Our club was moved from TDAmeritrade to Charles Schwab over
Memorial Day. Since then no trades we have made or deposits
we have made are showing up in bivio. Some I have put in
myself. I changed the brokers account to Charles Schwab in
bivio but it doesn't seem to be working.
Lynda J. Feit on
Hi Karen. Our club also transitioned to Schwab the same
date as yours. It's been a continuing mystery 'adventure'
for us as well. Since the transition, I've called and/or
had live Chats w/Schwab EVERY day - some days I contact them
more than once in a day. Our issues and progress continue
to be:
1. Member checks delayed, returned (uncashed) to Club
Address, or just
plain MIA. That said, this is because the first Schwab
person we
spoke with, told us to send mo member contributions to
the Club's new
Schwab bank account Nbr. When payments were not showing
up, I spoke
to a different Schwab person who said "Your Schwab bank
account is used
ONLY for outgoing funds, not incoming funds, so your
member's
checks will likely not be deposited, and their checks
returned uncashed."
That person instructed us to send mo contribution
checks to the Brokerage
account number (w/different address from checking
acct), and
checks should be made to JP Morgan/Charles Schwab.
Thus I informed
our members of this change, and we all tried again.
Since then, these
second attempts at paying have 'sometimes' (2 cases
only) managed to
get deposited into the Brokerage acct, after which I
got Schwab emails
telling me NOT to send checks made to JP Morgan/Charles
Schwab
(checks should only be made to Charles Schwab), but
they went ahead and
deposited the checks as a courtesy, but won't continue
to do so for
others. Thus, once again I had to advise our Members
of this, and yet
another round of member payments just began. By
calling Schwab
repeatedly, I have been able to get some, though vague,
information about
when returned uncashed checks will arrive. That said,
so far, none have
arrived.
2. Mystery Deposits - I have been able to see what I call
mystery deposits
into the Schwab account, under Transactions from day 1.
They are
deposited with no description, other than a reference
to being 'journaled
over.' Each time, I call or live Chat w/Schwab, and it
takes about 20 min
for a Schwab person to tell me what the money is - in
every case it's been
a Dividend payment from one of our stocks. They tell me
which company
sent it, but only if I specifically ask WHO sent it,
which sometimes results
in being put on hold a second time while they get that
answer.
Schwab advised that we will be in this situation for
about a month
before dividend payments will start to show up w/all
the necessary detail.
(I won't hold my breath.)
Thus, most of our members' contributions will not be
included in this month's Treasurer's report, nor will their
funds be available for trading.
And just to confuse things a bit more - today I saw a
deposit from one of our member's for a check that I was
previously told (by Schwab) would be returned, uncashed.
This is one of the 2 that Schwab decided to go ahead and
deposit into our account 'as a courtesy.' Our member wishes
she'd known that before she already initiated yet another
check for June!
Nightmare is the word that comes to mind. Thanks for this
opportunity to vent. I really do share your frustration,
but I think it's going to be a month or two before things
calm down, and begin to work properly. Until then I think
our only choice is to keep Schwab on speed-dial...
Lynda
TERIC
(Thursday Evening Research & Investment Club)
Ronald Close on
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won’t happen for another 2 to 3 months.I would appreciate any club’s experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
mjboyd on
Reposting some of our Fidelity experiences from prior posts.
Insights on Fidelity:
- We’re a partnership as a club and been with Fidelity since our inception in 2017.
- We do not use Bivio account sync. We found it easier to just manually input the investment transactions and was easier/cleaner to record member contributions manually (Sync brings them over individually). We average 5-10 transactions a month plus monthly member contributions. Total data entry is typically 5-10 mins / month (Bivio is easy!).
- The Fidelity mobile app can be used for all deposits and trade transactions.
- We have members provide paper checks and mobile deposit them. Electronic / bill pay / mailed-in deposits took longer to post to our account.
- 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.
