Thanks for warning... Had you previously been with TDA?
Bob Ford
From my Kindle
On March 12, 2025, at 11:50 AM, "ira smilovitz via bivio.com" <user*2883400001@bivio.com> wrote:
I just tried to make a trade in our club's account (at Schwab) and received a message that the purchase order was blocked for this account. The account had sufficient purchasing power to make the trade. When I spoke with a representative, I was told that Schwab had made a corporate decision to close the account and would not allow any new positions to be opened. Apparently they mailed us a letter last week to that effect suggesting that we move elsewhere. I don't receive correspondence directly (part of our checks and balances routine) and I haven't been notified that it has arrived. This isn't a small account (it's well into 6-figure territory).
Consider this a warning for other investment clubs.
I just tried to make a trade in our club's account (at Schwab) and received a message that the purchase order was blocked for this account. The account had sufficient purchasing power to make the trade. When I spoke with a representative, I was told that Schwab had made a corporate decision to close the account and would not allow any new positions to be opened. Apparently they mailed us a letter last week to that effect suggesting that we move elsewhere. I don't receive correspondence directly (part of our checks and balances routine) and I haven't been notified that it has arrived. This isn't a small account (it's well into 6-figure territory).
Consider this a warning for other investment clubs.
Ira Smilovitz
Anat Benjamin on
What are the options for other Brokers that with synch with
Bivio?
Rebecca Kruse on
Here is a list of the current bivio AccountSync brokers:
I just tried to make a trade in our club's account (at Schwab) and received a message that the purchase order was blocked for this account. The account had sufficient purchasing power to make the trade. When
I spoke with a representative, I was told that Schwab had made a corporate decision to close the account and would not allow any new positions to be opened. Apparently they mailed us a letter last week to that effect suggesting that we move elsewhere. I don't
receive correspondence directly (part of our checks and balances routine) and I haven't been notified that it has arrived. This isn't a small account (it's well into 6-figure territory).
Consider this a warning for other investment clubs.
Ira Smilovitz
Lee Weygandt on
Schwab has made it very clear they don't want investment clubs. I
spoke to my Schwab rep today and she confirmed this.
Lee Weygandt
RIP: Market Miners Investment Club, 1996-2024
On 3/12/2025 4:57 PM, Tracy, Molly M
via bivio.com wrote:
We were a TDA account that was acquired by Schwab. We switched to
Fidelity and are much happier!
I
just tried to make a trade in our club's account (at
Schwab) and received a message that the purchase
order was blocked for this account. The account had
sufficient purchasing power to make the trade. When
I spoke with a representative, I was told that
Schwab had made a corporate decision to close the
account and would not allow any new positions to be
opened. Apparently they mailed us a letter last week
to that effect suggesting that we move elsewhere. I
don't receive correspondence directly (part of our
checks and balances routine) and I haven't been
notified that it has arrived. This isn't a small
account (it's well into 6-figure territory).
Consider
this a warning for other investment clubs.
What are the options for other Brokers that with synch with
Bivio?
Steve Macdougall on
We are with E*Trade and have been with them for many years. They sync well with Bivio and they have been easy to work with. We haven't had any issues transferring stocks to withdrawing members. However, they are now E*Trade/Morgan Stanley and we haven't done any withdrawals since the merger, so I'm not sure if anything has changed. It's worth giving them a look at if your club is with Schwab or any other broker that is difficult for your club to deal with.
Linda M.
Tacoma Oddlot Ladies
In a message dated 3/12/2025 2:40:48 PM Pacific Daylight Time, user*8441200001@bivio.com writes: