Checkwriting and ACH Transfers
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Hi All - Our club is currently with Scottrade and they will not allow us to have checkwriting privileges or do electronic transfers into our account from a linked checking account. I am wondering if any of you have had success with getting Scottrade to allow you to do those things or, if not, could you recommend another brokerage that does allow checkwriting and transfers? Thanks! Andy Folio Investing. If your club is a BetterInvesting member, it is free with some restrictions and allows just what you are after. I am in two clubs that use it and we are very satisfied. Check it out here: http://www.betterinvesting.org/Members/Investment+Clubs/Folio+Investing/defa ult.htm Marty Eckerle Hi All - Our club is currently with Scottrade and they will not allow us to have checkwriting privileges or do electronic transfers into our account from a linked checking account. I am wondering if any of you have had success with getting Scottrade to allow you to do those things or, if not, could you recommend another brokerage that does allow checkwriting and transfers? Thanks! Andy TD Ameritrade does. We have checkwritting through them. I asked about electronic transfers from our personal accounts and TD told me that we can't because our bank account and the brokerage account have to have the exact name. But one of our members tried bill pay from their bank and it worked. Most of our members use bill pay for their payments.
John Rice
ABODI Investment Club
From: Andrew Butler <abutler911@gmail.com> To: club_cafe@bivio.com Sent: Wed, January 11, 2012 9:33:30 AM Subject: [club_cafe] Checkwriting and ACH Transfers Hi All - Our club is currently with Scottrade and they will not allow us to have checkwriting privileges or do electronic transfers into our account from a linked checking account. I am wondering if any of you have had success with getting Scottrade to allow you to do those things or, if not, could you recommend another brokerage that does allow checkwriting and transfers? Thanks! Andy We have used Fidelity in both my clubs for years. They have wonderful research info and a great website.
Jayne Gilbert
RICH Investment Club
From: John Rice <rice.j1969@att.net> To: club_cafe@bivio.com Sent: Wed, January 11, 2012 12:04:21 PM Subject: Re: [club_cafe] Checkwriting and ACH Transfers TD Ameritrade does. We have checkwritting through them. I asked about electronic transfers from our personal accounts and TD told me that we can't because our bank account and the brokerage account have to have the exact name. But one of our members tried bill pay from their bank and it worked. Most of our members use bill pay for their payments.
John Rice
ABODI Investment Club
From: Andrew Butler <abutler911@gmail.com> To: club_cafe@bivio.com Sent: Wed, January 11, 2012 9:33:30 AM Subject: [club_cafe] Checkwriting and ACH Transfers Hi All - Our club is currently with Scottrade and they will not allow us to have checkwriting privileges or do electronic transfers into our account from a linked checking account. I am wondering if any of you have had success with getting Scottrade to allow you to do those things or, if not, could you recommend another brokerage that does allow checkwriting and transfers? Thanks! Andy I believe Schwab and Etrade also offer clubs checking. It simplifies things if you only have to track one account in bivio. Don't confuse electronic transfers with electronic bill pay. To do an electronic transfer, you usually do have to have both accounts titled in the same name. It's different for electronic bill pay. if someone sets that up at their bank, their bank will send a check to the club brokerage account. I don't know of any brokerages that won't accept a check for a deposit. You usually just have to make the check out to the brokerage and put the club account number in the memo field. I have two clubs that operate this way. We require that deposits be received in the club accuont on a certain date as a requirement for being in our club. This is something you can specify when you set up electronic bill pay at your bank. You can also specify to make the same payment every month. They all arrive within a couple of days of the specified date. We always know how much cash we're going to have to invest and nobody in the club has to chase down checks from anyone. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Our club uses Scottrade and they accept bill pay transfer for our payments. When we need a check the treasurer gets one made out to the club name c/o the treasurer. The treasurer then endorses the check over to whoever is supposed to get it. This has only been used to pay departing members but it has worked fine. Ira Haas -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Andrew Butler Sent: Wednesday, January 11, 2012 12:34 PM To: club_cafe@bivio.com Subject: [club_cafe] Checkwriting and ACH Transfers Hi All - Our club is currently with Scottrade and they will not allow us to have checkwriting privileges or do electronic transfers into our account from a linked checking account. I am wondering if any of you have had success with getting Scottrade to allow you to do those things or, if not, could you recommend another brokerage that does allow checkwriting and transfers? Thanks! Andy We use Firstrade and we have all the amenities we need, but we also have a bank account so we simply ACH transfer back and forth whatever we need. The bookkeeping might take maybe 30 seconds more a month, but sometimes simple and old fashion works is easier.
