Scottrade and Member Deposits
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Scottrade and Member Deposits May I have some feedback on these questions if your partnership has experience with Scottrade: If you collect checks from your members monthly, are you required by Scottrade to make only one deposit per month. Are your partners allowed by Scottrade to make their monthly contributions by either electronic transfer or by using bill pay? Have you ever had a partner issue a Stop Payment on a check sent to Scottrade? Have you ever had a partner, whose payment wasn't received in a timely manner by Scottrade cancel the payment and issue a new payment? Have you ever had Scottrade threaten to cancel your account due to a stop payment? Have you ever had Scottrade overlook a written request to issue a check? Are you aware of a Scottrade policy to cancel your partnership account if more than one stop payment occurs? I'll leave it at that and add more information or clarification as needed after I hear from others. Linda Glein P.S. I'll post these questions on the BI Treasurer Discussion list as well. Is there any reason you're using Scottrade as a back account? We use Scottrade, but I'm the only member who has regular interaction with them as the Treasurer. Our credit union account is where we handle all deposits. When we have enough money to transfer (and maintain required minimums to keep the credit union account free), I do the transfer. That enables us to keep enough free cash to cash out members that want a pay out. Scottrade has been terrible at responding to issues and inquiries, so we keep our interaction to a minimum. Trying to remove a former member from their list of registered users took quite a few months. On Mar 22, 2017 11:48 AM, "Linda Glein" <linda.glein@gmail.com> wrote: May I have some feedback on these questions if your
I am treasurer for two clubs. Personal club uses Etrade. Model investment club uses Scottrade. I find it quite tedious to use Scottrade when Etrade (which I have direct experience with) is a better alternative. We can talk off line. Specific answers. 1) We can snail mail/bill pay checks to local Scottrade office. Checks are input as received, not limited to one deposit per month. Both snail mail and bill pay allowed. No issue. a) one time Scottrade office incorrectly characterized Deposit on their end. I called and the office was responsive and helpful. 2) no experience with stop payments. 3) Entire check writing experience with Scottrade quite tedious. No possibility to get checkbook. Requirement for office visit and two signatures on form to get a check so 19th century. Never refused or ignored check request. 4) no threats to cancel account for any reason. 5) Process to change signatories was quite painful (beyond the "normally painful" I have experienced with Etrade). Scottrade guidance changed. Everything went to home office. Dates expired and new forms & signatures had to be done. 6) I would advise a new or transitioning club to skip Scottrade for investment clubs. Period. Although Scottrade WILL do investment club accounts, they seem not to WANT to. My .02. Irina Clements Treasurer MICNOVA AND Streetbeaters Be Well. Irina Sent from my iPad > On Mar 22, 2017, at 11:48 AM, Linda Glein <linda.glein@gmail.com> wrote: > > May I have some feedback on these questions if your > partnership has experience with Scottrade: > > If you collect checks from your members monthly, are you > required by Scottrade to make only one deposit per month. > > Are your partners allowed by Scottrade to make their monthly > contributions by either electronic transfer or by using bill > pay? > > Have you ever had a partner issue a Stop Payment on a check > sent to Scottrade? > > Have you ever had a partner, whose payment wasn't received > in a timely manner by Scottrade cancel the payment and issue > a new payment? > > Have you ever had Scottrade threaten to cancel your account > due to a stop payment? > > Have you ever had Scottrade overlook a written request to > issue a check? > > Are you aware of a Scottrade policy to cancel your > partnership account if more than one stop payment occurs? > > I'll leave it at that and add more information or > clarification as needed after I hear from others. > > Linda Glein > P.S. I'll post these questions on the BI Treasurer > Discussion list as well. Linda, we are currently using Scottrade for our brokerage account. See below for my responses inline. Please be sure to follow up with a summary of the responses you receive. -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Linda Glein Sent: Wednesday, March 22, 2017 11:48 AM To: club_cafe@bivio.com Subject: [club_cafe] Scottrade and Member Deposits