Every thing with our Schwab move has gone well except
deposits. We applied for mobile deposit approval a couple
of months ago but we see that we are still awaiting
approval. We tried a mobile deposit anyway, but it would
not let us do it.
We also sent in a batch of checks and are approaching ten
days without them showing up in the account.
I am thinking they may not allow mobile deposts for a
partnership account. Anybody have insights or a comment
about this issue?



They do not allow the investment club to have mobile deposits in Atlanta.  But they also don't allow us to transfer stock to an exiting member; but maybe if they have a personal Schwab account.  Lucky I have 2 Schwab locations within 7 miles of my house; and I get a free coffee or drink when I'm there.

Virus-free.www.avg.com

On Tue, Oct 10, 2023 at 3:09 PM ANNE WEEKS via bivio.com <user*6029900001@bivio.com> wrote:

Every thing with our Schwab move has gone well except
deposits.  We applied for mobile deposit approval a couple
of months ago but we  see that we are still awaiting
approval.  We tried a mobile deposit anyway, but it would
not let us do it.
We also sent in a batch of checks and are approaching ten
days without them showing up in the account.
I am thinking they may not allow mobile deposts for a
partnership account.  Anybody have insights or a comment
about this issue?

--

Dan Cohn
404 862 5640

I went to the local Schwab office. They got the mobile deposit feature working for our partnership. The approval was done while we were on the phone. I had submitted the request about 3 weeks earlier and they were buried with new client paperwork. So a visit with your local office might help.

Randy Purvis

D & C Investment Club

Sent from my iPhone

On Oct 10, 2023, at 3:21 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:



They do not allow the investment club to have mobile deposits in Atlanta. But they also don't allow us to transfer stock to an exiting member; but maybe if they have a personal Schwab account. Lucky I have 2 Schwab locations within 7 miles of my house; and I get a free coffee or drink when I'm there.

Virus-free.www.avg.com

On Tue, Oct 10, 2023 at 3:09 PM ANNE WEEKS via bivio.com <user*6029900001@bivio.com> wrote:

Every thing with our Schwab move has gone well except
deposits. We applied for mobile deposit approval a couple
of months ago but we see that we are still awaiting
approval. We tried a mobile deposit anyway, but it would
not let us do it.
We also sent in a batch of checks and are approaching ten
days without them showing up in the account.
I am thinking they may not allow mobile deposts for a
partnership account. Anybody have insights or a comment
about this issue?

--

Dan Cohn
404 862 5640

Anne and Randy,

Where are you located?

thanks

Dan Cohn

NAMC #3 Investment Club

Virus-free.www.avg.com

On Tue, Oct 10, 2023 at 3:31 PM Randy Purvis via bivio.com <user*37247600001@bivio.com> wrote:

I went to the local Schwab office. They got the mobile deposit feature working for our partnership. The approval was done while we were on the phone. I had submitted the request about 3 weeks earlier and they were buried with new client paperwork. So a visit with your local office might help.

Randy Purvis

D & C Investment Club

Sent from my iPhone

On Oct 10, 2023, at 3:21 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:



They do not allow the investment club to have mobile deposits in Atlanta. But they also don't allow us to transfer stock to an exiting member; but maybe if they have a personal Schwab account. Lucky I have 2 Schwab locations within 7 miles of my house; and I get a free coffee or drink when I'm there.

Virus-free.www.avg.com

On Tue, Oct 10, 2023 at 3:09 PM ANNE WEEKS via bivio.com <user*6029900001@bivio.com> wrote:

Every thing with our Schwab move has gone well except
deposits. We applied for mobile deposit approval a couple
of months ago but we see that we are still awaiting
approval. We tried a mobile deposit anyway, but it would
not let us do it.
We also sent in a batch of checks and are approaching ten
days without them showing up in the account.
I am thinking they may not allow mobile deposts for a
partnership account. Anybody have insights or a comment
about this issue?

--

Dan Cohn
404 862 5640

--

Dan Cohn
404 862 5640

On Oct 10, 2023, at 3:55 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

Just so you know:

Schwab has a deposit form with which you can transmit deposits by mail. The treasurer gets the members' checks, endorses the check on the back as you suggest above (no need for the payer's signature on the back of the check), fill out the deposit document (just the check number and the amount), and mail it to wherever schwab tells you to mail it. I think it is easier for the treasurer to do the endorsement than each individual partner.

I would like to know if there is any TDA investment club, organized as a partnership, that has a bank account with Schwab. Schwab told me that their bank does not accept organizational accounts.

Peter Dunkelberger

On Tue, Oct 10, 2023 at 3:53 PM William Peterson via bivio.com <user*26072600001@bivio.com> wrote:

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

P.S. This is Peter Dunkelberger again. The easiest thing to do if you have a Schwab office near you, is to collect the checks, endorse them, again as you suggest except for the member signature on the back of the check, complete the deposit document, and take it to a Schwab office. They can transmit the deposit.

Peter Dunkelberger

On Tue, Oct 10, 2023 at 3:53 PM William Peterson via bivio.com <user*26072600001@bivio.com> wrote:

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

Re #4 making a list of checks

Our club has always taken checks from members. As Trearurer we photo copy the checks before submitting them. There have been times in 28 years that members questioned their check amount or thought they submitted one. The photo copy won.

Cindy Gerke

CRIG

On Tue, Oct 10, 2023, 4:03 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

Just so you know:

Schwab has a deposit form with which you can transmit deposits by mail. The treasurer gets the members' checks, endorses the check on the back as you suggest above (no need for the payer's signature on the back of the check), fill out the deposit document (just the check number and the amount), and mail it to wherever schwab tells you to mail it. I think it is easier for the treasurer to do the endorsement than each individual partner.

I would like to know if there is any TDA investment club, organized as a partnership, that has a bank account with Schwab. Schwab told me that their bank does not accept organizational accounts.

Peter Dunkelberger

On Tue, Oct 10, 2023 at 3:53 PM William Peterson via bivio.com <user*26072600001@bivio.com> wrote:

My club also was recently moved from TD Ameritrade to
Schwab, so we too are climbing the learning curve. As the
new Treasurer of my club, I need to know how to deposit
checks and, hopefully, how club members can send money
directly to the club's account. I therefore called Schwab's
Customer Support and inquired about these things. I then
tested what I was told about depositing checks by sending in
a personal check for $25.00. The deposit appeared in the
club's account about two weeks later. This is what you need
to do to send in checks:
1) Tell each club member to write the following on the back
of their check: "For deposit to Charles Schwab brokerage
account xxxx-xxxx." (Replace xxxx-xxxx with your club's
account number.)
2) Tell each club member to endorse (sign) the back of the
check.
3) Confirm that each check has been signed on the front by
the maker and that the required information and signature
appear on the back of the check.
4) Record the amount of each check and who wrote it.
5) Enter each check into Bivio.
6) If your club has a checkbook associated with its Schwab
account, fill out a deposit slip and include it with the
checks.
7) Double check everything!
8) Mail the checks to Charles Schwab & Co. Inc., El Paso
Operations Center, P.O. Box 982600, El Paso, TX 79998-2600.

It is likely that steps 1 and 2 may be exchanged (endorse
first, then add instructions), though I have not yet tested
this. Also, it wouldn't be a bad idea to write the account
number in the memo field on the front of each check.

Same same for our club.