TDAmeritrade
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TDAmeritrade Are there clubs who use TDAmeritrade as their brokerage? We are having issues with them when adding new members to I'm specifically asking for help from a club who has added a new member recently. Every time we add a new member, they change the rules. Now they are saying we have to fill out and complete a Entity Authorized Agent Form for the new member AND every current member has to have their information on it as well and sign again. Issue here is the SSN numbers for everyone will be on that form which is a privacy issue. Anyone out there that can share a better practice? Thank you in advance. Christie B Senior Director of ClubMoFu I don't understand why you have everyone in the club involved with the brokerage? My understanding is that the brokerage must have an address to deliver tax and disclosure materials to the entity, not the individual partners in the entity. So what is the purpose of adding everyone to the compliance issues for the brokerage? We are an online club and use TDA. We have only make changes at TDA when we change of officers that are authorized to trade. We keep three names on the account and that has worked well for the last 11 years. Mark Eckman Are there clubs who use TDAmeritrade as their brokerage? We are having issues with them when adding new members to I'm specifically asking for help from a club who has added a new member recently. Every time we add a new member, they change the rules. Now they are saying we have to fill out and complete a Entity Authorized Agent Form for the new member AND every current member has to have their information on it as well and sign again. Issue here is the SSN numbers for everyone will be on that form which is a privacy issue. Anyone out there that can share a better practice? Thank you in advance. Christie B Senior Director of ClubMoFu Mark Eckman Same as Mark. Not all members are on our TDA account. Just the officers- to avoid the issue when we add members. - MaryJo Collins
One of my clubs has used TDA for years. Had an issue about a year and a half ago after our treasurer died and we didn't have another agent "on record" and at that time we had to reregister our club with TDA, provide copies of minutes where we designated "new" agents, as well as a copy of our partnership agreement. Seemed a little sticky and a bit of work, but they were covering their requirements. They did NOT require each of our members to be listed as agents, but DID require that we have at least 3 agents on record with them (obviously, we were also interested in that so we never repeated the mess we had by not having had that in place previously). Christie, We don't add all members into Ameritrade, just the President and treasurer. All members are in Bivio and have access to the information there. Candace Clemmons Treasurer RW Investment Sent from Yahoo Mail for iPhone On Tuesday, November 5, 2019, 9:48 AM, Club Admin via bivio.com <user*36627000001@bivio.com> wrote: Are there clubs who use TDAmeritrade as their brokerage? We are having issues with them when adding new members to I'm specifically asking for help from a club who has added a new member recently. Every time we add a new member, they change the rules. Now they are saying we have to fill out and complete a Entity Authorized Agent Form for the new member AND every current member has to have their information on it as well and sign again. Issue here is the SSN numbers for everyone will be on that form which is a privacy issue. Anyone out there that can share a better practice? Thank you in advance. Christie B Senior Director of ClubMoFu In 20 years with TDA and its predecessors, we've never updated our docs with the broker. Ira Smilovitz
So let me ask a different question. How do your members contribute monthly? by check that you deposit to the Club? We were trying to make life easier by having members TDAM accounts connected to our account so monthy their contribution came 3-5 days before the meeting then we had money to spend. That's the only reason - maybe that's not the easy way? Thank you for sharing your best practice for monthly contributions! Christie In the change from Scottrade we were required to make all members Authorized Agents with DOB and SSN provided. It seems like if you contact TD Ameritrade they will catch up to your club with this new requirement. They also had some trouble when we said were a partnership and an investment club. You need to state one or the other even if you are both. Ira Haas Yankee Model Club From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of ira smilovitz via bivio.com In 20 years with TDA and its predecessors, we've never updated our docs with the broker. Ira Smilovitz On Tue, Nov 5, 2019 at 1:31 PM Candy Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
That's the way our club operates with TDA, also. Three officers are listed with TDA. Mail comes to treasurer who also does income tax forms with bivio Sent from my iPad