May I have some feedback on these questions if your partnership has experience with Scottrade: If you collect checks from your members monthly, are you required by Scottrade to make only one deposit per month. A: When I asked about this, our local office told me that is what they desire. Their deposit form implies that also. Are your partners allowed by Scottrade to make their monthly contributions by either electronic transfer or by using bill pay? A: Several of our partners (myself included) have just started doing this from bill pay, and will continue until Scottrade tells us otherwise, working under the "easier to ask forgiveness then permission" modus operandi. Have you ever had a partner issue a Stop Payment on a check sent to Scottrade? A: No Have you ever had a partner, whose payment wasn't received in a timely manner by Scottrade cancel the payment and issue a new payment? A: No Have you ever had Scottrade threaten to cancel your account due to a stop payment? A: No Have you ever had Scottrade overlook a written request to issue a check? A: No Are you aware of a Scottrade policy to cancel your partnership account if more than one stop payment occurs? A: No I'll leave it at that and add more information or clarification as needed after I hear from others. Linda Glein P.S. I'll post these questions on the BI Treasurer Discussion list as well. Why would you consider Scottrade or any of the commission collecting brokers when Folio Investing will give an unlimited Commission free account to any BetterInvesting dues paying investment club that has at least four BetterInvesting members? Complete with checkbook. From the BI website, " BetterInvesting and Folio Investing's program for investment clubs helps them save money on one of their biggest expenses: brokerage commissions. Clubs that are eligible and that open an account at Folio Investing will have the Folio Investing Unlimited Plan annual fee - which includes commission-free, unlimited window trading - waived. That's a $290 value. Clubs that have paid their annual club dues and have at least four members of BetterInvesting are eligible." My home club [which disbanded in 2011] used Scottrade as a brokerage from 2003 until it disbanded so I am very familiar with them. I continue to have a personal account with Scottrade. I belong to two Model Investment Clubs and both have accounts with Folio Investing. The one I am treasurer of moved from TD Ameritrade to Folio several years ago, so I am also familiar with TD Ameritrade. The commission free trades are "windows trades" not Market Orders. They execute at 11AM and 2PM each trading day. I believe Market and Limit orders are available for a fee but why would an Investment club need them [ check the Folio website for more detail]? Folio also gives us Free checking [with a checkbook] so we don't have a separate checking account. On the subject of deposits, some of my club members make EFT payments directly to our account at Folio. Some of them are still in the paper world and submit paper checks Made out to Folio Investing at the Model Club meeting. I accept them and prepare a transmittal document listing the payer, the amount, and the check number then I mail that to Folio once a month. Folio will also accept checks mailed directly to them but I have no experience with that. I started tracking the check numbers because of a problem with TD Ameritrade several years ago where they credited two checks intended for the club account to the members personal TD Ameritrade account. You can see a lot of the detail of our Model Investment Club operation with the link from the Lower Right Corner of the Login page of the Bivio Website. As I write this our club SE-Michigan Model Club is the first one in the list [Grin]! But they rotate so if it isn't click on the "more clubs" to see the alphabetical list, we are toward the bottom of page 5 of the list. Regards, Len Douglass Financial Partner, SEMICH NAIC Model Club -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina Clements Sent: Wednesday, March 22, 2017 12:48 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Scottrade and Member Deposits I am treasurer for two clubs. Personal club uses Etrade. Model investment club uses Scottrade. I find it quite tedious to use Scottrade when Etrade (which I have direct experience with) is a better alternative. We can talk off line. Specific answers. 1) We can snail mail/bill pay checks to local Scottrade office. Checks are input as received, not limited to one deposit per month. Both snail mail and bill pay allowed. No issue. a) one time Scottrade office incorrectly characterized Deposit on their end. I called and the office was responsive and helpful. 