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Schwab closing investment club accounts!?!

Ira,

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.

Ira Smilovitz
Yes, we were a TDA account.

Ira Smilovitz

On Wed, Mar 12, 2025 at 2:22 PM Bob Ford via bivio.com <user*14310900001@bivio.com> wrote:

Ira,

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.

Ira Smilovitz
What are the options for other Brokers that with synch with
Bivio?
Here is a list of the current bivio AccountSync brokers:


Becky Kruse
bivio


On Wed, Mar 12, 2025 at 1:59 PM Anat Benjamin via bivio.com <user*22119300001@bivio.com> wrote:
What are the options for other Brokers that with synch with
Bivio?
We were a TDA account that was acquired by Schwab. We switched to Fidelity and are much happier! 

Sent from my iPhone

On Mar 12, 2025, at 1:41 PM, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:


Yes, we were a TDA account.

Ira Smilovitz

On Wed, Mar 12, 2025 at 2:22 PM Bob Ford via bivio.com <user*14310900001@bivio.com> wrote:

Ira,

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.

Ira Smilovitz

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!

Sent from my iPhone

On Mar 12, 2025, at 1:41 PM, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:


Yes, we were a TDA account.

Ira Smilovitz

On Wed, Mar 12, 2025 at 2:22 PM Bob Ford via bivio.com <user*14310900001@bivio.com> wrote:

Ira,

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.

Ira Smilovitz
Fidelity


On Wed, Mar 12, 2025, 1:59 PM Anat Benjamin via bivio.com <user*22119300001@bivio.com> wrote:
What are the options for other Brokers that with synch with
Bivio?
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:
 
Fidelity
 

On Wed, Mar 12, 2025, 1:59 PM Anat Benjamin via bivio.com <user*22119300001@bivio.com> wrote:
What are the options  for other Brokers that with synch with
Bivio?