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Processing withdrawals with stock transfers at Schwab- help!
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!
The exact same thing happened to our club in December. One representative told me that Schwab does not want to deal with investment clubs. We are looking for an investment club-friendly brokerage firm and will close our Schwab account. Unfortunately we had to delay the withdrawal. The only other option at Schwab was to do a cash payout, and there were a lot of hoops to jump through for that too. We are so sorry that we no longer have Ameritrade as an option :(

Gretchen Smith
The Women's Investment Group (TWIG)

On Tuesday, February 6, 2024 at 09:12:59 PM EST, Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:


Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing?  Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!
There is a form called. LOA. I just used this form to transfer stocks for a member that left the club.
I am uploading the form.

On Tue, Feb 6, 2024 at 6:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Donna O'Connell
We are in the process of changing from Schwab to Fidelity for this exact reason. We have had some branch people said we could; but later is was “A Definite NO!”

Dan Cohn
Atlanta
Sent from my iPhone

> On Feb 6, 2024, at 9:12 PM, Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
>
> Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.
>
> We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.
>
> Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!
Donna, If you actually transfer stock to another person please let us know. Our club was told "No" as well.

John Rice

On Tue, Feb 6, 2024 at 6:36 PM Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
There is a form called. LOA. I just used this form to transfer stocks for a member that left the club.
I am uploading the form.

On Tue, Feb 6, 2024 at 6:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Donna O'Connell
I agree with Donna's response to this question. I was told
we could use the form she attached. However, by that time my
club was well on our way to transferring to Fidelity. Note
that this form has to be processed manually. If you search
for Forms on the Schwab website, an online version will come
up, but when you insert your club account details, you
cannot transfer stocks to your club members, as we could do
online with TDAmeritrade.
Hi John
I used the form that I sent and did transfer stock to the withdrawing member.
I brought the form into the Schwab office.


On Tue, Feb 6, 2024 at 8:00 PM John Rice via bivio.com <user*24380400001@bivio.com> wrote:
Donna, If you actually transfer stock to another person please let us know. Our club was told "No" as well.

John Rice

On Tue, Feb 6, 2024 at 6:36 PM Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
There is a form called. LOA. I just used this form to transfer stocks for a member that left the club.
I am uploading the form.

On Tue, Feb 6, 2024 at 6:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Donna O'Connell


--
Donna O'Connell
We were given this form by Schwab, but told no after submitting it. 
Molly

Sent from my iPhone

On Feb 6, 2024, at 10:17 PM, Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:


Hi John
I used the form that I sent and did transfer stock to the withdrawing member.
I brought the form into the Schwab office.


On Tue, Feb 6, 2024 at 8:00 PM John Rice via bivio.com <user*24380400001@bivio.com> wrote:
Donna, If you actually transfer stock to another person please let us know.  Our club was told "No" as well.

John Rice

On Tue, Feb 6, 2024 at 6:36 PM Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
There is a form called. LOA. I just used this form to transfer stocks for a member that left the club.
I am uploading the form.

On Tue, Feb 6, 2024 at 6:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing?  Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Donna O'Connell


--
Donna O'Connell
Same here.


On Wed, Feb 7, 2024 at 12:01 AM, Tracy, Molly M via bivio.com
<user*40992200001@bivio.com> wrote:
We were given this form by Schwab, but told no after submitting it. 
Molly

Sent from my iPhone

On Feb 6, 2024, at 10:17 PM, Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:


Hi John
I used the form that I sent and did transfer stock to the withdrawing member.
I brought the form into the Schwab office.


On Tue, Feb 6, 2024 at 8:00 PM John Rice via bivio.com <user*24380400001@bivio.com> wrote:
Donna, If you actually transfer stock to another person please let us know.  Our club was told "No" as well.

John Rice

On Tue, Feb 6, 2024 at 6:36 PM Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
There is a form called. LOA. I just used this form to transfer stocks for a member that left the club.
I am uploading the form.