2) no experience with stop payments. 3) Entire check writing experience with Scottrade quite tedious. No possibility to get checkbook. Requirement for office visit and two signatures on form to get a check so 19th century. Never refused or ignored check request. 4) no threats to cancel account for any reason. 5) Process to change signatories was quite painful (beyond the "normally painful" I have experienced with Etrade). Scottrade guidance changed. Everything went to home office. Dates expired and new forms & signatures had to be done. 6) I would advise a new or transitioning club to skip Scottrade for investment clubs. Period. Although Scottrade WILL do investment club accounts, they seem not to WANT to. My .02. Irina Clements Treasurer MICNOVA AND Streetbeaters Be Well. Irina Sent from my iPad > On Mar 22, 2017, at 11:48 AM, Linda Glein <linda.glein@gmail.com> wrote: > > May I have some feedback on these questions if your partnership has > experience with Scottrade: > > If you collect checks from your members monthly, are you required by > Scottrade to make only one deposit per month. > > Are your partners allowed by Scottrade to make their monthly > contributions by either electronic transfer or by using bill pay? > > Have you ever had a partner issue a Stop Payment on a check sent to > Scottrade? > > Have you ever had a partner, whose payment wasn't received in a timely > manner by Scottrade cancel the payment and issue a new payment? > > Have you ever had Scottrade threaten to cancel your account due to a > stop payment? > > Have you ever had Scottrade overlook a written request to issue a > check? > > Are you aware of a Scottrade policy to cancel your partnership account > if more than one stop payment occurs? > > I'll leave it at that and add more information or clarification as > needed after I hear from others. > > Linda Glein > P.S. I'll post these questions on the BI Treasurer Discussion list as > well. 1) Club inertia on moving 2) the issues regarding length of float from deposits 60 days-(30 days longer than industry standard ) 3) the 30 day delay in 1099 delivery to March 15. To me, Numbers 2&3 above are prohibitive in recommending any club use folio. (Or any individuals either) I never got any satisfactory answer from my queries to BI (regarding the issues surfaced by you Len and Larry). Irina Be Well. Irina Sent from my iPad > On Mar 22, 2017, at 1:39 PM, Len Douglass <pbco@comcast.net> wrote: > > Why would you consider Scottrade or any of the commission collecting brokers > when Folio Investing will give an unlimited Commission free account to any > BetterInvesting dues paying investment club that has at least four > BetterInvesting members? Complete with checkbook. > > From the BI website, " BetterInvesting and Folio Investing's program for > investment clubs helps them save money on one of their biggest expenses: > brokerage commissions. Clubs that are eligible and that open an account at > Folio Investing will have the Folio Investing Unlimited Plan annual fee - > which includes commission-free, unlimited window trading - waived. That's a > $290 value. Clubs that have paid their annual club dues and have at least > four members of BetterInvesting are eligible." > > My home club [which disbanded in 2011] used Scottrade as a brokerage from > 2003 until it disbanded so I am very familiar with them. I continue to have > a personal account with Scottrade. I belong to two Model Investment Clubs > and both have accounts with Folio Investing. The one I am treasurer of > moved from TD Ameritrade to Folio several years ago, so I am also familiar > with TD Ameritrade. The commission free trades are "windows trades" not > Market Orders. They execute at 11AM and 2PM each trading day. I believe > Market and Limit orders are available for a fee but why would an Investment > club need them [ check the Folio website for more detail]? Folio also gives > us Free checking [with a checkbook] so we don't have a separate checking > account. > > On the subject of deposits, some of my club members make EFT payments > directly to our account at Folio. Some of them are still in the paper world > and submit paper checks Made out to Folio Investing at the Model Club > meeting. I accept them and prepare a transmittal document listing the > payer, the amount, and the check number then I mail that to Folio once a > month. Folio will also accept checks mailed directly to them but I have no > experience with that. I started tracking the check numbers because of a > problem with TD Ameritrade several years ago where they credited two checks > intended for the club account to the members personal TD Ameritrade account. > > You can see a lot of the detail of our Model Investment Club