Schwab brokerage Account

Linda Lee on

After reading all the responses to Kimberly Hazen, I would
like to know whether the clubs using Schwab also have
investor checking or just write checks through the brokerage
account. When we write checks, we have to call in to get
the check images. Check images are available on the web
with investor checking but not with the brokerage account.
We are still waiting for the image of a check written back
in January. Do other brokerage firms post check images on
the web from checks written off of the brokerage account?

iras1 on

Why do you care? Unless someone is claiming that they didn't receive a check supposedly issued to them, you know who you wrote checks to and you know that the check cleared the account.

Ira Smilovitz

In a message dated 06/30/11 01:46:38 Eastern Daylight Time, lindalee0@yahoo.com writes:

After reading all the responses to Kimberly Hazen, I would
like to know whether the clubs using Schwab also have
investor checking or just write checks through the brokerage
account. When we write checks, we have to call in to get
the check images. Check images are available on the web
with investor checking but not with the brokerage account.
We are still waiting for the image of a check written back
in January. Do other brokerage firms post check images on
the web from checks written off of the brokerage account?

Charles Stephen Foster on

Linda, I agree with Ira's comment. We've never gotten check
copies and don't miss them. They will show on the Schwab
monthly statement and we record it in bivio as to what it
was for, so why do you need the copies?

Steve Foster
Circle of Friends Investment Club

Linda Lee on

The reason that I prefer to keep check images is that the
image serves as proof that this entity is who the check was
written to.

Mark Eckman on

Linda, I can understand that the image is proof, but who is asking you for
proof? From an auditor's perspective, you have asked for a payment to be
sent to the club member or vendor, a payment appears on your statement for
those terms, and the member or vendor is not repeating a request. So who
are you serving by holding this proof?

Mark Eckman

Marlene Fondrick on

Use duplicate checks.

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Mark Eckman
Sent: Saturday, July 02, 2011 8:03 AM
To: club_cafe@bivio.com
Subject: RE: [club_cafe] Re: Schwab brokerage Account

Linda, I can understand that the image is proof, but who is asking you for proof? From an auditor's perspective, you have asked for a payment to be sent to the club member or vendor, a payment appears on your statement for those terms, and the member or vendor is not repeating a request. So who are you serving by holding this proof?

Mark Eckman

Bethea, Robert on

Then do as I do and make a copy before you mail it. Even if you don't have a home copier, you can't be sending out so many checks that it would be a problem to stop by a facility with a copier on your way to the post office. (I always take checks to the PO since some people steal from mail boxes.)

Nancy Bethea
________________________________________
From: club_cafe@bivio.com [club_cafe@bivio.com] On Behalf Of Linda Lee [lindalee0@yahoo.com]
Sent: Saturday, July 02, 2011 2:11 AM
To: club_cafe@bivio.com
Subject: [club_cafe] Re: Schwab brokerage Account

The reason that I prefer to keep check images is that the
image serves as proof that this entity is who the check was
written to.

Linda Lee on

I never expected these responses. I thought I would get a
few Schwab clients saying that they opted for an Investor
Checking account linked to their Schwab One account in order
to get the free check images online and the ones without
Investor Checking would say that they call Schwab to get
their check images sent to them in the mail. From all the
responses that I received, it sounds like even if they had
access to check images online that they would not bother to
download them. Well, I am only talking about 2-3 checks per
year. So if it were me handling the account, I would call
for my images just to keep a complete paper trail. I prefer
getting the canceled checks to using duplicates.

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