Service is generally good - although most front line support staff do not know what investment clubs are and issues often need to get escalated to their backoffice team that can dig into their rules. (Pro tip: Ask for escalation to the backoffice team and ask for a case number). They do periodically change their rules on what paperwork is needed for certain asks. Major changes (officers, new authorized agents) require you to have all members sign off on their forms (They do accept electronic scanned forms). We pre-emptively ask now and open a case so we can get their rules answered before we start filling out paperwork. It helps if you are personally a Fidelity customer (and better if you have any higher preferred status with them - where your local Fidelity office rep can prioritize/escalate your request).
Michael Boyd
Salt Pond Investment Club
-----Original Message-----
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Ronald Close via bivio.com
Sent: Thursday, June 15, 2023 10:02 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Re: Information from Charles Schwab
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won’t happen for another 2 to 3 months.I would appreciate any club’s experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same date as
> yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or had live
> Chats w/Schwab EVERY day - some days I contact them more than once in
> a day. Our issues and progress continue to be:
>
> 1. Member checks delayed, returned (uncashed) to Club Address, or
> just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call mystery
> deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be included in this
> month's Treasurer's report, nor will their funds be available for
> trading.
>
> And just to confuse things a bit more - today I saw a deposit from one
> of our member's for a check that I was previously told (by Schwab)
> would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and deposit into
> our account 'as a courtesy.' Our member wishes she'd known that
> before she already initiated yet another check for June!
>
> Nightmare is the word that comes to mind. Thanks for this opportunity
> to vent. I really do share your frustration, but I think it's going
> to be a month or two before things calm down, and begin to work
> properly. Until then I think our only choice is to keep Schwab on
> speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
denny5648@aol.com on
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
Good luck.
Denyse
Profit Partners Investment Club
On Thursday, June 15, 2023 at 10:02:18 PM EDT, Ronald Close via bivio.com <user*25867400001@bivio.com> wrote:
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote: > > Hi Karen. Our club also transitioned to Schwab the same > date as yours. It's been a continuing mystery 'adventure' > for us as well. Since the transition, I've called and/or > had live Chats w/Schwab EVERY day - some days I contact them > more than once in a day. Our issues and progress continue > to be: > > 1. Member checks delayed, returned (uncashed) to Club > Address, or just > plain MIA. That said, this is because the first Schwab > person we > spoke with, told us to send mo member contributions to > the Club's new > Schwab bank account Nbr. When payments were not showing > up, I spoke > to a different Schwab person who said "Your Schwab bank > account is used > ONLY for outgoing funds, not incoming funds, so your > member's > checks will likely not be deposited, and their checks > returned uncashed." > > That person instructed us to send mo contribution > checks to the Brokerage > account number (w/different address from checking > acct), and > checks should be made to JP Morgan/Charles Schwab. > Thus I informed > our members of this change, and we all tried again. > Since then, these > second attempts at paying have 'sometimes' (2 cases > only) managed to > get deposited into the Brokerage acct, after which I > got Schwab emails > telling me NOT to send checks made to JP Morgan/Charles > Schwab > (checks should only be made to Charles Schwab), but > they went ahead and > deposited the checks as a courtesy, but won't continue > to do so for > others. Thus, once again I had to advise our Members > of this, and yet > another round of member payments just began. By > calling Schwab > repeatedly, I have been able to get some, though vague, > information about > when returned uncashed checks will arrive. That said, > so far, none have > arrived. > > 2. Mystery Deposits - I have been able to see what I call > mystery deposits > into the Schwab account, under Transactions from day 1. > They are > deposited with no description, other than a reference > to being 'journaled > over.' Each time, I call or live Chat w/Schwab, and it > takes about 20 min > for a Schwab person to tell me what the money is - in > every case it's been > a Dividend payment from one of our stocks. They tell me > which company > sent it, but only if I specifically ask WHO sent it, > which sometimes results > in being put on hold a second time while they get that > answer. > > Schwab advised that we will be in this situation for > about a month > before dividend payments will start to show up w/all > the necessary detail. > (I won't hold my breath.) > > Thus, most of our members' contributions will not be > included in this month's Treasurer's report, nor will their > funds be available for trading. > > And just to confuse things a bit more - today I saw a > deposit from one of our member's for a check that I was > previously told (by Schwab) would be returned, uncashed. > This is one of the 2 that Schwab decided to go ahead and > deposit into our account 'as a courtesy.' Our member wishes > she'd known that before she already initiated yet another > check for June! > > Nightmare is the word that comes to mind. Thanks for this > opportunity to vent. I really do share your frustration, > but I think it's going to be a month or two before things > calm down, and begin to work properly. Until then I think > our only choice is to keep Schwab on speed-dial... > > Lynda > TERIC > (Thursday Evening Research & Investment Club)
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of denny5648@aol.com via bivio.com <user*25018900001@bivio.com> Sent: Friday, June 16, 2023 6:49:52 AM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] Re: Information from Charles Schwab
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their
customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we
moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm
can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
Good luck.