operation with > the link from the Lower Right Corner of the Login page of the Bivio Website. > As I write this our club SE-Michigan Model Club is the first one in the list > [Grin]! But they rotate so if it isn't click on the "more clubs" to see the > alphabetical list, we are toward the bottom of page 5 of the list. > > Regards, > > Len Douglass Financial Partner, SEMICH NAIC Model Club > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina > Clements > Sent: Wednesday, March 22, 2017 12:48 PM > To: club_cafe@bivio.com > Subject: Re: [club_cafe] Scottrade and Member Deposits > > I am treasurer for two clubs. Personal club uses Etrade. Model investment > club uses Scottrade. I find it quite tedious to use Scottrade when Etrade > (which I have direct experience with) is a better alternative. We can talk > off line. Specific answers. > > 1) We can snail mail/bill pay checks to local Scottrade office. Checks are > input as received, not limited to one deposit per month. Both snail mail > and bill pay allowed. No issue. > a) one time Scottrade office incorrectly characterized Deposit on their end. > I called and the office was responsive and helpful. > > 2) no experience with stop payments. > > 3) Entire check writing experience with Scottrade quite tedious. No > possibility to get checkbook. Requirement for office visit and two > signatures on form to get a check so 19th century. Never refused or ignored > check request. > > 4) no threats to cancel account for any reason. > > 5) Process to change signatories was quite painful (beyond the "normally > painful" I have experienced with Etrade). Scottrade guidance changed. > Everything went to home office. Dates expired and new forms & signatures > had to be done. > > 6) I would advise a new or transitioning club to skip Scottrade for > investment clubs. Period. Although Scottrade WILL do investment club > accounts, they seem not to WANT to. > > My .02. Irina Clements Treasurer MICNOVA AND Streetbeaters > > Be Well. Irina Sent from my iPad > >> On Mar 22, 2017, at 11:48 AM, Linda Glein <linda.glein@gmail.com> wrote: >> >> May I have some feedback on these questions if your partnership has >> experience with Scottrade: >> >> If you collect checks from your members monthly, are you required by >> Scottrade to make only one deposit per month. >> >> Are your partners allowed by Scottrade to make their monthly >> contributions by either electronic transfer or by using bill pay? >> >> Have you ever had a partner issue a Stop Payment on a check sent to >> Scottrade? >> >> Have you ever had a partner, whose payment wasn't received in a timely >> manner by Scottrade cancel the payment and issue a new payment? >> >> Have you ever had Scottrade threaten to cancel your account due to a >> stop payment? >> >> Have you ever had Scottrade overlook a written request to issue a >> check? >> >> Are you aware of a Scottrade policy to cancel your partnership account >> if more than one stop payment occurs? >> >> I'll leave it at that and add more information or clarification as >> needed after I hear from others. >> >> Linda Glein >> P.S. I'll post these questions on the BI Treasurer Discussion list as >> well. > Our only account is the Scottrade brokerage account. We change Treasurer every two years. It is enough trouble changing with the brokerage account that we wanted to avoid a similar problem with having to change a bank account as well. Linda Linda On Wed, Mar 22, 2017 at 9:30 AM, Robert Fecher <fecherrm@gmail.com> wrote:
Yes, Laurie, we are aware. But it bears repeating. It will be interesting to see what happens. Linda Linda On Wed, Mar 22, 2017 at 9:42 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Linda, almost all brokerages have sweep accounts. Admittedly only cents in interest. Not sure what bank will do better. Etrade provides checkbook, debit card (which I use twice per year-pay for bivio subscription and registered return receipt for tax returns). We write checks to withdrawing members, as well as transferring stock. I have found Etrade super in all respects. Be Well. Irina Sent from my iPad
