I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Scott Freeman on
Try making a partial withdrawal in the amount of all fees and then make a fee payment entry from that partner for the same amount. Then try the full withdrawal for the amount that remains for that partner.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Thomas W. Wagoner on
I believe any fees that the member paid are in most
circumstances, not refundable, and would not be included in
any withdrawal. If they were entered as fees in bivio then
they are not included in the members ownership of the club
and the withdrawal does not have to address them in any way.
It should be that simple.
Margaret Wentworth on
I believe there is a place to enter fees when members withdraw. It sounds like you are charging 3% to withdraw (you are paying out 97%). Does it not work out correctly if you insert 3% as your fee?
I believe any fees that the member paid are in most
circumstances, not refundable, and would not be included in
any withdrawal. If they were entered as fees in bivio then
they are not included in the members ownership of the club
and the withdrawal does not have to address them in any way.
It should be that simple.
Marie-Anne Reilly on
Thank you I will try that!
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Margaret Wentworth Sent: Sunday, March 5, 2017 9:54 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] member withdrawal
I believe there is a place to enter fees when members withdraw. It sounds like you are charging 3% to withdraw (you are paying out 97%). Does it not work out correctly if you insert 3% as your fee?
I believe any fees that the member paid are in most circumstances, not refundable, and would not be included in any withdrawal. If they were entered as fees in bivio then they are not included in the members ownership of the club and the withdrawal does not have to address them in any way. It should be that simple.
Mike & Kim Potter on
Marie-Anne
I'm just curious. What's the reasoning behind the 3% withdrawal fee and the $75 initiation fee?
Thanks
Kim Potter
BI Brighton
From: Marie-Anne Reilly <madreilly@comcast.net> To: club_cafe@bivio.com Sent: Sunday, March 5, 2017 10:19 AM Subject: [club_cafe] member withdrawal
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Marie-Anne Reilly on
This is what our By-laws state. New to the club so not sure what the reason why that was incorporated. I think the initiation fee I pretty standard.
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Mike & Kim Potter Sent: Sunday, March 5, 2017 11:05 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] member withdrawal
Marie-Anne
I'm just curious. What's the reasoning behind the 3% withdrawal fee and the $75 initiation fee?
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Jeanne Tieken on
Our $50 initiation fee pays for the software each year. Our 5% (voluntary withdrawal-no fee for death) discourages using the club as a savings account. We're all elderly seniors and have a high turnover.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Phyllis Woodring on
Interesting to hear of these Initiation and Withdrawal fees. I'm in the DC Regional Model Club. It is my 5th Investment Club and I have never heard of these fees before this. I've never seen a reason for fees in any of the clubs to which I have belonged, except for late fees when dues are very late, but with direct payment to the brokerage for every member now even that is no longer necessary.
Do other clubs have these fees and why?
Phyllis Woodring
Do what you can. Want what you have. Be who you are.
Our $50 initiation fee pays for the software each year. Our 5% (voluntary withdrawal-no fee for death) discourages using the club as a savings account. We're all elderly seniors and have a high turnover.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
cindy gerke on
I calculate the % that would be charged and add any fees or costs to that amount. Instead if entering a % , I enter the dollar amount of total fees into withdrawal. My club is 20 yrs old and originally had 45 members. Down to comfortable 15 and this has done complete withdrawal for all I paid out. Amazing we are maintaining a 8.3 % for 20 yrs.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Marie-Anne Reilly on
Thank you Cindy. This sounds like the best advice I have gotten and will give it a try.
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of cindy gerke Sent: Sunday, March 5, 2017 4:58 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] member withdrawal
I calculate the % that would be charged and add any fees or costs to that amount. Instead if entering a % , I enter the dollar amount of total fees into withdrawal. My club is 20 yrs old and originally had 45 members. Down to comfortable 15 and this has done complete withdrawal for all I paid out. Amazing we are maintaining a 8.3 % for 20 yrs.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
rice.j1969 on
A withdrawal fee benefits the remaining member and is unfair for someone who has been in the club for a good length of time. For example, a long time member's account is valued at $50,000 and he withdraws. You then charge him a 3% fee of $1,500 for withdrawing. That is completely unfair and I would personally say that the club is robbing them. The remaining members should not benefit due to someone leaving. Entering a withdraw is not hard and does not take much time. Transferring stock to their account doesn't cost any money either if it is done right. In order to discourage someone from entering and leaving the club within a short amount of time our club charges a fee that decreases over time. If they leave in their first year it is 10%, 2nd year 8%, then 6%, 4%, 2% and after that no fee (outside of any broker fees). Keep in mind that most of our members contribute $25 a month so the biggest fee I believe was about $30.
John
On Sunday, March 5, 2017 4:19 PM, Marie-Anne Reilly <madreilly@comcast.net> wrote:
Thank you Cindy. This sounds like the best advice I have gotten and will give it a try.
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of cindy gerke Sent: Sunday, March 5, 2017 4:58 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] member withdrawal
I calculate the % that would be charged and add any fees or costs to that amount. Instead if entering a % , I enter the dollar amount of total fees into withdrawal. My club is 20 yrs old and originally had 45 members. Down to comfortable 15 and this has done complete withdrawal for all I paid out. Amazing we are maintaining a 8.3 % for 20 yrs.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
Morgan Lamarche on
Goodness, what a waste of time!
