Linda:

Permit me to expand on Laurie's answer.

While my experience is with Schwab, I suspect that the other
major brokers work similarly.

On Schwab's website is a form that is downloaded and
completed by the member and the treasurer. It sets up a
system whereby Schwab pulls money from the personal bank
account of the member on a set day of each month in a set
amount. Schwab's computer initiates the transfer
automatically so no one has to remember to do it as they
would with bill pay.

There is no charge by Schwab or the member's bank. To the
bank, it is no different from setting up auto pay for
mortgage, house utilities, insurance, etc.

Our club has each member complete the form to provide for
the transfer to occur on the same day of the month, which
was choosen to be a few days before our monthly meeting.
With autosync, bivio informs me when the payments have
processed through Schwab; and with the penny system, all I
have to do is process one multiple member payment per month.

We have been using this system for about a year, and it has
eliminated all of the clerical tasks associated with the
treasurer's job (no collecting checks, stamping checks,
filling out deposit slips, and mailing checks.) Best of all,
it has accelerated the investment of the money by one month
as this month's money is always at the broker on meeting
night for investment decisions to be executed the next day.

I had one member who did not want to participate initially.
I gave him deposit slips and Schwab envelopes so he could
mail his check directly to Schwab. After two months, he
signed up for the program.

Jack Ranby, Treasurer
Grants Partners Investment Club




Laurie Frederiksen wrote:
> Dear Linda,It sometimes gets confusing because there are electronic transfers and there is electronic bill pay.  We do not use electronic transfers.  These usually require the sending and receiving accounts to be established under the same name.
> We use electronic bill pay.  This is a method where you tell a bank to send a check to whomever you'd like, whenever you'd like.  There are specifics of how to do this for TDAmeritrade and Folio on our bivio library page, www.bivio.com/hn/library-faq.html
> I have also sent checks to Schwab and I know we have clubs sending checks to Fidelity.  I have never had, nor do I know of anyone that is charged for doing this.I would be surprised if a broker would not accept a check made out to the brokerage with the account number specified. 
> Just contact them and tell them you want to send in a check to make a deposit to your account.  Ask them who to make it out to and where to send it.It would be the same information you would use if you were going to send in the check rather than the bank sending it.
> Hope that helps.-- Laurie FrederiksenInvest with your friends!www.bivio.comBecome our Facebook friend!  www.facebook.com/bivio
> Follow us on twitter!  www.twitter.com/bivio

Hi,

I've called TD and Fidelity asking about the ability to
"pull" funds from all club members checking accounts on a
specific day each month.

Both TD & Fido said, "no can do". Both indicated that if we
had a checking account with a name matching the brokerage
account, then they could do an electronic transfer.

Is anyone doing what John describes with TD or Fido?

Thanks......Jay

John W Ranby wrote:
> Linda:
>
> Permit me to expand on Laurie's answer.
>
> While my experience is with Schwab, I suspect that the other
> major brokers work similarly.
>
> On Schwab's website is a form that is downloaded and
> completed by the member and the treasurer. It sets up a
> system whereby Schwab pulls money from the personal bank
> account of the member on a set day of each month in a set
> amount. Schwab's computer initiates the transfer
> automatically so no one has to remember to do it as they
> would with bill pay.
>
> There is no charge by Schwab or the member's bank. To the
> bank, it is no different from setting up auto pay for
> mortgage, house utilities, insurance, etc.
>
> Our club has each member complete the form to provide for
> the transfer to occur on the same day of the month, which
> was choosen to be a few days before our monthly meeting.
> With autosync, bivio informs me when the payments have
> processed through Schwab; and with the penny system, all I
> have to do is process one multiple member payment per month.
>
> We have been using this system for about a year, and it has
> eliminated all of the clerical tasks associated with the
> treasurer's job (no collecting checks, stamping checks,
> filling out deposit slips, and mailing checks.) Best of all,
> it has accelerated the investment of the money by one month
> as this month's money is always at the broker on meeting
> night for investment decisions to be executed the next day.
>
> I had one member who did not want to participate initially.
> I gave him deposit slips and Schwab envelopes so he could
> mail his check directly to Schwab. After two months, he
> signed up for the program.
>
> Jack Ranby, Treasurer
> Grants Partners Investment Club
>
>
>
>
> Laurie Frederiksen wrote:
> > Dear Linda,It sometimes gets confusing because there are electronic transfers and there is electronic bill pay.  We do not use electronic transfers.  These usually require the sending and receiving accounts to be established under the same name.
> > We use electronic bill pay.  This is a method where you tell a bank to send a check to whomever you'd like, whenever you'd like.  There are specifics of how to do this for TDAmeritrade and Folio on our bivio library page, www.bivio.com/hn/library-faq.html
> > I have also sent checks to Schwab and I know we have clubs sending checks to Fidelity.  I have never had, nor do I know of anyone that is charged for doing this.I would be surprised if a broker would not accept a check made out to the brokerage with the account number specified. 
> > Just contact them and tell them you want to send in a check to make a deposit to your account.  Ask them who to make it out to and where to send it.It would be the same information you would use if you were going to send in the check rather than the bank sending it.
> > Hope that helps.-- Laurie FrederiksenInvest with your friends!www.bivio.comBecome our Facebook friend!  www.facebook.com/bivio
> > Follow us on twitter!  www.twitter.com/bivio