On Tue, Feb 6, 2024 at 6:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing?  Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Donna O'Connell


--
Donna O'Connell
I was told but the Schwab staff in Woodbury, MN that the only way clubs could transfer stocks to a member is if the Member was and Authorized Agent on the club account. Our club has not tried this yet on a withdrawing member. Our Club only wants the President and the Treasurer to have access to trades and movement of funds on the Club Schwab account. Making everyone an Authorized Agent for every club members may cause big problems for the club on unauthorized fund movement. So far out club has just sold stock to get cash for Withdrawing members. It has worked out fine so far since we sold some stocks at a loss that we were talking selling anyway.

Club Net
Bill Waskosky
Molly,
We had the same issue, so we had to deposit cash from stock sales into our club bank account (not Schwab bank acct) then write a check to withdrawing member.

Kay
Lakshmi Investors

On Tue, Feb 6, 2024, 8:13 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!
We never had this problem with Schwab using their charitable donation form per instructions with a note it was not a charitable donation. Used to send stock to resigning members with other brokerages

On Tue, Feb 6, 2024 at 9:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!
Edward,
Where are you located? How recently did you do this??
Like several of these emails said they were told yes. but NO when it was submitted.
Will look into the charitable contributions application.

On Wed, Feb 7, 2024 at 9:42 AM Edward Kennedy via bivio.com <user*23546400001@bivio.com> wrote:
We never had this problem with Schwab using their charitable donation form per instructions with a note it was not a charitable donation. Used to send stock to resigning members with other brokerages

On Tue, Feb 6, 2024 at 9:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Dan Cohn
404 862 5640
May I suggest you set some members as authorized to view only? This way, their name is on the list but they can only view, not trade, not transfer money.

Let us know if this works.

Our club is scheduled to migrate to Schwab in May. I’d like to know how to work around all these kinks. Clearly, Schwab staff are not well trained or their process is so case by case, customer service employees have no rules to follow.

Minh T. Le

> On Feb 7, 2024, at 5:19 AM, William F. Waskosky via bivio.com <user*33549200001@bivio.com> wrote:
>
> I was told but the Schwab staff in Woodbury, MN that the only way clubs could transfer stocks to a member is if the Member was an Authorized Agent on the club account. Our club has not tried this yet on a withdrawing member. Our Club only wants the President and the Treasurer to have access to trades and movement of funds on the Club Schwab account. Making everyone an Authorized Agent for every club members may cause big problems for the club on unauthorized fund movement. So far out club has just sold stock to get cash for Withdrawing members. It has worked out fine so far since we sold some stocks at a loss that we were talking selling anyway.
>
> Club Net
> Bill Waskosky
In Philadelphia area. Done about 10 times last in may 2023.

On Wed, Feb 7, 2024 at 10:03 AM Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:
Edward,
Where are you located? How recently did you do this??
Like several of these emails said they were told yes. but NO when it was submitted.
Will look into the charitable contributions application.

On Wed, Feb 7, 2024 at 9:42 AM Edward Kennedy via bivio.com <user*23546400001@bivio.com> wrote:
We never had this problem with Schwab using their charitable donation form per instructions with a note it was not a charitable donation. Used to send stock to resigning members with other brokerages

On Tue, Feb 6, 2024 at 9:12 PM Molly J. Tracy via bivio.com <user*40992200001@bivio.com> wrote:
Has anyone successfully transferred stock from their investment club account to a club partner that is withdrawing? Our brokerage account is currently at Schwab , previously Ameritrade.

We completed the transfer forms as instructed initially by Schwab , only to be informed by Schwab after the transfer forms were submitted that transfers from an investment club account to anything but another investment Club account is not allowed. At first we were told transfers could go to individual accounts st Schwab but not other brokers, but then we're told we could not send any stocks to individuals.

Is there any option to complete this transaction without moving our Club portfolio to a different broker? Please send your suggestions on what to do. We have four departing members with a valuation date of 1/31. Thank you!


--
Dan Cohn
404 862 5640