I spent several hours trying to initiate direct deposit with my bank in Chicago.
The best I could do would have resulted in a $15 total monthly fee for our club.
We decided that this roughly 1% charge was not justified. You are right that
the bank needs to initiate the transaction. In my example - I was going to take
say $100 from the checking account from each member on the 15th of each month
and have the money direct deposited into either our club checking or into our
broker account. There is a one time set up fee and then a $1.5 per transaction.
This is the opposite of direct deposit. Your bank may call it 'direct debit'.

Good luck - let me know if you are successful.

J Mostek






Julia Damez <jdamez@bivio.com> on 09/09/2002 09:09:54 PM

Please respond to "The Club Cafe" <club_cafe@bivio.com>
                                                              
                                                              
                                                              
  To: club_cafe@bivio.com
                                                              
  cc: (bcc: Juan Mostek/BattleCreek/USA/Kellogg)
                                                              
                                                              
                                                              
  Subject club_cafe: AUTO-DEPOSIT
  :
                                                              





Can someone tell me if Ameritrade and BuyAndHold allow
members to make automatic deposits? We are currently with
E-Trade and they will only support Direct Deposit if our
bank initiates the transaction. Several of our members bank
with a credit union which will not initiate this
transaction.

Julia