club_cafe: Newbie Question. Please Help!

iras1 on

Rob,

I don't see where anything you posted disagrees with me. My only rationale for opening the bank account was to get the physical custody of the funds out of the hands of the treasurer and into an institution that could better protect the funds from loss or misuse, whether intentional or accidental.

Ira

In a message dated 01/30/08 10:36:24 A.M. Eastern Standard Time, nagler@bivio.biz writes:

I disagree with Ira. Don't open a bank account. Just wait till you
have enough money to open the account.

Start the year off right. Easy ways to stay in shape in the new year.

Dana Robert Whicker on

Ira and Rob,

Thanks so much for your help. I think we're on the right
track now. The community here at bivio is awesome!

Rob Nagler on

IraS1 writes:
> I don't see where anything you posted disagrees with me. My only rationale
> for opening the bank account was to get the physical custody of the funds out
> of the hands of the treasurer and into an institution that could better
> protect the funds from loss or misuse, whether intentional or accidental.

I disagree. :-)

The funds cannot be "lost". A check is a promise to pay, not the
actual payment. If the check is lost, it's no loss. If the check is
cashed illegally, it's a crime.

The risk of loss is very low, and the cost of the loss is less than
$1000 (in this case). The cost of openining the bank account is quite
high: go to the bank, fill out paperwork, etc. I would rather see the
treasurer spend time on how best to invest the money than trying to
protect against the miniscule risk of loss. Fear is the mind killer.
Go out an invest today!

Cheers,
Rob

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