Denyse
Profit Partners Investment Club
On Thursday, June 15, 2023 at 10:02:18 PM EDT, Ronald Close via bivio.com <user*25867400001@bivio.com> wrote:
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
Lucile Sorrells on
Watched the ICLUB webinar last night on switching accounts. We have not been switched to Schwab from TD yet, but from what I have been hearing it is a nightmare. The webinar also said Fidelity would not longer sync with ICLUB and I guess also with Bivio. ICLUB recommended Siebert. They took steps to show how to switch. My goodness it is quite complicated. Any input would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information from Charles Schwab
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their
customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we
moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm
can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
Lucile Sorrells on
One thing I forgot to mention Doug Gerlech (?) said Schwab would not open a new account unless it has $250,000 in it.
Watched the ICLUB webinar last night on switching accounts. We have not been switched to Schwab from TD yet, but from what I have been hearing it is a nightmare. The webinar also said Fidelity would not longer sync with ICLUB and I guess also with Bivio. ICLUB recommended Siebert. They took steps to show how to switch. My goodness it is quite complicated. Any input would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information from Charles Schwab
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their
customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we
moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm
can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
Watched the ICLUB webinar last night on switching accounts. We have not been switched to Schwab from TD yet, but from what I have been hearing it is a nightmare. The webinar also said Fidelity would not longer sync with ICLUB and I guess also with Bivio. ICLUB recommended Siebert. They took steps to show how to switch. My goodness it is quite complicated. Any input would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information from Charles Schwab
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their
customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we
moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm
can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
Carole Jansen on
Fidelity currently syncs with Bivio and I have not heard anything from either Bivio or Fidelity that this is changing.
Watched the ICLUB webinar last night on switching accounts. We have not been switched to Schwab from TD yet, but from what I have been hearing it is a nightmare. The webinar also said Fidelity would not longer sync with ICLUB and I guess also with Bivio. ICLUB recommended Siebert. They took steps to show how to switch. My goodness it is quite complicated. Any input would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information from Charles Schwab
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their
customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we
moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm
can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
Lee Weygandt on
E*Trade has none of these problems.
Members can directly deposit into the club account, Bivio
synchronizes properly and they will transfer stock to departing
members own E*Trade accounts.
Lee Weygandt
Market Miners Investment Club.
On 6/16/2023 10:03 AM, Carole Jansen
via bivio.com wrote:
Fidelity currently syncs with Bivio and I have
not heard anything from either Bivio or Fidelity that this is
changing.
Watched the ICLUB webinar last night on
switching accounts. We have not been switched to Schwab
from TD yet, but from what I have been hearing it is a
nightmare. The webinar also said Fidelity would not
longer sync with ICLUB and I guess also with Bivio. ICLUB
recommended Siebert. They took steps to show how to
switch. My goodness it is quite complicated. Any input
would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information
from Charles Schwab
Our club decided to switch to
Fidelity when we learned that Schwab would not
allow third party stock transfers when a
member made a withdrawal. Several of us had
personal experience with Fidelity and were
happy with their customer service. We switched
in mid-May and so far, all has gone well. We
have not made any member deposits yet.
We are getting cash transfers
into the Fidelity account that I know are
dividends but details are not provided. I
spoke to TD Ameritrade to get the information
I needed. I was told that if the ex-dividend
date was before we moved the account, the
dividend would still go to TDA. It is not
Fidelity's fault that they can not provide the
details. All they see is a cash transfer from
TDA. TDA is still mailing monthly statements
so I can verify everything in Bivio. While
neither firm can tell me just how long this
will continue, I would expect it won't be much
longer until all the dividends are going
directly to Fidelity.
