member payments with virtual meetings
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Our club will hold our next meeting using Skype. Does anyone have suggestions for how to handle member payments when doing virtual meetings? Should we suspend payments until we can meet in person? Should we collect "catch-up" payments when we resume in person meetings? Why not have each members deposit their check directly in the Brokerage account? Both of my Clubs do that and we use the cents to identify each partners deposit. For example my cents is $.08 so when I deposit $100 I deposit $100.08 so the Treasure knows it is my deposit. 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: Robert Hartranft via bivio.com <user*36291800001@bivio.com> To: club_cafe <club_cafe@bivio.com> Sent: Wed, Apr 8, 2020 3:21 pm Subject: [club_cafe] member payments with virtual meetings Our club will hold our next meeting using Skype. Does anyone have suggestions for how to handle member payments when doing virtual meetings? Should we suspend payments until we can meet in person? Should we collect "catch-up" payments when we resume in person meetings? Our club does the cents method. The alternative is to have everyone mail you their checks, you record them and then mail them to your broker.
If you use a cent identifier for each member, you can have each member mail checks directly to your account source. The cent identifier will let you know who sent in what? If you do not use the above method, have each member mail them to your treasurer to forward to the club account. I am having the members send their checks to my home and I send the checks to the address for TD Ameritrade for deposit. Your way is interesting, but I don't think our members will recall what cents to use from one meeting to the next. TDA offices are closed right now, but when they reopen the problem will go away. Besides, TD officers in Bethesda have the greatest coffee, so I don't mind going there. Peter Dunkelberger Summer Stock Selectors Investment Club
In my group, members are required to mail 12 checks to the treasurer at the beginning of the year. The treasurer deposits to a local bank one check/member each month. We have set up an automatic transfer to the broker. Because of the Covid-19 situation, some members have stopped working or have lost their job. We made the decision not to require members to contribute until the situation improves. About half of the members are still contributing.
On Wednesday, April 8, 2020, 03:26:24 PM EDT, Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Why not have each members deposit their check directly in the Brokerage account? Both of my Clubs do that and we use the cents to identify each partners deposit. For example my cents is $.08 so when I deposit $100 I deposit $100.08 so the Treasure knows it is my deposit. 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: Robert Hartranft via bivio.com <user*36291800001@bivio.com> To: club_cafe <club_cafe@bivio.com> Sent: Wed, Apr 8, 2020 3:21 pm Subject: [club_cafe] member payments with virtual meetings Our club will hold our next meeting using Skype. Does anyone have suggestions for how to handle member payments when doing virtual meetings? Should we suspend payments until we can meet in person? Should we collect "catch-up" payments when we resume in person meetings? our club has done virtual meetings since we started. due to our members are located all over. our club uses TD. each of our members has a individual TD account and then they do a electronic internal transfer from their personal account to the clubs. it has worked very well. We are using Zoom for our virtual meetings right now (password protected meeting invite) Some of our members sent checks to the treasurer, others used Venmo for electronic transfer. Venmo is fast and direct. Checks were deposited through mobile banking. Cecelia > On Apr 8, 2020, at 2:21 PM, Robert Hartranft via bivio.com <user*36291800001@bivio.com> wrote: > > Our club will hold our next meeting using Skype. Does anyone have suggestions for how to handle member payments when doing virtual meetings? Should we suspend payments until we can meet in person? Should we collect "catch-up" payments when we resume in person meetings? Just make sure everyone has the correct address and account number for your club. You wouldn't want it going into a different account. Kim Potter
On Wednesday, April 8, 2020, 05:22:31 PM EDT, Martin J. Eckerle via bivio.com <user*12801300001@bivio.com> wrote:
