Sending Checks or Using Online Bill Pay for Sending in Member Contributions
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Sending Checks or Using Online Bill Pay for Sending in Member Contributions Good Morning everyone, I know some of you are interested in knowing how you can set things up so your members can send their payments directly in to your brokerages either by mailing a check or by using online bill pay from their personal bank accounts. I have 2 clubs which do this. One club uses TDAmeritrade as a brokerage and the other uses Folio Investing. I've posted the instructions you need if you use one of these brokers and you'd like to set this up for your club. If others of you are doing the same thing with other brokers, please let me know and I’ll add the instructions for them to our site. Laurie Frederiksen www.bivio.com The 711 Investment Club has just begun the practice of sending
the member's monthly dues directly to Fidelity
Investments and it works like a charm! Our instructions are very
similar to those that Laurie posted, except to note that for the typical
electronic Bill Payer, it should not be necessary to add the account number to
the memo line of the check. The Bill Payer should automatically specify the
check and the account number.
We also assign a two-digit "code" to each member and ask that
the member add this amount in the cents portion of his check. This is the Bivio
approach to identifying checks and it also works like a charm. As an example,
when I send the dues I make my check for $75.06, as I am coded as member # 06.
Laurie: Is it true that in time Bivio will "learn" the
codes and automatically identify a check with .06 cents as
Cardillo?
This process will eliminate the paper handling of most checks,
speed up the delivery of the checks to the account, and eliminate/greatly reduce
the possibility of losing a check. The ONLY way to fly!
How did we survive "BB", as in "Before
Bivio"?
Best Regards,
Leo Cardillo From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Laurie Frederiksen Sent: Friday, March 12, 2010 10:04 AM To: 'The Club Cafe' Subject: club_cafe: Sending Checks or Using Online Bill Pay for Sending in Member Contributions Good Morning everyone, I know some of you are interested in knowing how you can set things up so your members can send their payments directly in to your brokerages either by mailing a check or by using online bill pay from their personal bank accounts. I have 2 clubs which do this. One club uses TDAmeritrade as a brokerage and the other uses Folio Investing. I've posted the instructions you need if you use one of these brokers and you'd like to set this up for your club. If others of you are doing the same thing with other brokers, please let me know and I’ll add the instructions for them to our site. Laurie Frederiksen www.bivio.com Thanks for the feedback Leo. Let me know the address you send checks or payments to and I’ll make up a page of directions for Fidelity.
FYI, the account number I am referring to that needs to go on the memo line is the brokerage account number, not the account number of the bank. I’ll change the write-ups to clarify that.
bivio will “learn” which cents amount goes with which member. When AccountSync enters an Identify Credit transaction, all you’ll need to do is select “Multiple Payments” from the dropdown menu you’ll find on the transaction. The payments screen will open and the amounts will be entered in the form next to the members bivio has “learned” they belong to. All you need to do is double check and select OK and all your payments entries will be finalized.
Laurie Frederiksen
Here is a link where the Penny Payment Identification process is explained further:
http://www.bivio.com/club_cafe/files/Presentations/TheOneMinuteTreasurer_MemberDeposits.pdf
Laurie Frederiksen |
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