I am the Treasurer for my Investment Club and I was
wondering how other groups are collecting their monthly
dues. Currently, I am having each memeber mail me the check
and I consolidate them to send into our broker. It's a
total pain and I'm often hounding people to get their dues
in on time.

What I'd like to do is automate the system so that everyone
directly transfers their money into a paypal account or some
online bank. This would allow people to pay with credit
cards too. However, the problem is that our brokerage only
allows wire transfers or check payments.

Is there anyone who is doing something similar and might
have some recommendations?

Any ideas would be greatly appreciated!
Thanks,
Erin Ilgen
Shared Interest Group

Our club utilizes our bank's online cash management system. This enables us
to originate monthly ACH debits to our member's individual bank accounts for
their monthly dues. The money is all credited to the club's bank account;
everyone pays on time on the same day this way. In addition, we purchase
stocks through Buy and Hold and utilize their autmated payment system; they
purchase the stocks we request, then debit our club's bank account through
an ACH debit. This way we never actually handle any cash or checks.
Kevin Smith
Ohio Investment Klub

-----Original Message-----
From: club_cafe-owner@bivio.com [mailto:club_cafe-owner@bivio.com]On
Behalf Of Erin Ilgen
Sent: Thursday, October 17, 2002 7:01 PM
To: club_cafe@bivio.com
Subject: club_cafe: Due Collection


I am the Treasurer for my Investment Club and I was
wondering how other groups are collecting their monthly
dues. Currently, I am having each memeber mail me the check
and I consolidate them to send into our broker. It's a
total pain and I'm often hounding people to get their dues
in on time.

What I'd like to do is automate the system so that everyone
directly transfers their money into a paypal account or some
online bank. This would allow people to pay with credit
cards too. However, the problem is that our brokerage only
allows wire transfers or check payments.

Is there anyone who is doing something similar and might
have some recommendations?

Any ideas would be greatly appreciated!
Thanks,
Erin Ilgen
Shared Interest Group

Kevin,
 
I have a couple of questions. First, what bank do you use and do they charge any fee for this? Second, what security mechanism(s) are in place? Specifically, can anyone in the club go and originate a transfer for anyone else in the club? We looked into doing something like this with our broker and the only way it could be setup would allow anyone to initiate the transfer. Granted, if we don't trust someone they probably shouldn't be in the club, but I was more concerned with accidental transfers which seemed more likely with more people having access to this capability.
 
Thanks,
 
Paul Stephan
Heir Club For Men
 
Kevin Smith wrote:
> Our club utilizes our bank's online cash management system. This enables us
> to originate monthly ACH debits to our member's individual bank accounts for
> their monthly dues. The money is all credited to the club's bank account;
> everyone pays on time on the same day this way. In addition, we purchase
> stocks through Buy and Hold and utilize their autmated payment system; they
> purchase the stocks we request, then debit our club's bank account through
> an ACH debit. This way we never actually handle any cash or checks.
> Kevin Smith
> Ohio Investment Klub
>
> -----Original Message-----
> From: club_cafe-owner@bivio.com [mailto:club_cafe-owner@bivio.com]On
> Behalf Of Erin Ilgen
> Sent: Thursday, October 17, 2002 7:01 PM
> To: club_cafe@bivio.com
> Subject: club_cafe: Due Collection
>
>
> I am the Treasurer for my Investment Club and I was
> wondering how other groups are collecting their monthly
> dues. Currently, I am having each memeber mail me the check
> and I consolidate them to send into our broker. It's a
> total pain and I'm often hounding people to get their dues
> in on time.
>
> What I'd like to do is automate the system so that everyone
> directly transfers their money into a paypal account or some
> online bank. This would allow people to pay with credit
> cards too. However, the problem is that our brokerage only
> allows wire transfers or check payments.
>
> Is there anyone who is doing something similar and might
> have some recommendations?
>
> Any ideas would be greatly appreciated!
> Thanks,
> Erin Ilgen
> Shared Interest Group

Paul, We use the bank for which I work, and yes, they charge a fee. Fees
for this type of service will vary from bank to bank, wo shop around in your
area. Only authorized individuals may initiate ACH transactions for our
club (currently only the President and the Treasurer). The club's
Vice-President and Secretary are authorized to view the ACH transactions,
but cannot initiate or make any changes to them.
Kevin

-----Original Message-----
From: club_cafe-owner@bivio.com [mailto:club_cafe-owner@bivio.com]On
Behalf Of Paul H. Stephan
Sent: Monday, October 21, 2002 12:08 PM
To: club_cafe@bivio.com
Subject: club_cafe: RE: Due Collection


Kevin,

I have a couple of questions. First, what bank do you use and do they
charge any fee for this? Second, what security mechanism(s) are in place?
Specifically, can anyone in the club go and originate a transfer for anyone
else in the club? We looked into doing something like this with our broker
and the only way it could be setup would allow anyone to initiate the
transfer. Granted, if we don't trust someone they probably shouldn't be in
the club, but I was more concerned with accidental transfers which seemed
more likely with more people having access to this capability.

