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.
>