For those interested the Schwab form is called
 MoneyLinkŪ - electronic funds transfer

They seem to be the only one able to pull funds from your
members checking accounts........Jay

John W Ranby wrote:
> Linda:
>
> Permit me to expand on Laurie's answer.
>
> While my experience is with Schwab, I suspect that the other
> major brokers work similarly.
>
> On Schwab's website is a form that is downloaded and
> completed by the member and the treasurer. It sets up a
> system whereby Schwab pulls money from the personal bank
> account of the member on a set day of each month in a set
> amount. Schwab's computer initiates the transfer
> automatically so no one has to remember to do it as they
> would with bill pay.
>
> There is no charge by Schwab or the member's bank. To the
> bank, it is no different from setting up auto pay for
> mortgage, house utilities, insurance, etc.
>
> Our club has each member complete the form to provide for
> the transfer to occur on the same day of the month, which
> was choosen to be a few days before our monthly meeting.
> With autosync, bivio informs me when the payments have
> processed through Schwab; and with the penny system, all I
> have to do is process one multiple member payment per month.
>
> We have been using this system for about a year, and it has
> eliminated all of the clerical tasks associated with the
> treasurer's job (no collecting checks, stamping checks,
> filling out deposit slips, and mailing checks.) Best of all,
> it has accelerated the investment of the money by one month
> as this month's money is always at the broker on meeting
> night for investment decisions to be executed the next day.
>
> I had one member who did not want to participate initially.
> I gave him deposit slips and Schwab envelopes so he could
> mail his check directly to Schwab. After two months, he
> signed up for the program.
>
> Jack Ranby, Treasurer
> Grants Partners Investment Club
>
>
>
>
> Laurie Frederiksen wrote:
> > Dear Linda,It sometimes gets confusing because there are electronic transfers and there is electronic bill pay.  We do not use electronic transfers.  These usually require the sending and receiving accounts to be established under the same name.
> > We use electronic bill pay.  This is a method where you tell a bank to send a check to whomever you'd like, whenever you'd like.  There are specifics of how to do this for TDAmeritrade and Folio on our bivio library page, www.bivio.com/hn/library-faq.html
> > I have also sent checks to Schwab and I know we have clubs sending checks to Fidelity.  I have never had, nor do I know of anyone that is charged for doing this.I would be surprised if a broker would not accept a check made out to the brokerage with the account number specified. 
> > Just contact them and tell them you want to send in a check to make a deposit to your account.  Ask them who to make it out to and where to send it.It would be the same information you would use if you were going to send in the check rather than the bank sending it.
> > Hope that helps.-- Laurie FrederiksenInvest with your friends!www.bivio.comBecome our Facebook friend!  www.facebook.com/bivio
> > Follow us on twitter!  www.twitter.com/bivio