TDAmeritrade requires the (TDA) account number on each check so that they know what account to deposit the funds into. The penny system doesn't address TDA's needs. David needs to check with TDA about whether they'll accept checks without a deposit slip.

My club collects checks at our meeting - each made payable to TDAmeritrade with our account number in the memo field - and one of our members deposits the checks the next morning.

Ira Smilovitz

In a message dated 1/25/2012 9:31:31 P.M. Eastern Standard Time, hlemcool@charter.net writes:

I would not have them list their account # on the checks but to give everyone a different # 25.01 25.02 25.03 and so on so the number lets you know who made what deposit

On Wed, Jan 25, 2012 at 9:25 PM, David A Pisani <diamonddave33@hotmail.com> wrote:

Hi, I am setting up a new investment club in Feb. using TD Ameritrade as our broker. I plan on having my members submit their contributions directly to the TD account having them list our account number on their checks. I plan on having that money sit in the cash sweep account until we decide on what to invest in. My question is will each member also need to submit a TD Ameritrade deposit slip with their personal checks? Or can they just send the check with the account number listed in the memo line without a deposit slip?

Thanks for any help, David.

Thanks everyone for all the replies.