Does anyone with their Investment Club account at BuyandHold
know if you can deposit individual checks from each member
directly into the brokerage account?

Any assistance will be appreciated.

Dan

Danny,

We know of many clubs that deposit checks directly to
BUYandHOLD. Most brokers allow direct payments afaik. I
also know that BUYandHOLD allows you to set up direct
deposit from multiple accounts.

We have a trick to save you work identifying member payments
which we recommend to our AccountSync customers. You assign
each member a different "cents" amount. When they make
deposits, they pay their normal amount plus the "cents"
amount. You'll see a deposit for, say, $50.12, and you'd
know it was from the member who was assigned the 12 cents.
Another member might deposit $50.20 and so on. Several
clubs are using this method and find it a very effective way
of tracking member payments. For the system to work
perfectly, it is important for the members to pay the same
cents amount regardless of the dollar amount, e.g. missed
payments should be $100.12 for the member assigned 12 cents.

Hope this helps,
Rob

So what, exactly, do we need to do to get this to work? Our
club just signed up for AccountSync, and all our members
have been assigned a "cent-ID". At least one of our members
has made two deposits with his cents-amount, but we still
have to identify each amount.

Bruce Lehnertz

Robert Nagler wrote:
> Danny,
>
> We know of many clubs that deposit checks directly to
> BUYandHOLD. Most brokers allow direct payments afaik. I
> also know that BUYandHOLD allows you to set up direct
> deposit from multiple accounts.
>
> We have a trick to save you work identifying member payments
> which we recommend to our AccountSync customers. You assign
> each member a different "cents" amount. When they make
> deposits, they pay their normal amount plus the "cents"
> amount. You'll see a deposit for, say, $50.12, and you'd
> know it was from the member who was assigned the 12 cents.
> Another member might deposit $50.20 and so on. Several
> clubs are using this method and find it a very effective way
> of tracking member payments. For the system to work
> perfectly, it is important for the members to pay the same
> cents amount regardless of the dollar amount, e.g. missed
> payments should be $100.12 for the member assigned 12 cents.
>
> Hope this helps,
> Rob

Bruce Lehnertz writes:
> So what, exactly, do we need to do to get this to work? Our
> club just signed up for AccountSync, and all our members
> have been assigned a "cent-ID". At least one of our members
> has made two deposits with his cents-amount, but we still
> have to identify each amount.

You still need to identify credit. The automation is in matching
names to cent amounts on the form. If you click on "Multiple
payment", it will assign the amount to the members.

All you should need to do is enter the valuation date for the payment
and click OK.

Is this not happening?

Rob

Thanks, Rob. Several of our club members are on direct
deposit with their contributions going directly into our
club buyandhold.com account. I'd thought that bivio would
see the cent amount of those transactions and say "AHA!,
That's Billy Bob". Also, since all of our deposits are
single-member payments (whether direct deposit or check,
which B&H lists separately on their transaction history),
I'd always gone into the "single-payment" to assign them.

Bruce Lehnertz
President, Central Iowa Profiteers
(Club ID: CIP)

And, no, we don't REALLY have a Billy Bob in our club ;-)

Rob Nagler wrote:
> Bruce Lehnertz writes:
> > So what, exactly, do we need to do to get this to work? Our
> > club just signed up for AccountSync, and all our members
> > have been assigned a "cent-ID". At least one of our members
> > has made two deposits with his cents-amount, but we still
> > have to identify each amount.
>
> You still need to identify credit. The automation is in matching
> names to cent amounts on the form. If you click on "Multiple
> payment", it will assign the amount to the members.
>
> All you should need to do is enter the valuation date for the payment
> and click OK.
>
> Is this not happening?
>
> Rob

Bruce Lehnertz writes:
> Thanks, Rob. Several of our club members are on direct
> deposit with their contributions going directly into our
> club buyandhold.com account. I'd thought that bivio would
> see the cent amount of those transactions and say "AHA!,
> That's Billy Bob". Also, since all of our deposits are
> single-member payments (whether direct deposit or check,
> which B&H lists separately on their transaction history),
> I'd always gone into the "single-payment" to assign them.

If they come in on the same date, you should use multiple payment.

We are looking at providing an "AHA!" feature, which will
automatically credit deposits to members. Expect to see something
like this in a few months. We're working on some other important
features right now.

Cheers,
Rob