With all the problems with
SCHWAB would it be advisable to switch to
Fidelity? I have been told our transition
to Schwab won't happen for another 2 to 3
months.I would appreciate any club's
experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda
J. Feit via bivio.com
<user*26876200001@bivio.com>
wrote:
>
> Hi Karen. Our club also
transitioned to Schwab the same
> date as yours. It's been a
continuing mystery 'adventure'
> for us as well. Since the
transition, I've called and/or
> had live Chats w/Schwab EVERY day -
some days I contact them
> more than once in a day. Our
issues and progress continue
> to be:
>
> 1. Member checks delayed, returned
(uncashed) to Club
> Address, or just
> plain MIA. That said, this is
because the first Schwab
> person we
> spoke with, told us to send mo
member contributions to
> the Club's new
> Schwab bank account Nbr. When
payments were not showing
> up, I spoke
> to a different Schwab person who
said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not
incoming funds, so your
> member's
> checks will likely not be
deposited, and their checks
> returned uncashed."
>
> That person instructed us to
send mo contribution
> checks to the Brokerage
> account number (w/different
address from checking
> acct), and
> checks should be made to JP
Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and
we all tried again.
> Since then, these
> second attempts at paying have
'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage
acct, after which I
> got Schwab emails
> telling me NOT to send checks
made to JP Morgan/Charles
> Schwab
> (checks should only be made to
Charles Schwab), but
> they went ahead and
> deposited the checks as a
courtesy, but won't continue
> to do so for
> others. Thus, once again I had
to advise our Members
> of this, and yet
> another round of member payments
just began. By
> calling Schwab
> repeatedly, I have been able to
get some, though vague,
> information about
> when returned uncashed checks
will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been
able to see what I call
> mystery deposits
> into the Schwab account, under
Transactions from day 1.
> They are
> deposited with no description,
other than a reference
> to being 'journaled
> over.' Each time, I call or
live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me
what the money is - in
> every case it's been
> a Dividend payment from one of
our stocks. They tell me
> which company
> sent it, but only if I
specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second
time while they get that
> answer.
>
> Schwab advised that we will be
in this situation for
> about a month
> before dividend payments will
start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members'
contributions will not be
> included in this month's
Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit
more - today I saw a
> deposit from one of our member's
for a check that I was
> previously told (by Schwab) would
be returned, uncashed.
> This is one of the 2 that Schwab
decided to go ahead and
> deposit into our account 'as a
courtesy.' Our member wishes
> she'd known that before she already
initiated yet another
> check for June!
>
> Nightmare is the word that comes to
mind. Thanks for this
> opportunity to vent. I really do
share your frustration,
> but I think it's going to be a
month or two before things
> calm down, and begin to work
properly. Until then I think
> our only choice is to keep Schwab
on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research &
Investment Club)
Lucile Sorrells on
You are the first to mention E trade, that is good to know.
Members can directly deposit into the club account, Bivio
synchronizes properly and they will transfer stock to departing
members own E*Trade accounts.
Lee Weygandt
Market Miners Investment Club.
On 6/16/2023 10:03 AM, Carole Jansen
via bivio.com wrote:
Fidelity currently syncs with Bivio and I have
not heard anything from either Bivio or Fidelity that this is
changing.
Watched the ICLUB webinar last night on
switching accounts. We have not been switched to Schwab
from TD yet, but from what I have been hearing it is a
nightmare. The webinar also said Fidelity would not
longer sync with ICLUB and I guess also with Bivio. ICLUB
recommended Siebert. They took steps to show how to
switch. My goodness it is quite complicated. Any input
would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information
from Charles Schwab
Our club decided to switch to
Fidelity when we learned that Schwab would not
allow third party stock transfers when a
member made a withdrawal. Several of us had
personal experience with Fidelity and were
happy with their customer service. We switched
in mid-May and so far, all has gone well. We
have not made any member deposits yet.
