Question regarding deposit of checks
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Question regarding deposit of checks Greetings, I really appreciate the input in this forum! We are new to Investment Clubs (could you guess?) and we are depositing checks into Scottrade. My question is that is there anything I should be concerned about when members pay for other members? In other words, if a member cannot make the meeting and gives cash to another member and then that member simply writes a check for both member's dues, does that mess things up? Scottrade required the SS# of each member so that is why I am asking. Thanks! Johnny Johnny,
As Gene indicated, there is nothing wrong with recording 2
members' payments on one check, as long as the pertinent information is given to
the treasurer and that person makes the necessary entries.
I would like to talk about your practice of charging each
new member a fee of $50. It is not unusual for a club to charge a modest
initiation fee to members in order to compensate some of the earlier members for
the start-up expenses they funded when the formed the club. That being said, $50
per member seems exorbitant. There is a real imbalance when fees are assessed
for expenses and those assessments exceed the amount of the expenses they are
intended to cover. There have been many articles written on this in bivio. A
search for 'fees' will uncover a lot of them. The most pertinent for this day
and age are:
http://www.bivio.com/trez_talk/mail-msg?t=518700003 http://www.bivio.com/trez_talk/mail-msg?t=3272900003&s=1 http://www.bivio.com/trez_talk/mail-msg?t=10125700003 Rip West Saint Paul, MN |
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