Len, This is a club formed ten years ago. I can't remember when the FolioFn offer come online. But if it was available back then, it was still fairly new. My Model Club uses Folio. Thanks for the reminder of Folio as a viable option for clubs. Linda On Wed, Mar 22, 2017 at 10:39 AM, Len Douglass <pbco@comcast.net> wrote: Why would you consider Scottrade or any of the commission collecting brokers I can't do anything about Number 1, Number 2 is only bill pay deposits and only wrt withdrawing money. Number 3 Folio had our 1099 available on Feb 24 at 12:46am, K1s in partners hands [available for download] on March 1st. Len -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina Clements Sent: Wednesday, March 22, 2017 1:58 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Scottrade and Member Deposits 1) Club inertia on moving 2) the issues regarding length of float from deposits 60 days-(30 days longer than industry standard ) 3) the 30 day delay in 1099 delivery to March 15. To me, Numbers 2&3 above are prohibitive in recommending any club use folio. (Or any individuals either) I never got any satisfactory answer from my queries to BI (regarding the issues surfaced by you Len and Larry). Irina Be Well. Irina Sent from my iPad > On Mar 22, 2017, at 1:39 PM, Len Douglass <pbco@comcast.net> wrote: > > Why would you consider Scottrade or any of the commission collecting > brokers when Folio Investing will give an unlimited Commission free > account to any BetterInvesting dues paying investment club that has at > least four BetterInvesting members? Complete with checkbook. > > From the BI website, " BetterInvesting and Folio Investing's program > for investment clubs helps them save money on one of their biggest expenses: > brokerage commissions. Clubs that are eligible and that open an > account at Folio Investing will have the Folio Investing Unlimited > Plan annual fee - which includes commission-free, unlimited window > trading - waived. That's a > $290 value. Clubs that have paid their annual club dues and have at > least four members of BetterInvesting are eligible." > > My home club [which disbanded in 2011] used Scottrade as a brokerage > from > 2003 until it disbanded so I am very familiar with them. I continue > to have a personal account with Scottrade. I belong to two Model > Investment Clubs and both have accounts with Folio Investing. The one > I am treasurer of moved from TD Ameritrade to Folio several years ago, > so I am also familiar with TD Ameritrade. The commission free trades > are "windows trades" not Market Orders. They execute at 11AM and 2PM > each trading day. I believe Market and Limit orders are available for > a fee but why would an Investment club need them [ check the Folio > website for more detail]? Folio also gives us Free checking [with a > checkbook] so we don't have a separate checking account. > > On the subject of deposits, some of my club members make EFT payments > directly to our account at Folio. Some of them are still in the paper > world and submit paper checks Made out to Folio Investing at the Model > Club meeting. I accept them and prepare a transmittal document > listing the payer, the amount, and the check number then I mail that > to Folio once a month. Folio will also accept checks mailed directly > to them but I have no experience with that. I started tracking the > check numbers because of a problem with TD Ameritrade several years > ago where they credited two checks intended for the club account to the members personal TD Ameritrade account. > > You can see a lot of the detail of our Model Investment Club operation > with the link from the Lower Right Corner of the Login page of the Bivio Website. > As I write this our club SE-Michigan Model Club is the first one in > the list [Grin]! But they rotate so if it isn't click on the "more > clubs" to see the alphabetical list, we are toward the bottom of page 5 of the list. > > Regards, > > Len Douglass Financial Partner, SEMICH NAIC Model Club > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of > Irina Clements > Sent: Wednesday, March 22, 2017 12:48 PM > To: club_cafe@bivio.com > Subject: Re: [club_cafe] Scottrade and Member Deposits > > I am treasurer for two clubs. Personal club uses Etrade. Model > investment club uses Scottrade. I find it quite tedious to use > Scottrade when Etrade (which I have direct experience with) is a > better alternative. We can talk off line. Specific answers. > > 1) We can snail mail/bill pay checks to local Scottrade office. > Checks are input as received, not limited to one deposit per month. > Both snail mail and bill pay allowed. No issue. > a) one time Scottrade office incorrectly characterized Deposit on their end. > I called and the office was responsive and helpful. > > 2) no experience with stop payments. > > 3) Entire check writing experience with Scottrade quite tedious. No > possibility to get checkbook. Requirement for office visit and two > signatures on form to get a check so 19th century. Never refused or > ignored check request. > > 4) no threats to cancel account for any reason. > > 5) Process to change signatories was quite painful (beyond the > "normally painful" I have experienced with Etrade). Scottrade guidance changed. > Everything went to home office. Dates expired and new forms & > signatures had to be