If you use a cent identifier for each member, you can have each member mail checks directly to your account source. The cent identifier will let you know who sent in what? If you do not use the above method, have each member mail them to your treasurer to forward to the club account. Try direct deposit for everyone. That way you don't have to collect and deposit checks every month. Give each member a number 01- 10 (number of members) and make a list of the numbers. They should add that number (as a $.01,$.02) to their check each month so the treasurer can identify everyone's check. Just have everyone write the club account number on the left bottom line and send it to the broker. We have done that for over 12 years. Our rules say it must be deposited by club meeting date. But you make your own rules. The treasurer has enough work without having to deposit payments. Phyllis Woodring Model Club of Northern Virginia Do what you can. Want what you have. Be who you are. On Apr 8, 2020, at 17:47, cecelia vanderlip via bivio.com <user*35786400001@bivio.com> wrote:
We use the cents identifier as well. No one has ever forgotten their number as it's their choice to begin with. Besides, the Financial Partner can always remind them, if needed. This month - for the first time ever - we simply used the TD Ameritrade phone app to make digital deposits. Each member used the Deposit Check feature. It instructs you to key in the amount, take photos of your check (front and back) which it then automatically captures, and hit Submit. Incredibly easy and much faster. We will never use snail mail again. V. Rabourn
On Wednesday, April 8, 2020, 04:01:25 PM PDT, Phyllis Woodring via bivio.com <user*29046000001@bivio.com> wrote:
Try direct deposit for everyone. That way you don't have to collect and deposit checks every month. Give each member a number 01- 10 (number of members) and make a list of the numbers. They should add that number (as a $.01,$.02) to their check each month so the treasurer can identify everyone's check. Just have everyone write the club account number on the left bottom line and send it to the broker. We have done that for over 12 years. Our rules say it must be deposited by club meeting date. But you make your own rules. The treasurer has enough work without having to deposit payments. Phyllis Woodring Model Club of Northern Virginia Do what you can. Want what you have. Be who you are. On Apr 8, 2020, at 17:47, cecelia vanderlip via bivio.com <user*35786400001@bivio.com> wrote:
Include the cents in the monthly minutes and you have it covered. Stay safe and wash your hands! 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: Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> To: club_cafe <club_cafe@bivio.com> Sent: Wed, Apr 8, 2020 5:26 pm Subject: Re: [club_cafe] member payments with virtual meetings I am having the members send their checks to my home and I send the checks to the address for TD Ameritrade for deposit. Your way is interesting, but I don't think our members will recall what cents to use from one meeting to the next. TDA offices are closed right now, but when they reopen the problem will go away. Besides, TD officers in Bethesda have the greatest coffee, so I don't mind going there.
Peter Dunkelberger
Summer Stock Selectors Investment Club
Or post a list of members and their cents in Bivio - encourages member use of the site and the club information it provides! Jeri Morgan Mutual Investors Group of Cheney (WA) From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Larry Reno via bivio.com Include the cents in the monthly minutes and you have it covered. Stay safe and wash your hands! 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----- I am having the members send their checks to my home and I send the checks to the address for TD Ameritrade for deposit. Your way is interesting, but I don't think our members will recall what cents to use from one meeting to the next. TDA offices are closed right now, but when they reopen the problem will go away. Besides, TD officers in Bethesda have the greatest coffee, so I don't mind going there. Peter Dunkelberger Summer Stock Selectors Investment Club On Wed, Apr 8, 2020 at 3:26 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
You could use zelle to transfer the money to Treasurer and then the treasurer can deposit to the brokerage account. The treasurer can then annotate or add every individual's contribution into Bivio. We had a very lively and enjoyable meeting via Zoom. It was a "real" meeting, with minutes and some trade orders voted on. Every member attended. I am away just now, staying in place in Florida. Some members had given me checks ahead of time since they knew I would be away for the April meeting. Others just mailed me a check or made their automatic payments via their banks. I batched the checks as usual and mailed them to our broker. No need to get investment club cash in the treasurer's private account. Peg Wentworth, WIN, Lancaster County, PA You could use zelle to transfer the money to Treasurer and |
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