How does your club deposit checks?
| HelpRegister |
How does your club deposit checks? Hello, We just started a club and we are currently using Charles Schwab as our brokerage and currently having to manually deposit checks directly to the broker. You would think for 12.95 a trade they would be more club friendly. We were told by Charles Schwab that the only way to initiate the automatic deposit is to add everyone to the account which is something we do not want for obvious reasons. What we would like to do is automatically deposit each members deposit automatically from each members checking without having to add everyone to the brokerage account. Even if we first have to deposit to another checking account and then to the brokerage is better as long as we can automate everything. So my question is how does your club deposit checks every month? What brokerage do you use? Do you have a separate checking account? Which parts are manual vs automatic? Thanks in advance!! Ryan Dear Ryan, This is something I have been looking into for bivio and my club has recently started doing. My club is using TDAmeritrade and we are sending in our individual payments electronically. It's very nice, you can specify a date with your bank that you want the check to arrive at the brokerage and set up for it to be sent automatically each month. The only thing we needed to do was have everyone specify the TDAmeritrade account number when they set up the payment with their bank. We don't have everyone's name on the account. It's working great. We don't need a separate bank account which is also nice. When I talked to Schwab they told me they would accept individual checks or electronic payments. Laurie Frederiksen bivio Inc. We use TD Ameritrade. I was told by them that our individual members can not do an electronic payment because the name on the broker account must be identical to the checking account. We are an online club so everyone mails in their payment. We do have one member which uses his bank's bill payment system and TD Ameritrade accepts it with no problems. I don't know why they accept it from him. Try having someone give it a try and see if it works. John Rice ABODI Investment Club -------------------------------------------------- From: "Ryan Butler" <butlerrc30@bivio.com> Sent: Monday, April 13, 2009 4:04 PM To: <club_cafe@bivio.com> Subject: club_cafe: How does your club deposit checks? > Hello, > We just started a club and we are currently using Charles > Schwab as our brokerage and currently having to manually > deposit checks directly to the broker. You would think for > 12.95 a trade they would be more club friendly. We were > told by Charles Schwab that the only way to initiate the > automatic deposit is to add everyone to the account which is > something we do not want for obvious reasons. What we would > like to do is automatically deposit each members deposit > automatically from each members checking without having to > add everyone to the brokerage account. Even if we first > have to deposit to another checking account and then to the > brokerage is better as long as we can automate everything. > > So my question is how does your club deposit checks every > month? What brokerage do you use? Do you have a separate > checking account? Which parts are manual vs automatic? > > Thanks in advance!! > > Ryan I think it's good advice to try it and see what happens. My club is all doing it with TDAmeritrade with no problem. They actually had originally told me it wouldn't be a problem. Obviously, all the support people at these places aren't on the same page. It's hard to believe they'd refuse a deposit. Laurie Frederiksen bivio Inc. Hey Ryan,
Call us "old fashioned" but we have a local bank account and a broker account. We found a bank that offers free checking to small businesses. You can find them all over. It's close to all of us, so after meeting someone drops a deposit into the night drop. The next morning (or whenever we need to do it) the treasurer makes an ACH transfer (which is also free) to the broker account. The money is there within 24 hours. And that's sooner than clubs that have to snail mail their deposits.
We use www.firstrade.com for our deep discount broker. Market, limit and stop orders are all $6.95. They are very club-friendly. But they are not part of the bivio AccountSync program. Too bad for those of us who must go to all that work to make one deposit entry, a couple of dividend entries and one stock purchase every month! <G>
It would be too costly for us to change now. But even then, we feel that 3-4 entries per month is not such a big deal, and we would be double checking the broker statement anyway to make sure it was correct. So it doesn't save that much time, anyway.
I'm sure others will provide a more "21st century" approach.
Lynn Ostrem
Crow River Investment Club
You seem to have read the " One-minute treasurer" system on bivio. It works for checks or automatic deposits to broker and even to bank, although bank/credit union deposits require hand entry. If your broker won't cooperate, you can still work with a local financial institution. Our club members (we still use our local credit union account) make automatic or check deposits directly to our club checking account between the 2nd and 15th of each month. I can identify the member by the "cents ID" on each deposit, and credit them accordingly with a batch entry to bivio after the 15th. I did have to talk to the right person at the CU to get the details worked out and work with a few check-writing members on the importance of "cents ID", but it's working well now. On Mon, Apr 13, 2009 at 4:04 PM, Ryan Butler <butlerrc30@bivio.com> wrote: Hello, -- Del in Tucson Where the SUN shines 350 days a year ! Ryan, I have a schwab account with a club. All deposits are automatic from each member. Yes, the members have to be added BUT that does NOT mean that they have FULL access to the account. Ask a few more questions. You can also visit your local office and introduce yourself to your consultant. They can be helpful when issues arise. Only two members of our club have the ability to make trades etc. There is only one drawback to this. Whenever there is a problem with accounts, a check book is stolen, etc. new paperwork needs to be signed and filed. Also I think the insufficient funds fee is $35.00 from Schwab. I'm very happy with the service I receive from Schwab. Cherilyn Peay New Mexico At 05:04 PM 4/13/2009, you wrote: Hello,Cherilyn J. Peay PO Box 1408 Bernalillo, NM 87004-1408 (505) 867-4379 (505) 867-4224 fax Good Morning…
I guess that our club, the Senior Investment Club of Greensboro N , acts its age.
We have been in existence for over 40 years. We have now 16 members which is about the desired amount.
In order to cut down on paper work, in recent years we changed our payments from monthly to quarterly to semi annual.ly.
We meet monthly and when payments are due all members bring in their checks and they are mailed en masse to Chas Schwab.
We meet the first Tuesday in each month and the valuation date is the last dof the previous month.
If a member forgets to bring his check I wait few days for receipt and then mail the checks.
I the rare instance t that a member is sick or away and is unable to send in his check, I send in all of the checks I have and when he sends his in we also value it on the last day of the previous month,.
Since all member’s pay the same dues This keeps out valuations the same.
Although the idea of having a 1 cent differences in checks for identifications is a good idea, I keep a record of checks numbers and have never had a problem .
Arthur Klages Treasurer From: lub_cafe@bivio.com
[mailto:club_cafe@bivio.com] On Behalf Of Cherilyn J. Peay Ryan, Hello, Cherilyn J. Peay |
|
||||||