Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Roman Geletkanycz on
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Candy Clemmons on
I have not tried that, the other methods of trying to move money says we are not eligible because we are an investment group.
They no longer allow investment groups and have us only because we transferred from Ameritrade
On Tuesday, October 17, 2023, 12:54 PM, Roman Geletkanycz via bivio.com <user*33583000001@bivio.com> wrote:
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
DR CHISHOLM MD on
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
On 10/17/2023 4:33 PM EDT Candy Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
I have not tried that, the other methods of trying to move money says we are not eligible because we are an investment group.
They no longer allow investment groups and have us only because we transferred from Ameritrade
On Tuesday, October 17, 2023, 12:54 PM, Roman Geletkanycz via bivio.com <user*33583000001@bivio.com> wrote:
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Candy Clemmons on
No we do not have a bank account with Schwab
Candace Clemmons
treasurer
On Tuesday, October 17, 2023 at 02:47:19 PM PDT, DR CHISHOLM MD via bivio.com <user*29753200001@bivio.com> wrote:
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
On 10/17/2023 4:33 PM EDT Candy Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
I have not tried that, the other methods of trying to move money says we are not eligible because we are an investment group.
They no longer allow investment groups and have us only because we transferred from Ameritrade
On Tuesday, October 17, 2023, 12:54 PM, Roman Geletkanycz via bivio.com <user*33583000001@bivio.com> wrote:
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
Your club might be grandfathered with Schwab, but Schwab bank does not accept organizational accounts. That is investment clubs organized as partnerships cannot have a bank account with Schwab. That is what they have told me.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Lisa Robertson on
Investment Clubs aren't "organizations". They are partnerships. Schwab doesn't understand us at all, and I blame BetterInvesting for not getting out in front of this and working with Schwab before our accounts were transferred from TD Ameritrade. The exact same kind of accounts are being treated differently for no good reason. My two cents worth....
On 10/17/2023 5:04 PM PDT Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Your club might be grandfathered with Schwab, but Schwab bank does not accept organizational accounts. That is investment clubs organized as partnerships cannot have a bank account with Schwab. That is what they have told me.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
John W Ranby Trustee PGM Cariboo Trust on
You should be able to request a check from Schwab made
payable to whomever you want to pay drawn on the funds in
the cash portion of your brokerage account.
If that does not work, ask for a check made payable to the
name of the entity as owner of the brokerage account. Then
endorse the check on the back to the named payee you want to
pay.
Jack
Peter Dunkelberger on
"Organization "as applied by Schwab means any legally organized group that is not an individual. Some clubs might actually be LLCs. Schwab understands very well and has elected to limit what we can do. Why, I do not know, but one must dance to the tune that is played. I would seriously consider changing brokers. Schwab would probably thank us for doing so as I am sure that there are a lot of chat agents that are being asked these question and getting abused because of their answers!
Investment Clubs aren't "organizations". They are partnerships. Schwab doesn't understand us at all, and I blame BetterInvesting for not getting out in front of this and working with Schwab before our accounts were transferred from TD Ameritrade. The exact same kind of accounts are being treated differently for no good reason. My two cents worth....
Your club might be grandfathered with Schwab, but Schwab bank does not accept organizational accounts. That is investment clubs organized as partnerships cannot have a bank account with Schwab. That is what they have told me.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Lisa Robertson on
Somehow I find it hard to believe that Schwab doesn't have any accounts that are charities, foundations, or trusts. Aren't they "organizations" too?
On 10/17/2023 6:09 PM PDT Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
"Organization "as applied by Schwab means any legally organized group that is not an individual. Some clubs might actually be LLCs. Schwab understands very well and has elected to limit what we can do. Why, I do not know, but one must dance to the tune that is played. I would seriously consider changing brokers. Schwab would probably thank us for doing so as I am sure that there are a lot of chat agents that are being asked these question and getting abused because of their answers!
Investment Clubs aren't "organizations". They are partnerships. Schwab doesn't understand us at all, and I blame BetterInvesting for not getting out in front of this and working with Schwab before our accounts were transferred from TD Ameritrade. The exact same kind of accounts are being treated differently for no good reason. My two cents worth....
Your club might be grandfathered with Schwab, but Schwab bank does not accept organizational accounts. That is investment clubs organized as partnerships cannot have a bank account with Schwab. That is what they have told me.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
Schwab has told me that they will only write a check from the brokerage account of a partnership to the partnership. They will not write a check payable to a partner. Most banks will not accept "third party checks". Third party checks, which you are suggesting, are checks made out to one payee where that payee endorses the check to a third party.
