As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
John Rice on
It looks like that is something we will have to consider. Our problem is that when we started our club we went to a local bank and they wanted every partner to be at the bank when we opened the bank account. That is not possible.
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Daniel Williams on
Pam,
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
On Thursday, January 14, 2021, 11:36:29 AM CST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Pam Cler on
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Stuart Weissman on
Has anyone used AZLO (a division of BBVA) to replace their Brick & Mortar bank for their General Partnership? Our club is in its third free business checking account now that has decided to no longer be free. I have an account with them for my LLC and they have been absolutely amazing and effortless. I asked our treasurer to check AZLO out, but was curious if any other clubs use them. FYI, we are in TDAmeritrade and did ask if we could get checks to use for our club account and they gave us a mostly not really answer.
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
craigmc55 on
Our club opened an checking and saving (0 balance) at Boeing Employee's Credit Union (BECU). Free for anyone to join. Members is deposited into the checking account and funds electronically transferred to TD Ameritrade. We keep a reserve at BECU to pay for expense and use the debit card for almost everything. If a check is needed which is rare, we have the bank send the check through the mail and as such, don't need a booklet of checks. Each person on the BECU account has separate login IDs and their own debit card for traceability.
It is a little more work for the treasurer as you have to keep track of a 2nd account but works well for us.
Craig
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Pam Cler via bivio.com Sent: Thursday, January 14, 2021 9:57 AM To: The Club Cafe <club_cafe@bivio.com> Subject: Re: [club_cafe] Change of Broker & Local Bank Account
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Jules Kouatchou on
All,
My club has an online account with Capital One (no fee). Each member sends 12 checks at the beginning of the year. Each month, the Treasurer electronically deposits the monthly contributions and make the electronic transfer to our brokerage.
All our transactions are electronic (transfers, payments, deposit). Only our Treasurer and Secretary have access to the two accounts (Capital One and Brokerage).
Cheers,
Jules
On Thursday, January 14, 2021, 12:57:47 PM EST, Pam Cler via bivio.com <user*28009700001@bivio.com> wrote:
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Norman Gee on
We also have accounts at TDAmeritade. We didn't ask for permission, but we just used their website for the checks slightly over a year ago.
My club has an online account with Capital One (no fee). Each member sends 12 checks at the beginning of the year. Each month, the Treasurer electronically deposits the monthly contributions and make the electronic transfer to our brokerage.
All our transactions are electronic (transfers, payments, deposit). Only our Treasurer and Secretary have access to the two accounts (Capital One and Brokerage).
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Paul Madison on
I had not heard of AZLO but when I went to check out their website, I noticed a warning at the top of the page "AZLO is no longer accepting new applications." When you click on that notice you find out that they are actually closing the business.
Has anyone used AZLO (a division of BBVA) to replace their Brick & Mortar bank for their General Partnership? Our club is in its third free business checking account now that has decided to no longer be free. I have an account with them for my LLC and they have been absolutely amazing and effortless. I asked our treasurer to check AZLO out, but was curious if any other clubs use them. FYI, we are in TDAmeritrade and did ask if we could get checks to use for our club account and they gave us a mostly not really answer.
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Paul Madison via bivio.com Sent: Thursday, January 14, 2021 1:25 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Change of Broker & Local Bank Account
I had not heard of AZLO but when I went to check out their website, I noticed a warning at the top of the page "AZLO is no longer accepting new applications." When you click on that notice you find out that they are actually closing the business.
Has anyone used AZLO (a division of BBVA) to replace their Brick & Mortar bank for their General Partnership? Our club is in its third free business checking account now that has decided to no longer be free. I have an account with them for my LLC and they have been absolutely amazing and effortless. I asked our treasurer to check AZLO out, but was curious if any other clubs use them. FYI, we are in TDAmeritrade and did ask if we could get checks to use for our club account and they gave us a mostly not really answer.
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
I had not heard of AZLO but when I went to check out their website, I noticed a warning at the top of the page "AZLO is no longer accepting new applications." When you click on that notice you find out that they are actually closing the business.