Thanks,

Paul Stephan
Heir Club For Men

Kevin Smith wrote:
> Our club utilizes our bank's online cash management system. This enables
us
> to originate monthly ACH debits to our member's individual bank accounts
for
> their monthly dues. The money is all credited to the club's bank account;
> everyone pays on time on the same day this way. In addition, we purchase
> stocks through Buy and Hold and utilize their autmated payment system;
they
> purchase the stocks we request, then debit our club's bank account through
> an ACH debit. This way we never actually handle any cash or checks.
> Kevin Smith
> Ohio Investment Klub
>
> -----Original Message-----
> From: club_cafe-owner@bivio.com [mailto:club_cafe-owner@bivio.com]On
> Behalf Of Erin Ilgen
> Sent: Thursday, October 17, 2002 7:01 PM
> To: club_cafe@bivio.com
> Subject: club_cafe: Due Collection
>
>
> I am the Treasurer for my Investment Club and I was
> wondering how other groups are collecting their monthly
> dues. Currently, I am having each memeber mail me the check
> and I consolidate them to send into our broker. It's a
> total pain and I'm often hounding people to get their dues
> in on time.
>
> What I'd like to do is automate the system so that everyone
> directly transfers their money into a paypal account or some
> online bank. This would allow people to pay with credit
> cards too. However, the problem is that our brokerage only
> allows wire transfers or check payments.
>
> Is there anyone who is doing something similar and might
> have some recommendations?
>
> Any ideas would be greatly appreciated!
> Thanks,
> Erin Ilgen
> Shared Interest Group

Kevin Smith wrote:
> Our club utilizes our bank's online cash management system. This enables us
> to originate monthly ACH debits to our member's individual bank accounts for
> their monthly dues. The money is all credited to the club's bank account;
> everyone pays on time on the same day this way. In addition, we purchase
> stocks through Buy and Hold and utilize their autmated payment system; they
> purchase the stocks we request, then debit our club's bank account through
> an ACH debit. This way we never actually handle any cash or checks.
> Kevin Smith
> Ohio Investment Klub
>
> -----Original Message-----
> From: club_cafe-owner@bivio.com [mailto:club_cafe-owner@bivio.com]On
> Behalf Of Erin Ilgen
> Sent: Thursday, October 17, 2002 7:01 PM
> To: club_cafe@bivio.com
> Subject: club_cafe: Due Collection
>
>
> I am the Treasurer for my Investment Club and I was
> wondering how other groups are collecting their monthly
> dues. Currently, I am having each memeber mail me the check
> and I consolidate them to send into our broker. It's a
> total pain and I'm often hounding people to get their dues
> in on time.
>
> What I'd like to do is automate the system so that everyone
> directly transfers their money into a paypal account or some
> online bank. This would allow people to pay with credit
> cards too. However, the problem is that our brokerage only
> allows wire transfers or check payments.
>
> Is there anyone who is doing something similar and might
> have some recommendations?
>
> Any ideas would be greatly appreciated!
> Thanks,
> Erin Ilgen
> Shared Interest Group
I am president of TBIC
We each have automatic payment setup direct to First Union
Bank..with difference cents..ex
A--30.00
B--30.01
C--30.02
D--30.03
and so on...there is a late fee of 10%..if they really
wanted to be in the club, you shouldn't have to run behind
them.
start charging a late fee and let them deposit the money
right into the account.
That way you are not busy chasing money.