All members use bill pay directly to TDA. It works well and the treasurer only has to enter the unknown deposits using the cents method to identify the club member. -----Original Message----- From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Club Admin via bivio.com Sent: Tuesday, November 5, 2019 2:13 PM To: club_cafe@bivio.com Subject: [club_cafe] Re: TDAmeritrade So let me ask a different question. How do your members contribute monthly? by check that you deposit to the Club? We were trying to make life easier by having members TDAM accounts connected to our account so monthy their contribution came 3-5 days before the meeting then we had money to spend. That's the only reason - maybe that's not the easy way? Thank you for sharing your best practice for monthly contributions! Christie
About 1/2 of our members use the bill-pay
facility from their bank to make deposits, and the remainder send
me a check made payable to TDA, which I then deposit using the TDA
app on my phone. We all use the 'penny' method that bivio
recommends to help with tracking deposits. We have not had to fill out any special paperwork or provide a list of partners. Our account came over to TDA from Scottrade. Rich Hill Book Readers Investment Group On 11/5/2019 2:12 PM, Club Admin via
bivio.com wrote:
So let me ask a different question. How do your members contribute monthly? by check that you deposit to the Club? We were trying to make life easier by having members TDAM accounts connected to our account so monthy their contribution came 3-5 days before the meeting then we had money to spend. That's the only reason - maybe that's not the easy way? Thank you for sharing your best practice for monthly contributions! Christie I'm not sure why I am getting these questions. Aren't we using Folio?,
We have two groups, most use their personal bank or credit union's bill pay. (That's really easy.) The rest send a check directly to TDA with a note for deposit to our account. It works. We wrote an instruction sheet for everyone to use that also outlines how to wire or ACH the funds. How to Send funds to the XYZ Investment Club Account at TD Ameritrade Bill Pay through your bank (Our preferred method) 1. Make your deposit in dollars plus the amount of cents to identify you. Each partner has been assigned a specific number of cents to identify the deposit. 2. Set your bill pay service to send the deposit to: TD Ameritrade PO Box 2229 Omaha NE 68103-2717 Account xxx-xxxxxx ACH or Wire Transfer through your bank: 1. Make your deposit in dollars plus the amount of cents to identify you. Each partner has been assigned a specific number of cents to identify the deposit. 2. Set the ACH details to: First National Bank of Omaha 1620 Dodge Street Omaha, NE 68197 ABA # 104 000 016 For credit to the Account of TD AMERITRADE, Inc. Account # 16424641 For Further Credit to: Nationwide Investment Club, Account #xxx-xxxxxx Mail Deposit: 1. Make your deposit in dollars plus the amount of cents to identify you. Each partner has been assigned a specific number of cents to identify the deposit. 2. Mail your deposit to: TD Ameritrade In the memo field of your check write Account # xxx-xxxxxx Mark Eckman So let me ask a different question. How do your members contribute monthly? by check that you deposit to the Club? We were trying to make life easier by having members TDAM accounts connected to our account so monthy their contribution came 3-5 days before the meeting then we had money to spend. That's the only reason - maybe that's not the easy way? Thank you for sharing your best practice for monthly contributions! Christie Mark Eckman Our club has used TDA since the club partnership was formed. In the past deposits we're done through a separate bank account. When I became treasurer we changed to direct deposits by each partner using "Penny" Payments as described at this bivio link https://www.bivio.com/site-help/bp/Penny_Payments_Help. This has worked very well for us for several years. As far as who has access to TDA in our club it's only the Treasurer and Ass't Treasurer. All partners can view the books in bivio. We also include all partners in the annual audit in an effort to keep everything transparent. Lynn Treffry, President Achieving Critical Mass Investment Club BI Inland Empire Chapter's Model Club -----Original Message----- From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Club Admin via bivio.com Sent: Tuesday, November 5, 2019 11:13 AM To: club_cafe@bivio.com Subject: [club_cafe] Re: TDAmeritrade So let me ask a different question. How do your members contribute monthly? by check that you deposit to the Club? We were trying to make life easier by having members TDAM accounts connected to our account so monthy their contribution came 3-5 days before the meeting then we had money to spend. That's the only reason - maybe that's not the easy way? Thank you for sharing your best practice for monthly contributions! Christie |
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