As treasurer of our club, I got annoyed handling checks. So
we all had members setup a PayPal account (free). Each
month, members "Paypal" their dues to the Club's Paypal
account which is linked to a checking account. Our
Ameritrade account is also linked to the checking account.

Each month, I electronically transfer the total dues from
Paypal to checking, and then transfer it into Ameritrade.
(Paypal won't link directly to Ameritrade which is why
there's an extra step.)

It sounds more complex than it is. It takes me about 30
seconds to manage this each month, and all members have an
electronic PayPal record of their payment. Even better,
people can pay in advance, which eliminates late payers and
trying to track down checks from people who don't show!

It's been great for us. Hope it helps some of you.

Wayne,

You say that your members' PayPal account is free. How about the club's
account? Isn't there a fee for this?

Lynn Ostrem, Minneapolis
garbagecop@foxinternet.net

Garbagecop wrote:
> Wayne,
>
> You say that your members' PayPal account is free. How about the club's
> account? Isn't there a fee for this?
>
> Lynn Ostrem, Minneapolis
> garbagecop@foxinternet.net
==================================
Good question. All the transactions are free. Just setup
the club account as a personal account...It won't make a
difference. PayPal mentions in their rules that you can
only withdraw $500 per month with a free account. This
appears to be either incorrect or unenforced as we've been
transferring around $1000-$1300 each month without problem.

To give even more tips, we dropped our clubs checking
account which was costing us $8 per month. We now transfer
the money through one of the members unused bank accounts.
We have checkwriting privileges on our Ameritrade account,
or we can reimburse members for expenses using PayPal!