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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!

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.
Scott


On Sun, Mar 5, 2017 at 3:19 PM, Marie-Anne Reilly <madreilly@comcast.net> wrote:

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!


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.
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?
Peg from WIN, Lancaster,PA

On Sunday, March 5, 2017, Thomas W. Wagoner <thomas.wagoner@gmail.com> wrote:
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.

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?

Peg from WIN, Lancaster,PA

On Sunday, March 5, 2017, Thomas W. Wagoner <thomas.wagoner@gmail.com> wrote:

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
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!


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?

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!

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.

On Sun, Mar 5, 2017 at 12:22 PM, Marie-Anne Reilly <madreilly@comcast.net> wrote:

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?

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!


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.

On Sun, Mar 5, 2017 at 1:56 PM, Jeanne Tieken <jeannetieken@gmail.com> wrote:
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.

On Sun, Mar 5, 2017 at 12:22 PM, Marie-Anne Reilly <madreilly@comcast.net> wrote:

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?

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!



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.
Cindy Gerke
Cole's River Investment Group


On Mar 5, 2017 10:19 AM, "Marie-Anne Reilly" <madreilly@comcast.net> wrote:

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!

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. 

Cindy Gerke

Cole's River Investment Group

On Mar 5, 2017 10:19 AM, "Marie-Anne Reilly" <madreilly@comcast.net> wrote:

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!

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. 
Cindy Gerke
Cole's River Investment Group
 
 
On Mar 5, 2017 10:19 AM, "Marie-Anne Reilly" <madreilly@comcast.net> wrote:
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!


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.

Morgan


On Mar 5, 2017, at 7:58 PM, rice.j1969@att.net wrote:

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. 
Cindy Gerke
Cole's River Investment Group
 
 
On Mar 5, 2017 10:19 AM, "Marie-Anne Reilly" <madreilly@comcast.net> wrote:
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!




Guys
I agree with Morgan 100 %. Make it fun and enjoyable. 
Noah

Sent from my iPad

On Mar 5, 2017, at 17:44, Morgan Lamarche <morganlamarche@comcast.net> wrote:

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.

Morgan


On Mar 5, 2017, at 7:58 PM, rice.j1969@att.net wrote:

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. 
Cindy Gerke
Cole's River Investment Group
 
 
On Mar 5, 2017 10:19 AM, "Marie-Anne Reilly" <madreilly@comcast.net> wrote:
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!




I totally agree.  No late, initiation or withdrawal fee's.  We've been together for 19 years and have seen no need for any of these.
 
Dick
 
Sent: Sunday, March 05, 2017 8:44 PM
Subject: Re: [club_cafe] member withdrawal
 
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.
 
Morgan
 
 
On Mar 5, 2017, at 7:58 PM, rice.j1969@att.net wrote:
 
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.
Cindy Gerke
Cole's River Investment Group
 
 
On Mar 5, 2017 10:19 AM, "Marie-Anne Reilly" <madreilly@comcast.net> wrote:
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