We are getting cash transfers
into the Fidelity account that I know are
dividends but details are not provided. I
spoke to TD Ameritrade to get the information
I needed. I was told that if the ex-dividend
date was before we moved the account, the
dividend would still go to TDA. It is not
Fidelity's fault that they can not provide the
details. All they see is a cash transfer from
TDA. TDA is still mailing monthly statements
so I can verify everything in Bivio. While
neither firm can tell me just how long this
will continue, I would expect it won't be much
longer until all the dividends are going
directly to Fidelity.
With all the problems with
SCHWAB would it be advisable to switch to
Fidelity? I have been told our transition
to Schwab won't happen for another 2 to 3
months.I would appreciate any club's
experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda
J. Feit via bivio.com
<user*26876200001@bivio.com>
wrote:
>
> Hi Karen. Our club also
transitioned to Schwab the same
> date as yours. It's been a
continuing mystery 'adventure'
> for us as well. Since the
transition, I've called and/or
> had live Chats w/Schwab EVERY day -
some days I contact them
> more than once in a day. Our
issues and progress continue
> to be:
>
> 1. Member checks delayed, returned
(uncashed) to Club
> Address, or just
> plain MIA. That said, this is
because the first Schwab
> person we
> spoke with, told us to send mo
member contributions to
> the Club's new
> Schwab bank account Nbr. When
payments were not showing
> up, I spoke
> to a different Schwab person who
said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not
incoming funds, so your
> member's
> checks will likely not be
deposited, and their checks
> returned uncashed."
>
> That person instructed us to
send mo contribution
> checks to the Brokerage
> account number (w/different
address from checking
> acct), and
> checks should be made to JP
Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and
we all tried again.
> Since then, these
> second attempts at paying have
'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage
acct, after which I
> got Schwab emails
> telling me NOT to send checks
made to JP Morgan/Charles
> Schwab
> (checks should only be made to
Charles Schwab), but
> they went ahead and
> deposited the checks as a
courtesy, but won't continue
> to do so for
> others. Thus, once again I had
to advise our Members
> of this, and yet
> another round of member payments
just began. By
> calling Schwab
> repeatedly, I have been able to
get some, though vague,
> information about
> when returned uncashed checks
will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been
able to see what I call
> mystery deposits
> into the Schwab account, under
Transactions from day 1.
> They are
> deposited with no description,
other than a reference
> to being 'journaled
> over.' Each time, I call or
live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me
what the money is - in
> every case it's been
> a Dividend payment from one of
our stocks. They tell me
> which company
> sent it, but only if I
specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second
time while they get that
> answer.
>
> Schwab advised that we will be
in this situation for
> about a month
> before dividend payments will
start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members'
contributions will not be
> included in this month's
Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit
more - today I saw a
> deposit from one of our member's
for a check that I was
> previously told (by Schwab) would
be returned, uncashed.
> This is one of the 2 that Schwab
decided to go ahead and
> deposit into our account 'as a
courtesy.' Our member wishes
> she'd known that before she already
initiated yet another
> check for June!
>
> Nightmare is the word that comes to
mind. Thanks for this
> opportunity to vent. I really do
share your frustration,
> but I think it's going to be a
month or two before things
> calm down, and begin to work
properly. Until then I think
> our only choice is to keep Schwab
on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research &
Investment Club)
Lynda Feit on
Hi Gene,
I can't speak to your question re: Fidelity; you might experience similar problems post-transition. But I can offer one 20/20 hindsight piece of advice...
If our club was not yet transitioned, I'd ask members (who could) to pay ahead either one or two month's of contributions. I offered that as an option prior to our transition, but only two members decided to do it that way - now they look like geniuses! In their cases, they have experienced zero transition problems, other than having to re-set-up their future auto payments twice. I've put their early $ in 'Suspense' using Bivio, and will unsuspend the $ at the appropriate time. This one move could save you and your members a lot of headaches!
Also, I really do think that the Schwab problems will get resolved in the next month or so. I'm told that no TDA employees have lost their jobs w/the transition, they are just all converted to being Schwab employees, so I have faith their very smart brains will prevail in time!