Ira's situation sounds like it would work for you. One important factor you may not have considered is the fee to transfer all your stocks to another broker. Some charge upwards of $50 each, so it might be cost prohibitive to move.
Lynn Ostrem Crow River Investment Club On Wed, Jan 11, 2012 at 2:30 PM, Ira Haas <haasil@ct.metrocast.net> wrote: Our club uses Scottrade and they accept bill pay transfer for our payments. -- Lynn Ostrem Resource Management Group, Inc. 4439 McAllister Av NE St.Michael, MN 55376 Office: 763/497-5153 Fax: 763/497-5838 Cell: 612/750-4943 garbagecop@gmail.com My club uses Schwab. We have check writing capabilities. Schwab also provides a mechanism whereby it pulls funds from each member's bank account into the Club's Schwab account for the monthly contribution. The paperwork was processed through Schwab, not the banks. Jack Ranby, Treasurer Grants Partners Investment Club On Wed, Jan 11, 2012 at 4:12 PM, Lynn Ostrem <garbagecop@gmail.com> wrote:
-- One important factor you may not have considered is the fee to transfer all your stocks to another broker. Some charge upwards of $50 each, so it might be cost prohibitive to move. The brokers want your business so I've usually found that if you call and talk to them that they will reimburse you for any transfer fees. It's certainly worth a try. Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Good luck with Scottrade - they are very inflexible about how money is handled, both withdrawals and deposits. Our club now meets monthly online except for quarterly face-to-face meetings. When we were setting this up (about six months ago) I checked with Scottrade about allowing direct deposits from individual members; not allowed. Our treasurer must continue to make out a special club deposit slip and submit all checks at once, which means we have to mail the check to the treasurer prior to the meeting. A real pain (at least for me). Some members choose to make their contributions for six months at a time to avoid having to remember to mail the checks in. Even though this is a hassle, we decided to stay with Scottrade (for now) as otherwise they have been very responsive about handling our withdrawals. There is no fee to transfer your account out, FYI. Ann Money Mavens of Fremont On Wed, Jan 11, 2012 at 1:27 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Ann and all - the DC Chapter uses Scott Trade and most of us use bill pay individually with the "pennies" method - I'd double check with Scott Trade to see if you can get a different answer based on our situation - - - we checked before hand and they authorized individual checks without question. Regards, Bob Bigrigg MICNOVA BI DC Associate Director/Instructor
Bob, Which Scottrade office in the DC area do you work with? I have had the same experience as Ann with our Scottrade office here in Charlotte. Rich Hill Book Readers Investment Group From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Bob Bigrigg Ann and all - the DC Chapter uses Scott Trade and most of us use bill pay individually with the "pennies" method - I'd double check with Scott Trade to see if you can get a different answer based on our situation - - - we checked before hand and they authorized individual checks without question. Regards, Bob Bigrigg MICNOVA BI DC Associate Director/Instructor
It's really important how you ask the question. If you ask them if they will accept electronic funds transfers, the answer will probably be no. But, ask them if you can send in checks directly to the account and how to do that. Once you get the instructions, each member will set up electronic bill pay at his bank to send the check for him. This is different and I'm sure your brokerage will take checks that come in this way. Usually you just make the check out to the brokerage and put your club account number in the memo field. Each member would specify these things when they set up the electronic bill pay at their own bank. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Rich, Ann and all - - - I think they mostly work online but there are three local northern VA offices - Vienna, Fairfax and Ashburn. One of our members on this list may know if they work directly with the local office and which one. Or I could find out at the meeting this week and get back to ya. Off Topic Query: "Book Readers" - gotta be a story here - care to expound? ;-) From the guy who turned their formal living and dining room space into a full on Library with wall to wall books and cozy reading spaces. Later, Bob
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