club_cafe: Adding new member

iras1 on

In a message dated 06/23/2008 9:18:05 A.M. Eastern Daylight Time, garbagecop@gmail.com writes:

Hi Jason.

My club doesn't inform the broker of our members' comings and goings. But then, we have a separate bank account where we deposit our dues, then have our funds transferred through ACH to the broker on an as-needed basis.

For clubs that have no bank account, where the members write the check directly to the broker, then of course you would have to notify them. They would need to be on record in order for those funds to be placed in your account.

We don't have a separate bank account and we never notify our broker of member comings and goings except when changing the authorized names for signing checks drawing money from the account. The broker will accept any check from any source as long as it's (the check) made out to the broker and has the club's account number in the memo field.

The only time we update our broker's records is when we change treasurers. But that's just us. I'm sure Ira and/or Rip will have additional comments.

Those were mine.

Ira Smilovitz

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Rip West on

The only time we update our broker's records is when we change treasurers. But that's just us. I'm sure Ira and/or Rip will have additional comments.
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I'm a firm believer in the keeping the information given to your broker to an absolute minimum. Of course, if you are going to change the member who signs broker checks, you have to let them know that.

Rip West
Saint Paul, MN

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