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close
In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote:
>
> Hi Karen. Our club also transitioned to Schwab the same
> date as yours. It's been a continuing mystery 'adventure'
> for us as well. Since the transition, I've called and/or
> had live Chats w/Schwab EVERY day - some days I contact them
> more than once in a day. Our issues and progress continue
> to be:
>
> 1. Member checks delayed, returned (uncashed) to Club
> Address, or just
> plain MIA. That said, this is because the first Schwab
> person we
> spoke with, told us to send mo member contributions to
> the Club's new
> Schwab bank account Nbr. When payments were not showing
> up, I spoke
> to a different Schwab person who said "Your Schwab bank
> account is used
> ONLY for outgoing funds, not incoming funds, so your
> member's
> checks will likely not be deposited, and their checks
> returned uncashed."
>
> That person instructed us to send mo contribution
> checks to the Brokerage
> account number (w/different address from checking
> acct), and
> checks should be made to JP Morgan/Charles Schwab.
> Thus I informed
> our members of this change, and we all tried again.
> Since then, these
> second attempts at paying have 'sometimes' (2 cases
> only) managed to
> get deposited into the Brokerage acct, after which I
> got Schwab emails
> telling me NOT to send checks made to JP Morgan/Charles
> Schwab
> (checks should only be made to Charles Schwab), but
> they went ahead and
> deposited the checks as a courtesy, but won't continue
> to do so for
> others. Thus, once again I had to advise our Members
> of this, and yet
> another round of member payments just began. By
> calling Schwab
> repeatedly, I have been able to get some, though vague,
> information about
> when returned uncashed checks will arrive. That said,
> so far, none have
> arrived.
>
> 2. Mystery Deposits - I have been able to see what I call
> mystery deposits
> into the Schwab account, under Transactions from day 1.
> They are
> deposited with no description, other than a reference
> to being 'journaled
> over.' Each time, I call or live Chat w/Schwab, and it
> takes about 20 min
> for a Schwab person to tell me what the money is - in
> every case it's been
> a Dividend payment from one of our stocks. They tell me
> which company
> sent it, but only if I specifically ask WHO sent it,
> which sometimes results
> in being put on hold a second time while they get that
> answer.
>
> Schwab advised that we will be in this situation for
> about a month
> before dividend payments will start to show up w/all
> the necessary detail.
> (I won't hold my breath.)
>
> Thus, most of our members' contributions will not be
> included in this month's Treasurer's report, nor will their
> funds be available for trading.
>
> And just to confuse things a bit more - today I saw a
> deposit from one of our member's for a check that I was
> previously told (by Schwab) would be returned, uncashed.
> This is one of the 2 that Schwab decided to go ahead and
> deposit into our account 'as a courtesy.' Our member wishes
> she'd known that before she already initiated yet another
> check for June!
>
> Nightmare is the word that comes to mind. Thanks for this
> opportunity to vent. I really do share your frustration,
> but I think it's going to be a month or two before things
> calm down, and begin to work properly. Until then I think
> our only choice is to keep Schwab on speed-dial...
>
> Lynda
> TERIC
> (Thursday Evening Research & Investment Club)
Amy - Personal on
Our small sister's investment club has switched from TD Ameritrade with few issues. We have automatic transfer from our personal accounts to Schwab investment group which happened for all but one and seem to have auto sync. Our club has less than $50,000 in it.
Amy Carlson
Its Relative Investment Club
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Carole Jansen via bivio.com Sent: Friday, June 16, 2023 7:03 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] Re: Information from Charles Schwab
Fidelity currently syncs with Bivio and I have not heard anything from either Bivio or Fidelity that this is changing.
Watched the ICLUB webinar last night on switching accounts. We have not been switched to Schwab from TD yet, but from what I have been hearing it is a nightmare. The webinar also said Fidelity would not longer sync with ICLUB and I guess also with Bivio. ICLUB recommended Siebert. They took steps to show how to switch. My goodness it is quite complicated. Any input would be greatly appreciated.
