Investments Clubs Using Fidelity
Are there any other investments clubs out there using a Fidelity brokerage account? We are a newly formed club and have just opened an investment club account with Fidelity. I’m having difficulty getting consistent answers from Fidelity about how deposits can be made. All of our club members (there are 23) signed the account application, but only 3 of us are authorized “individuals” who can trade. Are all of your club members able to send electronic bill pay checks to Fidelity? Does each member need to send in some kind of deposit slip or are they just able to use bill pay with the account number listed in the memo section?
Thank you!
Lori
Thank you!
Lori
Our club uses Fidelity and we believe there have been no problems making deposits. Our usual practice is for members to give checks to the treasurer (me) who deposits them. But another member has been able to deposit funds into the club account using a local branch. Hope this helps.
-- Mark Johnson, treasurer XYZ Club, Houston TX
Are there any other investments clubs out there using a Fidelity brokerage account? We are a newly formed club and have just opened an investment club account with Fidelity. I'm having difficulty getting consistent answers from Fidelity about how deposits can be made. All of our club members (there are 23) signed the account application, but only 3 of us are authorized "individuals" who can trade. Are all of your club members able to send electronic bill pay checks to Fidelity? Does each member need to send in some kind of deposit slip or are they just able to use bill pay with the account number listed in the memo section?
Thank you!
Lori
Our club has 5 members and uses Fidelity for our brokerage
account. We all have personal Fidelity accounts and use
Fidelity's bill pay to make monthly deposits to our
investment club account. If your members don't have personal
Fidelity accounts, I believe that they should be able to use
their institution's online banking capability to make
payments directly to the club's brokerage account at
Fidelity.
Len Delmolino
Massachusetts High Flyers Investment Club
account. We all have personal Fidelity accounts and use
Fidelity's bill pay to make monthly deposits to our
investment club account. If your members don't have personal
Fidelity accounts, I believe that they should be able to use
their institution's online banking capability to make
payments directly to the club's brokerage account at
Fidelity.
Len Delmolino
Massachusetts High Flyers Investment Club
Out club uses Vanguard and a local credit union. Everyone does billpay to the credit union and the Treasurer transfers the money to Vanguard the Friday before our Wednesday meeting. I would presume this would also work at Fidelity.
> On March 17, 2019 at 10:06 PM "Leonard J Delmolino via bivio.com" <user*27879700001@bivio.com> wrote:
>
>
> Our club has 5 members and uses Fidelity for our brokerage
> account. We all have personal Fidelity accounts and use
> Fidelity's bill pay to make monthly deposits to our
> investment club account. If your members don't have personal
> Fidelity accounts, I believe that they should be able to use
> their institution's online banking capability to make
> payments directly to the club's brokerage account at
> Fidelity.
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
> On March 17, 2019 at 10:06 PM "Leonard J Delmolino via bivio.com" <user*27879700001@bivio.com> wrote:
>
>
> Our club has 5 members and uses Fidelity for our brokerage
> account. We all have personal Fidelity accounts and use
> Fidelity's bill pay to make monthly deposits to our
> investment club account. If your members don't have personal
> Fidelity accounts, I believe that they should be able to use
> their institution's online banking capability to make
> payments directly to the club's brokerage account at
> Fidelity.
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
Our
club uses TD Ameritrade (TDA). We are 8+
years as a club, 26 members and our treasurer has not had to deposit one payment
for a club member since our club was organized.
The treasurer assigns a two-digit number to each member, e.g., .01, .02,
.03, .04 etc., which they add to their payment, e.g., $50.12, $65.03, $58.17
etc. When the payment is received in the
clubs' TD Ameritrade account the member gets full credit for the payment in
their bivio members' account. The clubs'
bivio account and TDA account are electronically linked together. One TD Ameritrade account to collect payments
and the same TD Ameritrade account to buy and sell stock, receive dividends and
take care of any payments that the club may have to make. The treasurer doesn't have to physically handle
any funds in or out of TDA, just monitor the automated transactions between TDA
and bivio, if that's the automated accounting system the club is using. When the club was organized the club published
instructions for member payments. Every
member sends their payment to TDA. Club
members have 3 options to send payments or fees to the club TDA account: 1. Check
payment 2. "Bill Pay" system 3.
