If you have a bank nearby that will open a free checking account for the club, I would do that. This way you can deposit the money and not have to worry about it being misplaced, stolen, etc. Once you have enough to fund your brokerage account, you can close the bank account if you wish.

 

Ira Smilovitz

 

Ok, We are a brand new club and do not even have our
brokerage account open.  We are thinking of opening our
account at E*Trade because a couple of the members have had
good experiences with them and we believe they will survive.
E*Trade has a minimum opening deposit of $1000 for IC
accounts but we will not have that much until about month 3.

Here's the question.  Should I (I'm the Treasurer) just
stuff the monthly contributions into an envelope until we
have the $1000, then deposit the money with E*Trade, then
enter member payments into that brokerage account
accordingly?

Or... Should I open a checking/savings account in the world
and in bivio.com, deposit the money as it comes in and post
payments to this account, then xfer the money to E*T?

In case you can't tell - I'm not an accountant I just drew
the short straw...

Thanks - D