We have opened an OptionsXpress Investment Club account in
the name of our club. The big problem I'm having is that
they only accept deposits from a bank account in the same
name. We don't have a bank account in our club's name
because to do that, we would need to be incorporated, which
we don't want to do. How is everyone else doing this???

Jennifer

Who told you the club had to be incorporated? I know of 200 clubs, off the
top of my head, and none of them are incorporated. If a bank clerk told you
that, ask to see the vice president.

I recommend that you find the smallest bank or credit union that can provide
you with totally free checking. That means you get to deposit up to 10
checks, or deposit up to 10 items, without monthly bank charges. After
that, it's $.25 per item. This is less than Well Fargo and other national
banks. Then, you can set up a "free" ACH account that will allow you to
transfer monies back and forth between the broker and the bank. My club has
done this for years.

Lynn Ostrem, Vice President and Education Chair
Crow River Investment Club
garbagecop@gmail.com
www.bivio.com/crowriver

On 1/23/08, Jennifer Winkler wrote:
> We have opened an OptionsXpress Investment Club account in
> the name of our club. The big problem I'm having is that
> they only accept deposits from a bank account in the same
> name. We don't have a bank account in our club's name
> because to do that, we would need to be incorporated, which
> we don't want to do. How is everyone else doing this???

I'm quite sure this is wrong. Just send in a personal check to
the account, and see what happens. We've heard this complaint
from quite a few people who asked the broker first. It's the
customer support people at the brokers who are confused,
because all brokers we know of accept third party checks.

You don't need to incorporate or open a bank account. In fact,
bivio recommends against both.

Cheers,
Rob

register a partnership, OX can accept fund from any partner

Jennifer Winkler wrote:
> We have opened an OptionsXpress Investment Club account in
> the name of our club. The big problem I'm having is that
> they only accept deposits from a bank account in the same
> name. We don't have a bank account in our club's name
> because to do that, we would need to be incorporated, which
> we don't want to do. How is everyone else doing this???
>
> Jennifer