Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this? Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Peter Dunkelberger on
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get the name corrected so it matches your tax returns, your state registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this? Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Kay Branz on
Appreciate your helpful, quick input Peter. I figured others most likely experienced this insanity.
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get the name corrected so it matches your tax returns, your state registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this? Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Joe Farrell on
Thanks for the info, we don't convert until May, I will be watchful.
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get the name corrected so it matches your tax returns, your state registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this? Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Roman Geletkanycz on
We have had an investment club account with Schwab for over 20 years and their statements have referenced us as "a Partnership Investment Club" for many years. We have never had an issue with the IRS or our state and I assume this is simply an account designation like "IRA Rollover", "Roth Contributory IRA", "JT Tenants", etc. which is on other personal accounts I have with them.
I would get a clarification from your Schwab resource (every club should have one!)
Roman Geletkanycz
On Monday, January 29, 2024 at 11:18:16 PM EST, Joe Farrell via bivio.com <user*14102900001@bivio.com> wrote:
Thanks for the info, we don't convert until May, I will be watchful.
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get the name corrected so it matches your tax returns, your state registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this? Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Kolb, George on
We had the same issue when our account transitioned from TDA, and it resulted in Schwab not allowing us to link our external bank account for ACH transfers because the names didn't match (our bank account had no extraneous suffix, just
our legal name). After several calls (like others, we had plenty of other issues related to the transition), I was asked to upload a letter through their messaging system requesting a name change, and including supporting documentation. I had our original
IRS determination letter from 1996 when we applied for our tax id number, but I'm sure a copy of a tax return would probably work as well. That did the trick and we eventually got our bank account linked to our brokerage account. We still have "An Investment
Club" on the second line of statements/correspondence, which is fine. It's getting the first line to match the legal name of the entity - with no other wording - that's important. Good luck!
George Kolb
Blue Chips & Salsa
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of
Roman Geletkanycz via bivio.com Sent: Tuesday, January 30, 2024 12:00 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] How to Correct Club Name at Schwab?
[External Email]
We have had an investment club account with Schwab for over 20 years and their statements have referenced us as "a Partnership Investment Club" for many years. We have never
had an issue with the IRS or our state and I assume this is simply an account designation like "IRA Rollover", "Roth Contributory IRA", "JT Tenants", etc. which is on other personal accounts I have with them.
I would get a clarification from your Schwab resource
(every club should have one!)
Roman Geletkanycz
On Monday, January 29, 2024 at 11:18:16 PM EST, Joe Farrell via bivio.com <user*14102900001@bivio.com>
wrote:
Thanks for the info, we don't convert until May, I will be watchful.
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get the name corrected so it matches your tax returns, your state
registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this?
Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Kay Branz on
Thanks so much George. You described exactly the problem we are having...and you've provided a way to solve it. Much gratitude to you.
We had the same issue when our account transitioned from TDA, and it resulted in Schwab not allowing us to link our external bank account for ACH transfers because the names didn't match (our bank account had no extraneous suffix, just
our legal name). After several calls (like others, we had plenty of other issues related to the transition), I was asked to upload a letter through their messaging system requesting a name change, and including supporting documentation. I had our original
IRS determination letter from 1996 when we applied for our tax id number, but I'm sure a copy of a tax return would probably work as well. That did the trick and we eventually got our bank account linked to our brokerage account. We still have "An Investment
Club" on the second line of statements/correspondence, which is fine. It's getting the first line to match the legal name of the entity - with no other wording - that's important. Good luck!
We have had an investment club account with Schwab for over 20 years and their statements have referenced us as "a Partnership Investment Club" for many years. We have never
had an issue with the IRS or our state and I assume this is simply an account designation like "IRA Rollover", "Roth Contributory IRA", "JT Tenants", etc. which is on other personal accounts I have with them.
I would get a clarification from your Schwab resource
(every club should have one!)
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get the name corrected so it matches your tax returns, your state
registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this?
Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.
Kay Branz
Kolb, George on
Happy to help - good luck with it! Just don't count on it being a super quick process. We transitioned from TDA November 3rd, so I had been seeing all the horror stories on the Bivio threads for quite some time before then.
I began to understand the community's frustration during the ~6 weeks it took to get all the various issues resolved.
George
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of
Kay Branz via bivio.com Sent: Tuesday, January 30, 2024 7:05 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] How to Correct Club Name at Schwab?
[External Email]
Thanks so much George. You described exactly the problem we are having...and you've provided a way to solve it. Much gratitude to you.
We had the same issue when our account transitioned from TDA, and it resulted in Schwab not allowing us to link our external bank account for ACH transfers because the names didn't
match (our bank account had no extraneous suffix, just our legal name). After several calls (like others, we had plenty of other issues related to the transition), I was asked to upload a letter through their messaging system requesting a name change, and
including supporting documentation. I had our original IRS determination letter from 1996 when we applied for our tax id number, but I'm sure a copy of a tax return would probably work as well. That did the trick and we eventually got our bank account linked
to our brokerage account. We still have "An Investment Club" on the second line of statements/correspondence, which is fine. It's getting the first line to match the legal name of the entity - with no other wording - that's important. Good luck!
We have had an investment club account with Schwab for over 20 years and their statements have referenced us as
"a Partnership Investment Club" for many years. We have never had an issue with the IRS or our state and I assume this is simply an account designation like "IRA Rollover", "Roth Contributory IRA", "JT Tenants", etc. which is on other personal accounts I have
with them.
I would get a clarification from your Schwab resource
(every club should have one!)
Yes. We had the same problem. Call up Schwab and tell them whatever you need to tell them to get
the name corrected so it matches your tax returns, your state registration and your bank account. It is just craziness the liberties Schwab took with the names of investment clubs.
Hello,
We transitioned to Schwab from TDA in September and have come to learn that somehow our club name "Lakshmi Investors" has now officially become "Lakshmi Investors a Partnership Investment Club" at Schwab - no kidding!! Has any other club experienced this?
Any ideas who we go to in Schwab to get this corrected? All input greatly appreciated.