done. > > 6) I would advise a new or transitioning club to skip Scottrade for > investment clubs. Period. Although Scottrade WILL do investment club > accounts, they seem not to WANT to. > > My .02. Irina Clements Treasurer MICNOVA AND Streetbeaters > > Be Well. Irina Sent from my iPad > >> On Mar 22, 2017, at 11:48 AM, Linda Glein <linda.glein@gmail.com> wrote: >> >> May I have some feedback on these questions if your partnership has >> experience with Scottrade: >> >> If you collect checks from your members monthly, are you required by >> Scottrade to make only one deposit per month. >> >> Are your partners allowed by Scottrade to make their monthly >> contributions by either electronic transfer or by using bill pay? >> >> Have you ever had a partner issue a Stop Payment on a check sent to >> Scottrade? >> >> Have you ever had a partner, whose payment wasn't received in a >> timely manner by Scottrade cancel the payment and issue a new payment? >> >> Have you ever had Scottrade threaten to cancel your account due to a >> stop payment? >> >> Have you ever had Scottrade overlook a written request to issue a >> check? >> >> Are you aware of a Scottrade policy to cancel your partnership >> account if more than one stop payment occurs? >> >> I'll leave it at that and add more information or clarification as >> needed after I hear from others. >> >> Linda Glein >> P.S. I'll post these questions on the BI Treasurer Discussion list as >> well. > Are you aware that Scottrade is being purchased by T D Ameritrade and the transaction is supposed to close in the 3rd quarter. Most of your complaints will go away and hopefully those using Scottrade will not find it necessary to produce a new account agreement on T D’s forms as my clubs did when Ameritrade was purchased by T D many years ago. I use Scottrade for my IRA and TD Ameritrade for my two clubs. Scottrade has a local office and TD does not. The ability to enter member deposits online using my cellphone is a big selling point for TD. They have also dropped their commission cost to $6.95 for our transactions. Someone told me that if you did not do enough trades with Folio fn each quarter then there was a quarterly charge of some amount. Joe > On Mar 23, 2017, at 2:57 PM, Len Douglass <pbco@comcast.net> wrote: > > I can't do anything about Number 1, Number 2 is only bill pay deposits and > only wrt withdrawing money. Number 3 Folio had our 1099 available on Feb 24 > at 12:46am, K1s in partners hands [available for download] on March 1st. > > Len > > -----Original Message----- > From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina > Clements > Sent: Wednesday, March 22, 2017 1:58 PM > To: club_cafe@bivio.com > Subject: Re: [club_cafe] Scottrade and Member Deposits > > 1) Club inertia on moving > 2) the issues regarding length of float from deposits 60 days-(30 days > longer than industry standard ) > 3) the 30 day delay in 1099 delivery to March 15. > > To me, Numbers 2&3 above are prohibitive in recommending any club use folio. > (Or any individuals either) > > I never got any satisfactory answer from my queries to BI (regarding the > issues surfaced by you Len and Larry). > > Irina > > Be Well. Irina Sent from my iPad > >> On Mar 22, 2017, at 1:39 PM, Len Douglass <pbco@comcast.net> wrote: >> >> Why would you consider Scottrade or any of the commission collecting >> brokers when Folio Investing will give an unlimited Commission free >> account to any BetterInvesting dues paying investment club that has at >> least four BetterInvesting members? Complete with checkbook. >> >> From the BI website, " BetterInvesting and Folio Investing's program >> for investment clubs helps them save money on one of their biggest > expenses: >> brokerage commissions. Clubs that are eligible and that open an >> account at Folio Investing will have the Folio Investing Unlimited >> Plan annual fee - which includes commission-free, unlimited window >> trading - waived. That's a >> $290 value. Clubs that have paid their annual club dues and have at >> least four members of BetterInvesting are eligible." >> >> My home club [which disbanded in 2011] used Scottrade as a brokerage >> from >> 2003 until it disbanded so I am very familiar with them. I continue >> to have a personal account with Scottrade. I belong to two Model >> Investment Clubs and both have accounts with Folio Investing. The one >> I am treasurer of moved from TD Ameritrade to Folio several years ago, >> so I am also familiar with TD Ameritrade. The commission free trades >> are "windows trades" not Market Orders. They execute at 11AM and 2PM >> each trading day. I believe Market and Limit orders are available for >> a fee but why would an Investment club need them [ check the Folio >> website for more detail]? Folio also gives us Free checking [with a >> checkbook] so we don't have a separate checking account. >> >> On the subject of deposits, some of my club members make EFT payments >> directly to our account at Folio. Some of them are still in the paper >> world and submit paper checks Made out to Folio Investing at the Model >> Club meeting. I accept them and prepare a transmittal document >> listing the payer, the amount, and the check number then I mail that >> to Folio once a month. Folio will also accept checks mailed directly >> to them but I have no experience with that. I started tracking the >> check numbers because of a problem with TD Ameritrade several years >> ago where they credited two checks intended for the club account to the > members personal TD Ameritrade account. >> >> You can see a lot of the detail of our Model Investment Club operation >> with the link from the Lower Right Corner of the Login page of the Bivio > Website. >> As I write this our club SE-Michigan Model Club is the first one in >> the list [Grin]! But they rotate so if it isn't click on the "more >> clubs" to see the alphabetical list, we are toward the bottom of page 5 of > the list. >> >> Regards, >> >> Len Douglass Financial Partner, SEMICH NAIC Model Club >> >> -----Original Message----- >> From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of >> Irina Clements >> Sent: Wednesday, March 22, 2017 12:48 PM >> To: club_cafe@bivio.com >> Subject: Re: [club_cafe] Scottrade and Member Deposits >> >> I am treasurer for two clubs. Personal club uses Etrade. Model >> investment club uses Scottrade. I find it quite tedious to use >> Scottrade when Etrade (which I have direct experience with) is a >> better alternative. We can talk off line. Specific answers. >> >> 1) We can snail mail/bill pay checks to local Scottrade office. >> Checks are input as received, not limited to one deposit per month. >> Both snail mail and bill pay allowed. No issue. >> a) one time Scottrade office incorrectly characterized Deposit on their > end. >> I called and the office was responsive and helpful. >> >> 2) no experience with stop payments. >> >> 3) Entire check writing experience with Scottrade quite tedious. No >> possibility to get checkbook. Requirement for office visit and two >> signatures on form to get a check so 19th century. Never refused or >> ignored check request. >> >> 4) no threats to cancel account for any reason. >> >> 5) Process to change signatories was quite painful (beyond the >> "normally painful" I have experienced with Etrade). Scottrade guidance > changed. >> Everything went to home office. Dates expired and new forms & >> signatures had to be done. >> >> 6) I would advise a new or transitioning club to skip Scottrade for >> investment clubs. Period. Although Scottrade WILL do investment club >> accounts, they seem not to WANT to. >> >> My .02. Irina Clements Treasurer MICNOVA AND Streetbeaters >> >> Be Well. Irina Sent from my iPad >> >>> On Mar 22, 2017, at 11:48 AM, Linda Glein <linda.glein@gmail.com> wrote: >>> >>> May I have some feedback on these questions if your partnership has >>> experience with Scottrade: >>> >>> If you collect checks from your members monthly, are you required by >>> Scottrade to make only one deposit per month. >>> >>> Are your partners allowed by Scottrade to make their monthly >>> contributions by either electronic transfer or by using bill pay? >>> >>> Have you ever had a partner issue a Stop Payment on a check sent to >>> Scottrade? >>> >>> Have you ever had a partner, whose payment wasn't received in a >>> timely manner by Scottrade cancel the payment and issue a new payment? >>> >>> Have you ever had Scottrade threaten to cancel your account due to a >>> stop payment? >>> >>> Have you ever had Scottrade overlook a written request to issue a >>> check? >>> >>> Are you aware of a Scottrade policy to cancel your partnership >>> account if more than one stop payment occurs? >>> >>> I'll leave it at that and add more information or clarification as >>> needed after I hear from others. >>> >>> Linda Glein >>> P.S. I'll post these questions on the BI Treasurer Discussion list as >>> well. >> > yes, thank you. I am aware of the acquisition by T D Ameritrade. It will be interesting. I had a personal account at TDA for a awhile. Switched it to Scottrade. But I did like their website. Linda Linda On Thu, Mar 23, 2017 at 5:13 PM, Joe Farrell <cjfarrell46@icloud.com> wrote: Are you aware that Scottrade is being purchased by T D Ameritrade and the transaction is supposed to close in the 3rd quarter. Yes I am and thank you!!! Sent from my iPhone
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