member >
On Thu, Dec 29, 2016 at 1:04 PM, Irina Clements <irina39@verizon.net> wrote: Len, Sorry to put a damper on this discussion but I learned many years ago never to participate in any approved BI product after the fiasco of First Trust which some BI members were involved. When I attempted to transfer the Ira for a conversion there were all kinds of mishaps. Some stock was transferred to someone else, others were not transferred at all. I had to get the SEc, Banking commissioner in 2 states and I don't remember who else. But it took over a year and I lost tax benefits because it was the last year to take advantage of the Roth Conversion. The first 2 times I complained on the NAIC forum I was disbanded. I rejoined and I found out other members were also hurt. The then President contacted me for the info which I sent but then never heard from again. Lesson learned don't trust any approved products. From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Irina Clements <irina39@verizon.net>
Sent: Thursday, December 29, 2016 9:43 AM To: club_cafe@bivio.com Subject: [club_cafe] FolioFn As a member of the BI Volunteer Board, I have been following
this discussion with great interest. Please know that I have requested BI provide comments, given that Folio is a BI approved product, with advertised benefits for BI member clubs. I will share comments I receive with this forum. The Folio information on the BI website does indicate an activity fee of $15 per quarter if three trades per quarter are not executed (in the Basic Plan, which is the BI member perk). No mention is made of the 60 day float for Bill Pay deposits on the BI webpage. As treasurer for one club and asst treasurer for another, I found it interesting that neither of my clubs could have avoided the activity fee. In one club, we would have paid the activity fee for three quarters, in the other, for two quarters. (An easy means to check your club's activity level is to go to bivio/Accounting/Reports/Transaction History Report, spool down to "Investment Purchases, Sales and Transfers" and count stock transactions by quarter.) I will provide further information when I receive it. Irina Clements, D.C. Chapter Director Northeast Region Manager, BetterInvesting Volunteer Advisory Board Member Thank you Laurie. Will do. The delay in Folio providing 1099 and tax info is quite concerning. I will respond back to this forum on those issues as well. Be Well. Irina Sent from my iPad
Having given some more thought to the 60 day hold on Bill Pay withdrawals at Folio I offer the following. A Google search for “Bill Pay 60 day hold on withdrawals” brings up among other links https://www.fdic.gov/regulations/laws/rules/6500-580.html On skimming these regulations, the issue appears to be one of liability for unauthorized transfers, using the find function in Chrome I have highlighted the term 60 days. I have attached a screen shot of the “Limits on Liability “section with 60 days highlighted]. I am starting to think it is not a Folio issue but a Liability issue for users of Electronic Fund Transfers . I am an engineer not a lawyer, I would be interested to hear other opinions. When you look at the “Funds Available for Withdrawal” page on the Folio website the 60 day limitation on Bill Pay deposits is spelled out in the Deposit paragraph but not mentioned in the “Steps to Determine Cash Available for Immediate Withdrawal” paragraph [OOPS!] Len Douglass -----Original Message----- Len, Fair point. I noticed on the BI website that the period for free window trades was through year end 2015. Given that today is 28 Dec 2016, not sure if the website has not been updated, the deal was a "one and done" or there is another circumstance. I agree that the 60 day hold is not a customer friendly feature. Especially since other brokers, if they have it at all, limit it to a 6 month period. I have asked for BI's response to Larry and Len's chat posts (regarding fees, duration of free trades, and 60 day hold) on this forum and will share when I receive a response. Irina > On Dec 29, 2016, at 12:42 PM, Len Douglass <pbco@comcast.net> wrote: > > I think you are misinterpreting my comment about inactivity, it was > made with respect to the individual Folio "free for a year" Basic > Plan, not the BI Club free trades "Unlimited Plan". > > From the BI Website- " Clubs can use the Folio Investing Unlimited > Plan for no annual fee! [1]" and the footnote "[1] Applies only to > clubs that have paid their annual club dues and have at least four BetterInvesting members." > > From the Folio website- Folio Basic Plan - "$15 per quarter service > fee for each customer with funded account(s) that hold exchange > tradable securities and makes 3 or fewer trades in the preceding quarter3,4". > > This is an individual member issue not a club issue. I believe the > Bill Pay issue is of more concern. > > Len douglass > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of > Sheryl via bivio.com > Sent: Thursday, December 29, 2016 11:04 AM > To: club_cafe@bivio.com > Subject: Re: [club_cafe] FolioFn > > Irena. Likewise my club could not have avoided the inactivity > fees....For clubs with the "buy and hold" plan Folio doesn't seem like a good deal.... > > Sent from my iPhone > >> On Dec 29, 2016, at 8:43 AM, Irina Clements <irina39@verizon.net> wrote: >> >> As a member of the BI Volunteer Board, I have been following this >> discussion with great interest. Please know that I have requested BI >> provide comments, given that Folio is a BI approved product, with >> advertised benefits for BI member clubs. I will share comments I >> receive with this forum. >> >> The Folio information on the BI website does indicate an activity fee >> of $15 per quarter if three trades per quarter are not executed (in >> the Basic Plan, which is the BI member perk). No mention is made of >> the 60 day float for Bill Pay deposits on the BI webpage. >> >> As treasurer for one club and asst treasurer for another, I found it >> interesting that neither of my clubs could have avoided the activity >> fee. In one club, we would have paid the activity fee for three >> quarters, in the other, for two quarters. (An easy means to check >> your club's activity level is to go to >> bivio/Accounting/Reports/Transaction >> History Report, spool down to "Investment Purchases, Sales and >> Transfers" and count stock transactions by quarter.) >> >> I will provide further information when I receive it. >> >> Irina Clements, >> D.C. Chapter Director >> Northeast Region Manager, >> BetterInvesting Volunteer Advisory Board Member > Len, I don;t think there's any connection between the FDIC 60 days and the BillPay hold other than the coincidence of 60 days. The FDIC 60 days has to do with the period during which consumers must notify a financial institution of fraudulent activity within their account in order to transfer liability for the loss to the institution. Note that this 60 day window begins after the fraudulent activity occurs, so holding a BillPay deposit for 60 days just delays the start of the window since the fraudulent activity would be the outbound transfer. It doesn't reduce any potential liability for the broker. Ira Smilovitz On Mon, Jan 2, 2017 at 10:45 AM, Len Douglass <pbco@comcast.net> wrote:
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