Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

It is not a perfect "fix" but it is a work around that works

Larry Reno

President

Georgia Chapter of BetterInvesting

6th Annual Investors Fair

29 August 2020

The Morrow Center

1180 Southlake Circle

Morrow, GA 30260

-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
Subject: [club_cafe] Folio Cash Hold

FYI - To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you. That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days. To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno

President

Georgia Chapter of BetterInvesting

6th Annual Investors Fair

29 August 2020

The Morrow Center

1180 Southlake Circle

Morrow, GA 30260

-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Wed, Feb 12, 2020 4:51 pm
Subject: Re: [club_cafe] Folio Cash Hold

So what's the turn around time on that process? Also, what date do you use to purchase units in the club?

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:

Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

It is not a perfect "fix" but it is a work around that works

Larry Reno

President

Georgia Chapter of BetterInvesting

6th Annual Investors Fair

29 August 2020

The Morrow Center

1180 Southlake Circle

Morrow, GA 30260

-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
Subject: [club_cafe] Folio Cash Hold

FYI - To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you. That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days. To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

--

Mark Eckman

Our members generally use bill pay to send in their payments which are due on the 20th of each month. Some members pay exactly on time, others are early and some are late. I use as the Valuation Date, whatever date their payment hits our Ameritrade account. There may be different ways to do it, but isn't this what Bivio recommends?

On Thu, Feb 13, 2020 at 12:22 AM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:

Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno

President

Georgia Chapter of BetterInvesting

6th Annual Investors Fair

29 August 2020

The Morrow Center

1180 Southlake Circle

Morrow, GA 30260

-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Wed, Feb 12, 2020 4:51 pm
Subject: Re: [club_cafe] Folio Cash Hold

So what's the turn around time on that process? Also, what date do you use to purchase units in the club?

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:

Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

It is not a perfect "fix" but it is a work around that works

Larry Reno

President

Georgia Chapter of BetterInvesting

6th Annual Investors Fair

29 August 2020

The Morrow Center

1180 Southlake Circle

Morrow, GA 30260

-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
Subject: [club_cafe] Folio Cash Hold

FYI - To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you. That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days. To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

--

Mark Eckman

Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno

President

Georgia Chapter of BetterInvesting

6th Annual Investors Fair

29 August 2020

The Morrow Center

1180 Southlake Circle

Morrow, GA 30260

On Feb 14, 2020, at 6:34 PM, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:

Buried in Cliff's reply is a very important distinction that may not be apparent to most. If you use an ACH transfer from your bank, there will be no hold, The hold applies to electronic bill pay. Most, if not all, banks allow you to request a direct ACH transfer, often for no charge, and certainly at no higher rate than you might be paying for electronic bill pay. If you don't know how your electronic transfers are being processed, ask your bank.

For instance, my bank gives me free ACH transfers, but if I want to wire a payment (through FedWire), it costs me $25. I'll leave it to someone else to tell me why I would ever want to use FedWire over the free ACH transfer.

Ira Smilovitz

On Fri, Feb 14, 2020 at 5:26 PM Cliff Trent via bivio.com <user*17397700001@bivio.com> wrote:

Hello Everyone,

When I noticed the initial posting regarding the hold on
funds for online bill pay, I reached out to Folio Investing
to find out any additional information.

Folio Investing did confirm that their policy has changed,
and there is now a hold on withdrawing electronic bill pay
funds for 120 days.  Their reason for this policy has
nothing to do with a float on funds because investment clubs
and any Folio account holder can use the funds immediately
for the purchase of securities.

Folio Investing has decided to put a hold on electronic bill
pay deposited funds for withdrawal only, and the reason
behind the decision is because online bill pay is an avenue
that is highly susceptible to fraudulent transactions. This
only applies to electronic bill pay funds deposits, not bill
pay for which the bank sends Folio a paper check.  There is
no withdrawal hold on funds for check deposits, ACH payments
from an individual's bank account into the investment
account, and wire transfers.  You can find instructions for
these methods of payment in the transfer money menu for your
club account.

If you would like to know how much cash is available for
withdrawal, you can find that amount on the withdrawal
section of the transfer money page for your club account.

Thanks,
Cliff