We use buyandhold (and are incidentally in chicago). All of our members are
linked to the brokerage account with Instant Deposit. The only catch is
that I can only move money from one person per day, so we use a schedule
each month. I couldn't imagine going back to hounding people for their
checks

-----Original Message-----
From: Juan Mostek [mailto:Juan.Mostek@kellogg.com]
Sent: Tuesday, September 10, 2002 7:30 AM
To: The Club Cafe
Subject: Re: club_cafe: AUTO-DEPOSIT




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




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