In our club (almost 20 years old), there are NO FEES for withdrawing, a withdrawing member gets 100% of his then value in the Club; NO LATE FEES for paying dues (all members over the years are either right on time, or only very occasionally behind a month or two, which of course affects their unit ownership); NO FEES to discourage a member from leaving the Club; there are NO "INITIATION" FEES (separate from the fee of joining the Club). I don't see any reason for getting into all this minutiae, these amounts seem pretty insignificant to be creating all this extra accounting.
Concentrate on the focus of the Club: education, make some money, social interaction, have some fun! Loosen up, guys.
A withdrawal fee benefits the remaining member and is unfair for someone who has been in the club for a good length of time. For example, a long time member's account is valued at $50,000 and he withdraws. You then charge him a 3% fee of $1,500 for withdrawing. That is completely unfair and I would personally say that the club is robbing them. The remaining members should not benefit due to someone leaving. Entering a withdraw is not hard and does not take much time. Transferring stock to their account doesn't cost any money either if it is done right. In order to discourage someone from entering and leaving the club within a short amount of time our club charges a fee that decreases over time. If they leave in their first year it is 10%, 2nd year 8%, then 6%, 4%, 2% and after that no fee (outside of any broker fees). Keep in mind that most of our members contribute $25 a month so the biggest fee I believe was about $30.
I calculate the % that would be charged and add any fees or costs to that amount. Instead if entering a % , I enter the dollar amount of total fees into withdrawal. My club is 20 yrs old and originally had 45 members. Down to comfortable 15 and this has done complete withdrawal for all I paid out. Amazing we are maintaining a 8.3 % for 20 yrs.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
In our club (almost 20 years old), there are NO FEES for withdrawing, a withdrawing member gets 100% of his then value in the Club; NO LATE FEES for paying dues (all members over the years are either right on time, or only very occasionally behind a month or two, which of course affects their unit ownership); NO FEES to discourage a member from leaving the Club; there are NO "INITIATION" FEES (separate from the fee of joining the Club). I don't see any reason for getting into all this minutiae, these amounts seem pretty insignificant to be creating all this extra accounting.
Concentrate on the focus of the Club: education, make some money, social interaction, have some fun! Loosen up, guys.
A withdrawal fee benefits the remaining member and is unfair for someone who has been in the club for a good length of time. For example, a long time member's account is valued at $50,000 and he withdraws. You then charge him a 3% fee of $1,500 for withdrawing. That is completely unfair and I would personally say that the club is robbing them. The remaining members should not benefit due to someone leaving. Entering a withdraw is not hard and does not take much time. Transferring stock to their account doesn't cost any money either if it is done right. In order to discourage someone from entering and leaving the club within a short amount of time our club charges a fee that decreases over time. If they leave in their first year it is 10%, 2nd year 8%, then 6%, 4%, 2% and after that no fee (outside of any broker fees). Keep in mind that most of our members contribute $25 a month so the biggest fee I believe was about $30.
I calculate the % that would be charged and add any fees or costs to that amount. Instead if entering a % , I enter the dollar amount of total fees into withdrawal. My club is 20 yrs old and originally had 45 members. Down to comfortable 15 and this has done complete withdrawal for all I paid out. Amazing we are maintaining a 8.3 % for 20 yrs.
I am having difficulty completing the process of withdrawing a member. This is a full withdrawal to which our particular club only gives back 97% of the value of the stock. Additionally, we do not reimburse the $75 initiation fee nor late payment fees which have been asses to this member. I have tried several times to do this and do not get the right amount. I can deduct the $115 fee and that comes off the total valuation of the stock for that day but, it subtracts that from the total valuation and not the 97% required by our club. Help!
In our club (almost 20 years old), there are NO FEES for withdrawing, a
withdrawing member gets 100% of his then value in the Club; NO LATE FEES for
paying dues (all members over the years are either right on time, or only very
occasionally behind a month or two, which of course affects their unit
ownership); NO FEES to discourage a member from leaving the Club; there are NO
"INITIATION" FEES (separate from the fee of joining the Club). I don't see
any reason for getting into all this minutiae, these amounts seem pretty
insignificant to be creating all this extra accounting.
Concentrate on the focus of the Club: education, make some money, social
interaction, have some fun! Loosen up, guys.
A withdrawal fee benefits the
remaining member and is unfair for someone who has been in the club for a good
length of time. For example, a long time member's account is valued at $50,000
and he withdraws. You then charge him a 3% fee of $1,500 for withdrawing. That
is completely unfair and I would personally say that the club is robbing them.
The remaining members should not benefit due to someone leaving. Entering a
withdraw is not hard and does not take much time. Transferring stock to their
account doesn't cost any money either if it is done right. In order to
discourage someone from entering and leaving the club within a short amount of
time our club charges a fee that decreases over time. If they leave in their
first year it is 10%, 2nd year 8%, then 6%, 4%, 2% and after that no fee
(outside of any broker fees). Keep in mind that most of our members contribute
$25 a month so the biggest fee I believe was about $30.
I calculate the % that would be charged and
add any fees or costs to that amount. Instead if entering a % , I enter the
dollar amount of total fees into withdrawal. My club is 20 yrs old and
originally had 45 members. Down to comfortable 15 and this has done complete
withdrawal for all I paid out. Amazing we are maintaining a 8.3 % for 20 yrs.
I am having difficulty completing
the process of withdrawing a member. This is a full withdrawal to which our
particular club only gives back 97% of the value of the stock. Additionally,
we do not reimburse the $75 initiation fee nor late payment fees which have
been asses to this member. I have tried several times to do this and do not
get the right amount. I can deduct the $115 fee and that comes off the
total valuation of the stock for that day but, it subtracts that from the
total valuation and not the 97% required by our club.
Help!