Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Ira Haas on
You can order checks either single or 2 signatures.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Jeff Rauch on
Our club has a cash account with our broker (Schwab), which we write checks from to pay club expenses (such as member withdrawals).
Jeff Rauch, Treasurer SCS Investment Club
Sent from my iPhone
> On Jun 13, 2021, at 1:44 PM, MiEsha Buckner via bivio.com <user*38844400001@bivio.com> wrote:
>
> Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
>
>
> MiEsha Buckner
> Philly Mint Stock Club
Roman Geletkanycz on
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Roman Geletkanycz
Newfane Investment Partners
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of
Ira Haas via bivio.com Sent: Sunday, June 13, 2021 1:47 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] cash withdrawal of member from Fidelity brokerage
You can order checks either single or 2 signatures.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Peter Dunkelberger on
@Roman Geletkanycz--Does Fidelity charge the club anything for those services?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Roman Geletkanycz on
No fees have ever been paid for this.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of
Peter Dunkelberger via bivio.com Sent: Sunday, June 13, 2021 3:21 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] cash withdrawal of member from Fidelity brokerage
@Roman Geletkanycz--Does Fidelity charge the club anything for those services?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member
in the amount they are due. Your Partnership Agreement should define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Peter Dunkelberger on
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member
in the amount they are due. Your Partnership Agreement should define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Roman Geletkanycz on
No problem with Fidelity on our end. It helps with a good representative on the account and a member who has been a long term customer.
I often get the second question and it helps with Roman as a first name😉. It is Gel - et - kan - itch. The "ycz" throws everyone off!
Roman
Sent from my iPhone
On Jun 13, 2021, at 4:54 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Minh Le on
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
Sorry you experienced so much problems.
Minh T. Le
On Jun 13, 2021, at 2:05 PM, Roman Geletkanycz via bivio.com <user*17361700001@bivio.com> wrote:
No problem with Fidelity on our end. It helps with a good representative on the account and a member who has been a long term customer.
I often get the second question and it helps with Roman as a first name😉. It is Gel - et - kan - itch. The "ycz" throws everyone off!
Roman
Sent from my iPhone
On Jun 13, 2021, at 4:54 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Peter Dunkelberger on
@Minh Le--Yes, we could do that, but we found the paperwork daunting in that everyone in the partnership had to sign.
Too much trouble. Pay the $5 per check and no worries. We might write 3-4 checks in a year.
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Laurie Frederiksen on
I got checks earlier this year and only the authorized representative on the TDAmeritrade account needed to sign the request.
Laurie Frederiksen Invest with your friends! www.bivio.com
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Dan Harter on
I just did the same with Fidelity and they also only required the authorized representative's signature. They sent us a book of checks for free.
Dan Harter
727-871-0654
On Mon, Jun 14, 2021 at 10:52 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
I got checks earlier this year and only the authorized representative on the TDAmeritrade account needed to sign the request.
Laurie Frederiksen Invest with your friends! www.bivio.com
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Peter Dunkelberger on
@Laurie Frederiksen: Interesting. When we approached TDA, they wanted everyone to sign. Was your organization a partnership?
Peter Dunkelberger
On Mon, Jun 14, 2021 at 10:52 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
I got checks earlier this year and only the authorized representative on the TDAmeritrade account needed to sign the request.
Laurie Frederiksen Invest with your friends! www.bivio.com
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
Laurie Frederiksen on
Yes it was.
Laurie Frederiksen Invest with your friends! www.bivio.com
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has
been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should
define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.
MiEsha Buckner
Philly Mint Stock Club
MJ Boyd on
Insights on Fidelity:
We're a partnership as a club (major changes do need everyone to sign - like changing account rights or authorized signatories). Checks are written against our cash position. We chose to have two signers - but you can have just one. No extra fees of any kind.
+1 on Roman G's comment - Fidelity service is much better if you have a higher customer profile with them (general calls to main service desk take forever - calling a named rep at our local office to help facilitate issues gets things done faster).
As for the original question - Cashing out members from Fidelity: We run the Bivio member withdrawl report and write them a check for their amount. We typically also provide a PDF copy of any major reports (tax gain, member history, etc) to provide as part of their "withdrawl packet". We also set the expectation that the formal K-1 will come next March and totals may be slightly different for any final tax or accounting adjustments.
Michael Boyd, Treasurer Salt Pond Investment Club
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Monday, June 14, 2021 11:09 AM To: The Club Cafe <club_cafe@bivio.com> Subject: Re: [club_cafe] cash withdrawal of member from Fidelity brokerage
Yes it was.
Laurie Frederiksen Invest with your friends! www.bivio.com
We can write checks against our brokerage account at TD. It is zero cost. They even send a box of blank checks for free. Check that out. Fidelity should have that too.
@Roman Geletkanycz--That is great. TD Ameritrade charges $5 for a check and another $5 if the check is mailed to somewhere other than the club address. It seems like a lot has been said here about problems with Fidelity. I don't recall what they were, but has your club had any bad experiences with Fidelity?
Second question, partially in jest--how does one pronounce your last name?
We do not have any checks for our club. Just have the authorized representative on the Fidelity account request a Fidelity check or do a wire transfer to the withdrawing member in the amount they are due. Your Partnership Agreement should define the amount and when the distribution is to be made. Fidelity should do the distribution per your request.
Any suggestions on how to cash out a member with Fidelity? Fidelity gives us different answers every time we call. We have enough cash to pay the member without selling stocks.