Hello,

Can anyone recommend a bank in NH for starting an investment
club? I have not found any that are economical or friendly
to a new investment club. The best so far has been a non
interest bearing account out of state at my former credit
union. However the branches are not very convienent.

Joe Paquet wrote:
> Hello,
>
> Can anyone recommend a bank in NH for starting an investment
> club? I have not found any that are economical or friendly
> to a new investment club. The best so far has been a non
> interest bearing account out of state at my former credit
> union. However the branches are not very convienent.

Joe -
Our investment club ran into this same problem when we
started a year
ago. We went to about every bank and credit union known to
man and were
unable to find a "no fee" checking account. Every bank we
wnet to wanted
to charge us for deposits, withdrawals, writing checks or
some
combination of all three. So we decided on opening a
brokerage account
with My Discount Broker, www.mydiscountbroker.com since they
require no
minimum to open an account and they have a free checking
account that is
tied to the Money market fund in our account. Therefore I,
as the
treasurer, only have to deal with one bank/broker. This has
worked out
well for us, our meetings are on the second Monday of every
month, I
collect the dues and then get a Money Order or go to my
credit union and
get a bank check and mail this into MyDiscountBroker and
have them
deposit the money into the money market. Typically it takes
about 3-4
business days for the check to be deposited into the
account, but for a
long term investment club this hasn't been an issue. We also
get the
benefit of collecting interest on the money market account,
which just
about pays for the cost of the money orders.
So I get one statement for both broker and bank, it works
for us.
Something that you may want to look into.

Tim