Has anyone used AZLO (a division of BBVA) to replace their Brick & Mortar bank for their General Partnership? Our club is in its third free business checking account now that has decided to no longer be free. I have an account with them for my LLC and they have been absolutely amazing and effortless. I asked our treasurer to check AZLO out, but was curious if any other clubs use them. FYI, we are in TDAmeritrade and did ask if we could get checks to use for our club account and they gave us a mostly not really answer.
I was able to set up a free checking account at my local bank. It is categorized as a "Small Business" account....no fuss, no frills, no interest. They required a copy of our PA and we just have to provide one more document to show that the two of us authorized to sign on the account have been voted on by 2/3 of our partners. I will say it was much easier to set up than a new broker account!!
When we were contemplating a local bank account, they all wanted to put us in expensive ($160-$200 annually) business accounts. Did you just open up one for an individual are did you find a reasonable business account?
As a result of Folio ousting investment clubs, we have had to find a new broker at year end and in a pandemic. Our club has also made the decision to open a local bank account for members will set up their recurring deposits. The funds will then be transferred every month to our brokerage account. In the event of any future broker changes, nothing will have to change to their deposit method. Our intent is the local account will be used only for receiving/transferring funds.
Pam Cler
Making Money in the Market Investment Club
Lee Weygandt on
We have a free business account at a local
bank. We can take local deposits and electronically forward the
money to E*Trade but most of our members just have an auto
draft sent directly to E*Trade. Bivio automatically sync's
anything that hits the E*Trade account. This is very simple
for the treasurer. (me)
Lee Weygandt, treasurer
Market Miners Investment Club
On 1/14/2021 12:44 PM, Daniel Williams
via bivio.com wrote:
Pam,
When we were contemplating a
local bank account, they all wanted to put us in expensive
($160-$200 annually) business accounts. Did you just open up
one for an individual are did you find a reasonable business
account?
As
a result of Folio ousting investment clubs, we have
had to find a new broker at year end and in a
pandemic. Our club has also made the decision to open
a local bank account for members will set up their
recurring deposits. The funds will then be
transferred every month to our brokerage account. In
the event of any future broker changes, nothing will
have to change to their deposit method. Our intent is
the local account will be used only for
receiving/transferring funds.
Pam Cler
Making Money
in the Market Investment Club
DrDave on
We've been using ETrade for our club account for 6 years.
As an official investment club account (general partnership, as recommended by Bivio), with check writing on the brokerage account.
I use their online bill pay & it works. No fees for anything. Tech support is great, if/when you need it.
No minimum balance requirements. Trades are either free or just a couple of pennies for mutual funds.
No problems. Etrade has been great and syncs to Bivo, no problem there either.
Don't know what the future holds of course. Like TDA, Etrade was recently bought by a bigger bank.
We have a free business account at a local
bank. We can take local deposits and electronically forward the
money to E*Trade but most of our members just have an auto
draft sent directly to E*Trade. Bivio automatically sync's
anything that hits the E*Trade account. This is very simple
for the treasurer. (me)
Lee Weygandt, treasurer
Market Miners Investment Club
On 1/14/2021 12:44 PM, Daniel Williams
via bivio.com wrote:
Pam,
When we were contemplating a
local bank account, they all wanted to put us in expensive
($160-$200 annually) business accounts. Did you just open up
one for an individual are did you find a reasonable business
account?
As
a result of Folio ousting investment clubs, we have
had to find a new broker at year end and in a
pandemic. Our club has also made the decision to open
a local bank account for members will set up their
recurring deposits. The funds will then be
transferred every month to our brokerage account. In
the event of any future broker changes, nothing will
have to change to their deposit method. Our intent is
the local account will be used only for
receiving/transferring funds.
Pam Cler
Making Money
in the Market Investment Club
Robert Mann on
For anyone who has TDAmeritrade as their broker, are you
able to electronically transfer funds each month to your
account? Their 'deposit slip' form presumes one is mailing
them funds.
Bob
Lunch Money Investment Club
M. D. on
Yes, that is how we send funds to them.
Margaret
On Thursday, February 25, 2021, 12:32:28 PM EST, Robert Mann via bivio.com <user*12614800001@bivio.com> wrote:
For anyone who has TDAmeritrade as their broker, are you able to electronically transfer funds each month to your account? Their 'deposit slip' form presumes one is mailing them funds.