4-1-08 - Our club recently initiated the penny payment
system. This is working out great. One month one of the
member's check for dues got lost in the mail to our
brokerage. Is the Club responsible since the Club mailed
the check?

How should we handle this? Should the member stop payment
on the check and the Club reimburse her the bank fee?
Should she just write an additional check? What about the
valuation date?

We would appreciate it if you can describe how anyone else
has handled something like this and what is the correct way
to rectify it.

Thank you,
Doris
Moneta Investment Club

Hi Doris,

I don't know if it's proper protocol or not, but if the club mailed the
check in good faith and it never made it, our club would have her write
another check and reimburse her for the cost of stopping payment. What's
$20 between friends, right? But that's just us.

We don't get too technical about valuation dates, either. (Of course, in
today's market with 300-400 point swings on a daily basis, maybe we should!
<G>) We usually just use the most recent valuation date since that's what
our bylaws tells us to do.

Hope that helps.

Lynn Ostrem, VP
garbagecop@gmail.com
Crow River Investment Club
www.bivio.com/crowriver

Lynn Ostrem wrote:
> Hi Doris,
>
> I don't know if it's proper protocol or not, but if the club mailed the
> check in good faith and it never made it, our club would have her write
> another check and reimburse her for the cost of stopping payment. What's
> $20 between friends, right? But that's just us.
>
> We don't get too technical about valuation dates, either. (Of course, in
> today's market with 300-400 point swings on a daily basis, maybe we should!
> <G>) We usually just use the most recent valuation date since that's what
> our bylaws tells us to do.
>
> Hope that helps.
>
> Lynn Ostrem, VP
> garbagecop@gmail.com
> Crow River Investment Club
> www.bivio.com/crowriver

Thanks for your reply, Lynn. It certainly makes sense and
that is probably what our club will do.

Doris