I checked with several banks in the Chicago area and I could not find one that
would be cost effective. Even a $1 or $2 per transaction on a $50 to $100 per
month member investment would eat into your returns. There seems to be a hefty
one time start up cost and then a small 'per transaction' fee. One idea we had
was to collect 2x payments every other month to minimize the fees, but then you
have other issues regarding money flows.
Given the ever increasing DRIP fees and increasing on-line transaction costs, we
are looking for ways to minimize transaction costs- especially in these tough
markets.

We could start another topic on the DRIP fees. More and more are going to$5.00
per investment and charging on the dividend reinvestment. We cut down on the
frequency of our investments to each company and increased the dollar amounts in
order to minimize the fee impact.

J Mostek






"Kevin Smith" <kcs2689@earthlink.net> on 10/21/2002 06:37:22 PM

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





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