Electronic transfer payment. Most
members' financial institutions will allow all three but details may vary
between financial institutions. We have
found that members' and their financial institution have found the best option
that will work for them. TDA and bivio
are able to work with all three payment options.
In
over 50 years I have been a charter member in four different clubs and have
used this system in 3 of the 4 clubs with over 180+ combined members. It works great, makes the treasurers' job
easier, helps reduce book keeping errors, reduces payment problems and helps
with audit procedures.
Butch
Lang, President
Bullish Investors,
LLC Investment Club
-----Original Message-----
From: Bob Mann via bivio.com <user*12614800001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Sun, Mar 17, 2019 9:18 pm
Subject: Re: [club_cafe] Re: Investments Clubs Using Fidelity
From: Bob Mann via bivio.com <user*12614800001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Sun, Mar 17, 2019 9:18 pm
Subject: Re: [club_cafe] Re: Investments Clubs Using Fidelity
Out club uses Vanguard and a local credit union. Everyone does billpay to the credit union and the Treasurer transfers the money to Vanguard the Friday before our Wednesday meeting. I would presume this would also work at Fidelity.
> On March 17, 2019 at 10:06 PM "Leonard J Delmolino via bivio.com" <user*27879700001@bivio.com> wrote:
>
>
> Our club has 5 members and uses Fidelity for our brokerage
> account. We all have personal Fidelity accounts and use
> Fidelity's bill pay to make monthly deposits to our
> investment club account. If your members don't have personal
> Fidelity accounts, I believe that they should be able to use
> their institution's online banking capability to make
> payments directly to the club's brokerage account at
> Fidelity.
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
> On March 17, 2019 at 10:06 PM "Leonard J Delmolino via bivio.com" <user*27879700001@bivio.com> wrote:
>
>
> Our club has 5 members and uses Fidelity for our brokerage
> account. We all have personal Fidelity accounts and use
> Fidelity's bill pay to make monthly deposits to our
> investment club account. If your members don't have personal
> Fidelity accounts, I believe that they should be able to use
> their institution's online banking capability to make
> payments directly to the club's brokerage account at
> Fidelity.
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
Interesting way to do the deposits. I am retired and really don't mind taking the partner checks to the TDA office. But that is an interesting solution. By the way , why did your current club choose the LLC structure? And do you file taxes as a partnership or as another entity?
Petet Dunkelberger
Our club uses TD Ameritrade (TDA). We are 8+ years as a club, 26 members and our treasurer has not had to deposit one payment for a club member since our club was organized. The treasurer assigns a two-digit number to each member, e.g., .01, .02, .03, .04 etc., which they add to their payment, e.g., $50.12, $65.03, $58.17 etc. When the payment is received in the clubs' TD Ameritrade account the member gets full credit for the payment in their bivio members' account. The clubs' bivio account and TDA account are electronically linked together. One TD Ameritrade account to collect payments and the same TD Ameritrade account to buy and sell stock, receive dividends and take care of any payments that the club may have to make. The treasurer doesn't have to physically handle any funds in or out of TDA, just monitor the automated transactions between TDA and bivio, if that's the automated accounting system the club is using. When the club was organized the club published instructions for member payments. Every member sends their payment to TDA. Club members have 3 options to send payments or fees to the club TDA account: 1. Check payment 2. "Bill Pay" system 3. Electronic transfer payment. Most members' financial institutions will allow all three but details may vary between financial institutions. We have found that members' and their financial institution have found the best option that will work for them. TDA and bivio are able to work with all three payment options.In over 50 years I have been a charter member in four different clubs and have used this system in 3 of the 4 clubs with over 180+ combined members. It works great, makes the treasurers' job easier, helps reduce book keeping errors, reduces payment problems and helps with audit procedures.Butch Lang, PresidentBullish Investors, LLC Investment Club
-----Original Message-----
From: Bob Mann via bivio.com <user*12614800001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Sun, Mar 17, 2019 9:18 pm
Subject: Re: [club_cafe] Re: Investments Clubs Using Fidelity
Out club uses Vanguard and a local credit union. Everyone does billpay to the credit union and the Treasurer transfers the money to Vanguard the Friday before our Wednesday meeting. I would presume this would also work at Fidelity.
