Broker requirements for withdrawl

John Rice on

With all of the talk recently about withdrawls, I checked
with our broker, TD Ameritrade, to see what we need to do to
transfer stock to a withdrawing partner. They require all
partners to sign the form. We are an online club with
partners across the country, therefore, getting everyone's
signature is a lengthy process. Does anyone have a broker
which requires only the officers of the club to sign? Also,
if you are in an online club I would love to talk to you
about other matters dealing with being online.

iras1 on

No, TDAmeritrade does not require all signatures. Speak to someone higher up the food chain. If your partnership agreement conforms to the BI model, it explicitly states that the broker can rely on the instructions from any member as being the approved action of the partnership. We've been using TDAmeritrade for more than a decade and haven't had any problems transferring stock to a withdrawing member.

Ira Smilovitz

Join me at InvestEd 2010

Investor Education at Its Best^TM
Baltimore, MD August 6 - 8, 2010
http://www.investor-education2010.org/

In a message dated 06/16/10 16:36:40 Eastern Daylight Time, ricej1969@bivio.com writes:

With all of the talk recently about withdrawls, I checked
with our broker, TD Ameritrade, to see what we need to do to
transfer stock to a withdrawing partner. They require all
partners to sign the form. We are an online club with
partners across the country, therefore, getting everyone's
signature is a lengthy process. Does anyone have a broker
which requires only the officers of the club to sign? Also,
if you are in an online club I would love to talk to you
about other matters dealing with being online.

Delano Finch on

I agree. We use Ameritrade. You have someone (hopefully at least two people) authorized to do this. (Who does the buying and selling?)

Get up the food chain to somebody who knows something We have done several withdrawals in the last couple of years, and have always done transfers in the case of death of a member, only more recently for voluntary full withdrawals. The only problem was when we only had one authorized person, and that person passed away. It took some time to straighten out the new authorizations.

Del Finch, MANTIC

.

On Wed, Jun 16, 2010 at 4:24 PM, iras1 <iras1@aol.com> wrote:

No, TDAmeritrade does not require all signatures. Speak to someone higher up the food chain. If your partnership agreement conforms to the BI model, it explicitly states that the broker can rely on the instructions from any member as being the approved action of the partnership. We've been using TDAmeritrade for more than a decade and haven't had any problems transferring stock to a withdrawing member.

Ira Smilovitz

Join me at InvestEd 2010

Investor Education at Its Best^TM
Baltimore, MD August 6 - 8, 2010
http://www.investor-education2010.org/

In a message dated 06/16/10 16:36:40 Eastern Daylight Time, ricej1969@bivio.com writes:

With all of the talk recently about withdrawls, I checked
with our broker, TD Ameritrade, to see what we need to do to
transfer stock to a withdrawing partner. They require all
partners to sign the form. We are an online club with
partners across the country, therefore, getting everyone's
signature is a lengthy process. Does anyone have a broker
which requires only the officers of the club to sign? Also,
if you are in an online club I would love to talk to you
about other matters dealing with being online.

--
Del -- Back in "Sky Blue Water" Minnesota

John Rice on

When we opened our account we filled out paperwork authorizing three of us to do the transactions. How come everytime I have a question for brokers I feel like they have never dealt with an investment club before. Don't these people get trained to do their jobs.

John Rice

ABODI Investment Club
A Bunch Of Dummies Investing dealing with a bunch of dummies called customer support.

From: Delano Finch <delfinch@gmail.com>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Wed, June 16, 2010 6:30:18 PM
Subject: Re: club_cafe: Broker requirements for withdrawl

I agree. We use Ameritrade. You have someone (hopefully at least two people) authorized to do this. (Who does the buying and selling?)

Get up the food chain to somebody who knows something We have done several withdrawals in the last couple of years, and have always done transfers in the case of death of a member, only more recently for voluntary full withdrawals. The only problem was when we only had one authorized person, and that person passed away. It took some time to straighten out the new authorizations.

Del Finch, MANTIC

.

On Wed, Jun 16, 2010 at 4:24 PM, iras1 <iras1@aol.com> wrote:

No, TDAmeritrade does not require all signatures. Speak to someone higher up the food chain. If your partnership agreement conforms to the BI model, it explicitly states that the broker can rely on the instructions from any member as being the approved action of the partnership. We've been using TDAmeritrade for more than a decade and haven't had any problems transferring stock to a withdrawing member.

Ira Smilovitz

Join me at InvestEd 2010

Investor Education at Its Best^TM
Baltimore, MD August 6 - 8, 2010
http://www.investor-education2010.org/

In a message dated 06/16/10 16:36:40 Eastern Daylight Time, ricej1969@bivio.com writes:

With all of the talk recently about withdrawls, I checked
with our broker, TD Ameritrade, to see what we need to do to
transfer stock to a withdrawing partner. They require all
partners to sign the form. We are an online club with
partners across the country, therefore, getting everyone's
signature is a lengthy process. Does anyone have a broker
which requires only the officers of the club to sign? Also,
if you are in an online club I would love to talk to you
about other matters dealing with being online.

--
Del -- Back in "Sky Blue Water" Minnesota

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