Peter Dunkelberger
On Tue, Oct 17, 2023 at 9:02â¯PM John W Ranby Trustee PGM Cariboo Trust via bivio.com <user*15792700001@bivio.com> wrote:
You should be able to request a check from Schwab made
payable to whomever you want to pay drawn on the funds in
the cash portion of your brokerage account.
If that does not work, ask for a check made payable to the
name of the entity as owner of the brokerage account. Then
endorse the check on the back to the named payee you want to
pay.
Jack
bworst on
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Candy Clemmons via bivio.com Sent: Tuesday, October 17, 2023 6:33 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Schwab cash withdrawal
No we do not have a bank account with Schwab
Candace Clemmons
treasurer
On Tuesday, October 17, 2023 at 02:47:19 PM PDT, DR CHISHOLM MD via bivio.com <user*29753200001@bivio.com> wrote:
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
On Tuesday, October 17, 2023, 12:54 PM, Roman Geletkanycz via bivio.com <user*33583000001@bivio.com> wrote:
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
What is the name of your club and what is the legal structure? If the club operates with an individual account then what you did makes sense.
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash? What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Peter Dunkelberger on
All I can tell you is what they told me. Schwab Bank does not accept "organizational" accounts, and the only payee name that can appear on a check from a club (partnership) brokerage account is the club name.
"Organization "as applied by Schwab means any legally organized group that is not an individual. Some clubs might actually be LLCs. Schwab understands very well and has elected to limit what we can do. Why, I do not know, but one must dance to the tune that is played. I would seriously consider changing brokers. Schwab would probably thank us for doing so as I am sure that there are a lot of chat agents that are being asked these question and getting abused because of their answers!
Investment Clubs aren't "organizations". They are partnerships. Schwab doesn't understand us at all, and I blame BetterInvesting for not getting out in front of this and working with Schwab before our accounts were transferred from TD Ameritrade. The exact same kind of accounts are being treated differently for no good reason. My two cents worth....
Your club might be grandfathered with Schwab, but Schwab bank does not accept organizational accounts. That is investment clubs organized as partnerships cannot have a bank account with Schwab. That is what they have told me.
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks - one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account from the investment account at Schwab this way. I did it a few months ago.
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade
Bernard Worst on
Sorry, I neglected to identify our club and structure. We're Partners For Profit, a partnership registered in NJ and as a partnership with Schwab.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Bernard Worst via bivio.com <user*16855300001@bivio.com> Sent: Tuesday, October 17, 2023 9:29 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: RE: [club_cafe] Schwab cash withdrawal
Our club has the same experience that is smooth transfer from TDA, including our cash account (call it a bank account?) with check writing privileges. Schwab sent us a check book and we have successfully used it to pay our BIVIO fee.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Candy Clemmons via bivio.com Sent: Tuesday, October 17, 2023 6:33 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Schwab cash withdrawal
No we do not have a bank account with Schwab
Candace Clemmons
treasurer
On Tuesday, October 17, 2023 at 02:47:19 PM PDT, DR CHISHOLM MD via bivio.com <user*29753200001@bivio.com> wrote:
Do you have a bank account with Schwab? I would assume that would solve your problem. We had one with TDAmeritrade and Schwab sent us checks. We have written 2 checks
- one to pay a member cash we owed to them for their partial withdrawal and another to pay our Bivio bill. good lluck...Danice, co- treasurer of Serendipity club.
On Tuesday, October 17, 2023, 12:54 PM, Roman Geletkanycz via bivio.com <user*33583000001@bivio.com> wrote:
When you go into your investment account at Schwab, can you go to the "Move Money" tab and choose "Send a wire"? I have sent funds directly to a partner's bank account
from the investment account at Schwab this way. I did it a few months ago.
On Tuesday, October 17, 2023 at 03:34:05 PM EDT, Candace Clemmons via bivio.com <user*34661500001@bivio.com> wrote:
Our investment group was transferred from Ameritrade to Schwab. We have to pay a withdrawing member and sold the stock to pay her. We can not get the cash out of our
Schwab account. Does any one know how to get our cash out? They tell us we have to open a new brokerage account to access our cash?
What brokerage firm would be a better choice to be able to access our cash when we need it? We could easily access our cash with Ameritrade