We've just set up our club and are using OptionsXpress along
with Bivio. My question pertains to dues. OptionsXpress
doesn't allow deposit from any account other than one in the
same name (meaning, we can only deposit from a bank account
that is in the name of the club). Where I'm having trouble
is finding a place to open an account in our club's name.
WaMu says we have to have a DBA and a Letter of
Authorization, etc. How does everyone else do it? I don't
want to have everyone send their $$ to me and then I send a
check to OptionsXpress because I don't want to show that
kind of income in my personal account. I'm really stuck
here. Please, any suggestions??

Jennifer
Pot 'O Gold Investors

Jennifer Winkler wrote:
> We've just set up our club and are using OptionsXpress along
> with Bivio. My question pertains to dues. OptionsXpress
> doesn't allow deposit from any account other than one in the
> same name (meaning, we can only deposit from a bank account
> that is in the name of the club). Where I'm having trouble
> is finding a place to open an account in our club's name.
> WaMu says we have to have a DBA and a Letter of
> Authorization, etc. How does everyone else do it? I don't
> want to have everyone send their $$ to me and then I send a
> check to OptionsXpress because I don't want to show that
> kind of income in my personal account. I'm really stuck
> here. Please, any suggestions??
>
> Jennifer
> Pot 'O Gold Investors

Did you form your club as a partnership and obtain a Federal
Tax Id number? If so, and you should have, you should be
able to take a copy of the signed partnership agreement and
bylaws along with the tax id number and open an account in
the name of the partnership. You should need a DBA form
since partnership should be doing business as itself.

Kerry Ashford wrote:
> Jennifer Winkler wrote:
> > We've just set up our club and are using OptionsXpress along
> > with Bivio. My question pertains to dues. OptionsXpress
> > doesn't allow deposit from any account other than one in the
> > same name (meaning, we can only deposit from a bank account
> > that is in the name of the club). Where I'm having trouble
> > is finding a place to open an account in our club's name.
> > WaMu says we have to have a DBA and a Letter of
> > Authorization, etc. How does everyone else do it? I don't
> > want to have everyone send their $$ to me and then I send a
> > check to OptionsXpress because I don't want to show that
> > kind of income in my personal account. I'm really stuck
> > here. Please, any suggestions??
> >
> > Jennifer
> > Pot 'O Gold Investors
>
> Did you form your club as a partnership and obtain a Federal
> Tax Id number? If so, and you should have, you should be
> able to take a copy of the signed partnership agreement and
> bylaws along with the tax id number and open an account in
> the name of the partnership. You should need a DBA form
> since partnership should be doing business as itself.

Just noticed the typo.

You should not need the DBA form for the partnership, unless
the accounts are being setup under a different name.

Kerry Ashford wrote:
> Kerry Ashford wrote:
> > Jennifer Winkler wrote:
> > > We've just set up our club and are using OptionsXpress along
> > > with Bivio. My question pertains to dues. OptionsXpress
> > > doesn't allow deposit from any account other than one in the
> > > same name (meaning, we can only deposit from a bank account
> > > that is in the name of the club). Where I'm having trouble
> > > is finding a place to open an account in our club's name.
> > > WaMu says we have to have a DBA and a Letter of
> > > Authorization, etc. How does everyone else do it? I don't
> > > want to have everyone send their $$ to me and then I send a
> > > check to OptionsXpress because I don't want to show that
> > > kind of income in my personal account. I'm really stuck
> > > here. Please, any suggestions??
> > >
> > > Jennifer
> > > Pot 'O Gold Investors
> >
> > Did you form your club as a partnership and obtain a Federal
> > Tax Id number? If so, and you should have, you should be
> > able to take a copy of the signed partnership agreement and
> > bylaws along with the tax id number and open an account in
> > the name of the partnership. You should need a DBA form
> > since partnership should be doing business as itself.
>
> Just noticed the typo.
>
> You should not need the DBA form for the partnership, unless
> the accounts are being setup under a different name.


Thanks. I just went to WaMu with our "Operating Agreement"
and EIN but they said there is no way to open an account
with out a DBA or business license unless we are a
not-for-profit. I can't figure out why I'm having this
problem and no one else seems to. All I want to do is have
a place where all of our members can deposit their dues each
month and be able to transfer it to OptionsXpress when we're
ready to buy a stock. OptionsXpress isn't very helpful with
this, in that they don't allow any deposits to be made by
"third parties", meaning anyone who isn't a primary on the
account. How does everyone else do this??

Our club uses WAMU & OptionsXpress as well. Set up a free
business checking account under the EIN name as WAMU
suggests. Then link that account to your OptionsXpress
account and you can transfer the funds using ACH.

Otherwise make the checks out to your OptionsXpress account
directly and forget the checking account all together.

Jennifer Winkler wrote:
> We've just set up our club and are using OptionsXpress along
> with Bivio. My question pertains to dues. OptionsXpress
> doesn't allow deposit from any account other than one in the
> same name (meaning, we can only deposit from a bank account
> that is in the name of the club). Where I'm having trouble
> is finding a place to open an account in our club's name.
> WaMu says we have to have a DBA and a Letter of
> Authorization, etc. How does everyone else do it? I don't
> want to have everyone send their $$ to me and then I send a
> check to OptionsXpress because I don't want to show that
> kind of income in my personal account. I'm really stuck
> here. Please, any suggestions??
>
> Jennifer
> Pot 'O Gold Investors

Thank you for that advice. The problem I'm having is that
WaMu is requiring things like a DBA and a Letter of
Authorization, suggesting that we become an LLC (which we
don't want to do). Did you have to do all that?

Jennifer

Jahming Liang wrote:
> Our club uses WAMU & OptionsXpress as well. Set up a free
> business checking account under the EIN name as WAMU
> suggests. Then link that account to your OptionsXpress
> account and you can transfer the funds using ACH.
>
> Otherwise make the checks out to your OptionsXpress account
> directly and forget the checking account all together.
>
> Jennifer Winkler wrote:
> > We've just set up our club and are using OptionsXpress along
> > with Bivio. My question pertains to dues. OptionsXpress
> > doesn't allow deposit from any account other than one in the
> > same name (meaning, we can only deposit from a bank account
> > that is in the name of the club). Where I'm having trouble
> > is finding a place to open an account in our club's name.
> > WaMu says we have to have a DBA and a Letter of
> > Authorization, etc. How does everyone else do it? I don't
> > want to have everyone send their $$ to me and then I send a
> > check to OptionsXpress because I don't want to show that
> > kind of income in my personal account. I'm really stuck
> > here. Please, any suggestions??
> >
> > Jennifer
> > Pot 'O Gold Investors

On 1/28/08, Jennifer Winkler wrote:
> Thank you for that advice. The problem I'm having is that
> WaMu is requiring things like a DBA and a Letter of
> Authorization, suggesting that we become an LLC (which we
> don't want to do). Did you have to do all that?

You do not have to do this. Go to a different bank.

Cheers,
Rob

Another suggestion...find a brokerage firm that also has checking
privileges.

You then only have one account to deal with.

That's what we do,

Arthur Klages, Treas.
Senior Investment Club

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Rob
Nagler
Sent: Monday, January 28, 2008 1:00 PM
To: The Club Cafe
Subject: Re: club_cafe: Re: Dues Account Help Needed ASAP!

On 1/28/08, Jennifer Winkler wrote:
> Thank you for that advice. The problem I'm having is that WaMu is
> requiring things like a DBA and a Letter of Authorization, suggesting
> that we become an LLC (which we don't want to do). Did you have to do
> all that?

You do not have to do this. Go to a different bank.

Cheers,
Rob