Martha Platt wrote:
> Kevin Smith wrote:
> > Our club utilizes our bank's online cash management system. This enables us
> > to originate monthly ACH debits to our member's individual bank accounts for
> > their monthly dues. The money is all credited to the club's bank account;
> > everyone pays on time on the same day this way. In addition, we purchase
> > stocks through Buy and Hold and utilize their autmated payment system; they
> > purchase the stocks we request, then debit our club's bank account through
> > an ACH debit. This way we never actually handle any cash or checks.
> > Kevin Smith
> > Ohio Investment Klub
> >
> > -----Original Message-----
> > From: club_cafe-owner@bivio.com [mailto:club_cafe-owner@bivio.com]On
> > Behalf Of Erin Ilgen
> > Sent: Thursday, October 17, 2002 7:01 PM
> > To: club_cafe@bivio.com
> > Subject: club_cafe: Due Collection
> >
> >
> > I am the Treasurer for my Investment Club and I was
> > wondering how other groups are collecting their monthly
> > dues. Currently, I am having each memeber mail me the check
> > and I consolidate them to send into our broker. It's a
> > total pain and I'm often hounding people to get their dues
> > in on time.
> >
> > What I'd like to do is automate the system so that everyone
> > directly transfers their money into a paypal account or some
> > online bank. This would allow people to pay with credit
> > cards too. However, the problem is that our brokerage only
> > allows wire transfers or check payments.
> >
> > Is there anyone who is doing something similar and might
> > have some recommendations?
> >
> > Any ideas would be greatly appreciated!
> > Thanks,
> > Erin Ilgen
> > Shared Interest Group
> I am president of TBIC
> We each have automatic payment setup direct to First Union
> Bank..with difference cents..ex
> A--30.00
> B--30.01
> C--30.02
> D--30.03
> and so on...there is a late fee of 10%..if they really
> wanted to be in the club, you shouldn't have to run behind
> them.
> start charging a late fee and let them deposit the money
> right into the account.
> That way you are not busy chasing money.

You must get strick, make everyone pay on time or hit them
with 40% late fee, don't forget that investing is a business
its harsh but effective!
check out our website
www.azoneinvestment.com

> > I am the Treasurer for my Investment Club and I was
> > wondering how other groups are collecting their monthly
> > dues. Currently, I am having each memeber mail me the check
> > and I consolidate them to send into our broker. It's a
> > total pain and I'm often hounding people to get their dues
> > in on time.

I'm a little late on this one, but...

Our club is comprised of 9 capable adults. All were made aware when they
joined the club that part of their responsibility was to attend a vast
majority of the meetings, show up on time, and have their checks in the
treasurer's possession at or before each meeting. Anything less is
inappropriate.

We don't have a problem. Nor would I ever consider late fees or anything
else short of expulsion. You shouldn't either. The word "club" is
misleading. It conjures up a social image when, in all reality, clubs
should be run like businesses. If you don't condone the behavior, it will
stop.

Lynn Ostrem
Crow River Investment Club
www.bivio.com/crowriver

Our club is just starting, but our plan is to use electronic
transfers from our individual accounts into our club
accounts. This should be set up to automatically occur on
the 6th of the month. We meet the third Wed. of the month,
except for December, when it is the 2nd Wed. This will allow
us time to get the funds into our club account PRIOR to the
meeting. The treasurer will only need to go online to see
what the balance is and to transfer it to our online broker.
Member's are responsible for any costs due to insufficient
funds. Late fees of $10 per month are assessed to anyone who
doesn't make their payment on time.

We'll let you know how it works

Bob Mann
Lunch Money Investment Club

> > > I am the Treasurer for my Investment Club and I was
> > > wondering how other groups are collecting their monthly
> > > dues. Currently, I am having each memeber mail me the check
> > > and I consolidate them to send into our broker. It's a
> > > total pain and I'm often hounding people to get their dues
> > > in on time.

Robert Mann wrote:

>....... Member's are responsible for any costs due to insufficient
> funds. Late fees of $10 per month are assessed to anyone who
> doesn't make their payment on time.
>
> We'll let you know how it works
>
> Bob Mann
> Lunch Money Investment Club
>

Well, I think that's a little harsh. We've been a
partnership for almost 3 years now. We have a relatively
stable membership, and often someone has no money for that
month. They make it up the next month. We collect at the
meetings, and deposit the following week.

I think going in you have to have a good feel for your
members. Are they self employed? Employed in a seasonal
industry? Is keeping the club going as important as making
sure everyone pays everything on time? Is keeping the peace
on the list of priorities?

Remember that the accounting takes care of payments vs time
paid. A member has a share equal to his payments in some
algorhythm (? is that right? I keep getting not in
dictionary) with stocks bought/sold whenever. If I make a
late payment, it can adversely or pleasantly affect my
share. I'm taking a chance paying late.

I just think a lot goes into making a club successful, not
the least of which is people management.

Regards,
Elizabeth

Elizabeth raises some excellent points. If late fees are assessed, ask
yourselves why they are needed. As Elizabeth notes, a late payment
deposited at a later date just purchases units at some other value that
may be more or less than the units would have purchased with a timely
payment. So, what's the big deal. As treasurer, and the one who's
expected (why is it I who's got the role?) to play cop, I find late
payments not worth the hassle of tracking and following through on.
Without a late fee, tardy members will just get their deposits credited
to their account with the next month's deposit.

John Munn
Cross Country Investment Club
Capitol Investors

Elizabeth Sorbet wrote:

> ...cut...
>
>he accounting takes care of payments vs time
>paid. ...cut...
>
>I just think a lot goes into making a club successful, not
>the least of which is people management.
>
>Regards,
>Elizabeth
>
>
>