> On March 17, 2019 at 10:06 PM "Leonard J Delmolino via bivio.com" <user*27879700001@bivio.com> wrote:
>
>
> Our club has 5 members and uses Fidelity for our brokerage
> account. We all have personal Fidelity accounts and use
> Fidelity's bill pay to make monthly deposits to our
> investment club account. If your members don't have personal
> Fidelity accounts, I believe that they should be able to use
> their institution's online banking capability to make
> payments directly to the club's brokerage account at
> Fidelity.
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
Our family club uses Fidelity and the members all use their personal bank account's billpay feature to make automatic deposits to our club's Fidelity Account. It has worked without a hitch.
Of course we use the brilliant "Pennies" system recommended by bivio so that according to the deposit's cents we know whose it is. For instance if Jane Doe is ".01" and he contributes $25 it he would send in $25.01. John Doe might be ".09" so for her $25 she would send in $25.09. Works great!
On Fidelity, you can look up how to do direct deposits to your account.
Cheers,
Paul
Our club uses TD Ameritrade (TDA). We are 8+ years as a club, 26 members and our treasurer has not had to deposit one payment for a club member since our club was organized. The treasurer assigns a two-digit number to each member, e.g., .01, .02, .03, .04 etc., which they add to their payment, e.g., $50.12, $65.03, $58.17 etc. When the payment is received in the clubs' TD Ameritrade account the member gets full credit for the payment in their bivio members' account. The clubs' bivio account and TDA account are electronically linked together. One TD Ameritrade account to collect payments and the same TD Ameritrade account to buy and sell stock, receive dividends and take care of any payments that the club may have to make. The treasurer doesn't have to physically handle any funds in or out of TDA, just monitor the automated transactions between TDA and bivio, if that's the automated accounting system the club is using. When the club was organized the club published instructions for member payments. Every member sends their payment to TDA. Club members have 3 options to send payments or fees to the club TDA account: 1. Check payment 2. "Bill Pay" system 3. Electronic transfer payment. Most members' financial institutions will allow all three but details may vary between financial institutions. We have found that members' and their financial institution have found the best option that will work for them. TDA and bivio are able to work with all three payment options.In over 50 years I have been a charter member in four different clubs and have used this system in 3 of the 4 clubs with over 180+ combined members. It works great, makes the treasurers' job easier, helps reduce book keeping errors, reduces payment problems and helps with audit procedures.Butch Lang, PresidentBullish Investors, LLC Investment Club
-----Original Message-----
From: Bob Mann via bivio.com <user*12614800001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Sun, Mar 17, 2019 9:18 pm
Subject: Re: [club_cafe] Re: Investments Clubs Using Fidelity
Out club uses Vanguard and a local credit union. Everyone does billpay to the credit union and the Treasurer transfers the money to Vanguard the Friday before our Wednesday meeting. I would presume this would also work at Fidelity.
> On March 17, 2019 at 10:06 PM "Leonard J Delmolino via bivio.com" <user*27879700001@bivio.com> wrote:
>
>
> Our club has 5 members and uses Fidelity for our brokerage
> account. We all have personal Fidelity accounts and use
> Fidelity's bill pay to make monthly deposits to our
> investment club account. If your members don't have personal
> Fidelity accounts, I believe that they should be able to use
> their institution's online banking capability to make
> payments directly to the club's brokerage account at
> Fidelity.
>
> Len Delmolino
> Massachusetts High Flyers Investment Club