I just completed an analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that I
contact E*Trade to determine why the lag in the time between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very fraught
action with multiple leadership and individual concerns. It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to be
longer than in the past for physical checks.
I recommended to my members that they initiate an Automated
Clearing House (ACH) transaction for deposits. Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will assist
partners with establishing ACH transactions or the treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of the
"check collection duty" in 2012 has made this treasurer's
life much easier.
Rich Hill on
We are not seeing any delays with Ameritrade. About half of our members use their bank's bill pay, and the rest mail their check to the treasurer (me), where they are deposited electronically using the Ameritrade app.
I just completed an analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that I
contact E*Trade to determine why the lag in the time between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very fraught
action with multiple leadership and individual concerns. It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to be
longer than in the past for physical checks.
I recommended to my members that they initiate an Automated
Clearing House (ACH) transaction for deposits. Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will assist
partners with establishing ACH transactions or the treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of the
"check collection duty" in 2012 has made this treasurer's
life much easier.
Linda Glein on
Our club saw exactly the same thing, Irina. Five checks (bill pay) were delayed three weeks at least. Our brokerage is TD Ameritrade. The local office, where the checks were mailed, was closed. The checks were not processed.
As soon as they re-open I intended to contact them and express my displeasure.
As an option, we can change our mailing address to the national office. I'm not at all sure why the default was to the local office, but that's what was set up by five different partners. The other option is an automatic recurring ACH transfer.
We are not seeing any delays with Ameritrade. About half of our members use their bank's bill pay, and the rest mail their check to the treasurer (me), where they are deposited electronically using the Ameritrade app.
I just completed an analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that I
contact E*Trade to determine why the lag in the time between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very fraught
action with multiple leadership and individual concerns. It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to be
longer than in the past for physical checks.
I recommended to my members that they initiate an Automated
Clearing House (ACH) transaction for deposits. Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will assist
partners with establishing ACH transactions or the treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of the
"check collection duty" in 2012 has made this treasurer's
life much easier.
Genie Shoffey - GC Labels on
I always collect, copy and
mail to TD office in Omaha. They get them posted very quickly.
You write the club's acct number on the memo line. I include an
enclosure note just to be sure they have all the info.
TD AMERITRADE
PO BOX 2229
OMAHA, NE 68103-2229
On 6/8/2020 12:03 AM, Linda Glein via
bivio.com wrote:
Our club saw
exactly the same thing, Irina. Five checks (bill pay) were
delayed three weeks at least. Our brokerage is TD Ameritrade.
The local office, where the checks were mailed, was closed.
The checks were not processed.
As soon as
they re-open I intended to contact them and express my
displeasure.
As an option,
we can change our mailing address to the national office. I'm
not at all sure why the default was to the local office, but
that's what was set up by five different partners. The other
option is an automatic recurring ACH transfer.
We are not seeing any delays with Ameritrade.
About half of our members use their bank's bill pay, and the
rest mail their check to the treasurer (me), where they are
deposited electronically using the Ameritrade app.
I just completed an
analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that
I
contact E*Trade to determine why the lag in the time
between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill
Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and
four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in
correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very
fraught
action with multiple leadership and individual concerns.
It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to
be
longer than in the past for physical checks.
I recommended to my members that they initiate an
Automated
Clearing House (ACH) transaction for deposits.
Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will
assist
partners with establishing ACH transactions or the
treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of
the
"check collection duty" in 2012 has made this treasurer's
life much easier.
Peter Dunkelberger on
I pick up the checks at a quarterly meeting and take them to the local TDA office. They have great coffee and it just takes a few minutes to get the checks deposited. I did mail them in April because the office was closed due to coronavirus. I do not recall how long it took, but there was no exceptional delay.
I always collect, copy and
mail to TD office in Omaha. They get them posted very quickly.
You write the club's acct number on the memo line. I include an
enclosure note just to be sure they have all the info.
TD AMERITRADE
PO BOX 2229
OMAHA, NE 68103-2229
On 6/8/2020 12:03 AM, Linda Glein via
bivio.com wrote:
Our club saw
exactly the same thing, Irina. Five checks (bill pay) were
delayed three weeks at least. Our brokerage is TD Ameritrade.
The local office, where the checks were mailed, was closed.
The checks were not processed.
As soon as
they re-open I intended to contact them and express my
displeasure.
As an option,
we can change our mailing address to the national office. I'm
not at all sure why the default was to the local office, but
that's what was set up by five different partners. The other
option is an automatic recurring ACH transfer.
We are not seeing any delays with Ameritrade.
About half of our members use their bank's bill pay, and the
rest mail their check to the treasurer (me), where they are
deposited electronically using the Ameritrade app.
I just completed an
analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that
I
contact E*Trade to determine why the lag in the time
between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill
Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and
four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in
correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very
fraught
action with multiple leadership and individual concerns.
It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to
be
longer than in the past for physical checks.
I recommended to my members that they initiate an
Automated
Clearing House (ACH) transaction for deposits.
Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will
assist
partners with establishing ACH transactions or the
treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of
the
"check collection duty" in 2012 has made this treasurer's
life much easier.
Margaret Wentworth on
We have had no delays with ACH to T D Ameritrade. We mail checks to Omaha and these have been processed in four or five days from the time mailed. Either method of payment works same as prior to Covid-19.
I always collect, copy and
mail to TD office in Omaha. They get them posted very quickly.
You write the club's acct number on the memo line. I include an
enclosure note just to be sure they have all the info.
TD AMERITRADE
PO BOX 2229
OMAHA, NE 68103-2229
On 6/8/2020 12:03 AM, Linda Glein via
bivio.com wrote:
Our club saw
exactly the same thing, Irina. Five checks (bill pay) were
delayed three weeks at least. Our brokerage is TD Ameritrade.
The local office, where the checks were mailed, was closed.
The checks were not processed.
As soon as
they re-open I intended to contact them and express my
displeasure.
As an option,
we can change our mailing address to the national office. I'm
not at all sure why the default was to the local office, but
that's what was set up by five different partners. The other
option is an automatic recurring ACH transfer.
We are not seeing any delays with Ameritrade.
About half of our members use their bank's bill pay, and the
rest mail their check to the treasurer (me), where they are
deposited electronically using the Ameritrade app.
I just completed an
analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that
I
contact E*Trade to determine why the lag in the time
between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill
Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and
four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in
correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very
fraught
action with multiple leadership and individual concerns.
It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to
be
longer than in the past for physical checks.
I recommended to my members that they initiate an
Automated
Clearing House (ACH) transaction for deposits.
Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will
assist
partners with establishing ACH transactions or the
treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of
the
"check collection duty" in 2012 has made this treasurer's
life much easier.
V Johnson on
Ameritrade limits the number of ACH connections to 5, so most of our members use bill pay which takes longer due to the fact that checks are mailed. With ACH, there's no need to mail a check.
We have had no delays with ACH to T D Ameritrade. We mail checks to Omaha and these have been processed in four or five days from the time mailed. Either method of payment works same as prior to Covid-19.
I always collect, copy and
mail to TD office in Omaha. They get them posted very quickly.
You write the club's acct number on the memo line. I include an
enclosure note just to be sure they have all the info.
TD AMERITRADE
PO BOX 2229
OMAHA, NE 68103-2229
On 6/8/2020 12:03 AM, Linda Glein via
bivio.com wrote:
Our club saw
exactly the same thing, Irina. Five checks (bill pay) were
delayed three weeks at least. Our brokerage is TD Ameritrade.
The local office, where the checks were mailed, was closed.
The checks were not processed.
As soon as
they re-open I intended to contact them and express my
displeasure.
As an option,
we can change our mailing address to the national office. I'm
not at all sure why the default was to the local office, but
that's what was set up by five different partners. The other
option is an automatic recurring ACH transfer.
We are not seeing any delays with Ameritrade.
About half of our members use their bank's bill pay, and the
rest mail their check to the treasurer (me), where they are
deposited electronically using the Ameritrade app.
I just completed an
analysis of partner bank debit date and
E*Trade deposit date. Given that I think the findings
significant, I thought I would share.
This analysis was in response to a partner's request that
I
contact E*Trade to determine why the lag in the time
between
his bank's debit of the funds for the bill pay, and
E*Trade's posting of the identical deposit amount to the
club account. [Normally our club is quite happy with
E*Trade, having used them for over a decade.]
I downloaded all 2020 transactions and filtered deposits.
The club has members who mail checks, utilize bank Bill
Pay
to send checks and enable Automated Clearing House (ACH)
transactions.
There were significant time lags for the members who use
physical checks or Bill Pay, (three weeks in April, and
four
weeks in May), between the dates of their bank's deposit
withdrawal, and E*Trade's deposit receipt into the club
account.
The address of the office where E*Trade receives and
processes the physical checks is in New Jersey. The New
Jersey Governor issued a "Remain Home" directive on March
21, 2020. I believe this order is the reason for the long
lag times for both April and May.
I work for a Federal Agency which has multiple service
centers in several states to process mail in
correspondence.
While our Agency is only starting to send in personnel to
three of the centers, reopening in person is a very
fraught
action with multiple leadership and individual concerns.
It
will likely take a long time to get to the "new normal" in
all mail rooms. Deposit processing times may continue to
be
longer than in the past for physical checks.
I recommended to my members that they initiate an
Automated
Clearing House (ACH) transaction for deposits.
Coordinating
Bill Pay is not an ACH. The member's bank is sending a
substitute check, instead of an ACH transaction, which
appears to put the check in the "physical" check pile with
mailed checks.
There is likely online banking information which will
assist
partners with establishing ACH transactions or the
treasurer
can assist individual members.
Irina Clements
Treasurer, Streetbeaters Investment Club
PS Our club has directed partners to mail in or transfer
their deposits to our broker since 2012. Getting out of
the
"check collection duty" in 2012 has made this treasurer's
life much easier.