Subject: Re: [club_cafe] Re: Information from Charles Schwab
Our club decided to switch to Fidelity when we learned that Schwab would not allow third party stock transfers when a member made a withdrawal. Several of us had personal experience with Fidelity and were happy with their customer service. We switched in mid-May and so far, all has gone well. We have not made any member deposits yet.
We are getting cash transfers into the Fidelity account that I know are dividends but details are not provided. I spoke to TD Ameritrade to get the information I needed. I was told that if the ex-dividend date was before we moved the account, the dividend would still go to TDA. It is not Fidelity's fault that they can not provide the details. All they see is a cash transfer from TDA. TDA is still mailing monthly statements so I can verify everything in Bivio. While neither firm can tell me just how long this will continue, I would expect it won't be much longer until all the dividends are going directly to Fidelity.
With all the problems with SCHWAB would it be advisable to switch to Fidelity? I have been told our transition to Schwab won't happen for another 2 to 3 months.I would appreciate any club's experience with Fidelity.
Gene Close In Pursuit of Retirement
Sent from my iPhone
> On Jun 15, 2023, at 9:45 PM, Lynda J. Feit via bivio.com <user*26876200001@bivio.com> wrote: > > Hi Karen. Our club also transitioned to Schwab the same > date as yours. It's been a continuing mystery 'adventure' > for us as well. Since the transition, I've called and/or > had live Chats w/Schwab EVERY day - some days I contact them > more than once in a day. Our issues and progress continue > to be: > > 1. Member checks delayed, returned (uncashed) to Club > Address, or just > plain MIA. That said, this is because the first Schwab > person we > spoke with, told us to send mo member contributions to > the Club's new > Schwab bank account Nbr. When payments were not showing > up, I spoke > to a different Schwab person who said "Your Schwab bank > account is used > ONLY for outgoing funds, not incoming funds, so your > member's > checks will likely not be deposited, and their checks > returned uncashed." > > That person instructed us to send mo contribution > checks to the Brokerage > account number (w/different address from checking > acct), and > checks should be made to JP Morgan/Charles Schwab. > Thus I informed > our members of this change, and we all tried again. > Since then, these > second attempts at paying have 'sometimes' (2 cases > only) managed to > get deposited into the Brokerage acct, after which I > got Schwab emails > telling me NOT to send checks made to JP Morgan/Charles > Schwab > (checks should only be made to Charles Schwab), but > they went ahead and > deposited the checks as a courtesy, but won't continue > to do so for > others. Thus, once again I had to advise our Members > of this, and yet > another round of member payments just began. By > calling Schwab > repeatedly, I have been able to get some, though vague, > information about > when returned uncashed checks will arrive. That said, > so far, none have > arrived. > > 2. Mystery Deposits - I have been able to see what I call > mystery deposits > into the Schwab account, under Transactions from day 1. > They are > deposited with no description, other than a reference > to being 'journaled > over.' Each time, I call or live Chat w/Schwab, and it > takes about 20 min > for a Schwab person to tell me what the money is - in > every case it's been > a Dividend payment from one of our stocks. They tell me > which company > sent it, but only if I specifically ask WHO sent it, > which sometimes results > in being put on hold a second time while they get that > answer. > > Schwab advised that we will be in this situation for > about a month > before dividend payments will start to show up w/all > the necessary detail. > (I won't hold my breath.) > > Thus, most of our members' contributions will not be > included in this month's Treasurer's report, nor will their > funds be available for trading. > > And just to confuse things a bit more - today I saw a > deposit from one of our member's for a check that I was > previously told (by Schwab) would be returned, uncashed. > This is one of the 2 that Schwab decided to go ahead and > deposit into our account 'as a courtesy.' Our member wishes > she'd known that before she already initiated yet another > check for June! > > Nightmare is the word that comes to mind. Thanks for this > opportunity to vent. I really do share your frustration, > but I think it's going to be a month or two before things > calm down, and begin to work properly. Until then I think > our only choice is to keep Schwab on speed-dial... > > Lynda > TERIC > (Thursday Evening Research & Investment Club)
Lynda J. Feit on
Hi Denny,
What is a third party transfer? Is that a transfer to any
person or entity other than a Club member?