Processing withdrawals with stock transfers at Schwab- help!
Kay Branz on
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
On Wed, Feb 7, 2024 at 10:46 AM, Kay Branz via bivio.com
<user*34862000001@bivio.com> wrote:
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
Peter Dunkelberger on
Same here. Schwab has done a very poor job of absorbing all of the TDA clubs. Here is another example--if your TDA club had check writing privileges (i.e., you could write checks to anyone from the club's TDA brokerage account) , Schwab would permit your club to continue that privilege. However if your club did not have that privilege with TDA, Schwab does not permit your club to establish that privilege with Schwab. Does that make sense? Clearly the mechanism exists to be able to write third-party checks for some clubs, so why can't all of the clubs do it? It is very frustrating and does not encourage staying with Schwab.
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
SusanMaciolek on
Good luck with Fidelity.last fall, My 401k was transferred to them and it has been a nightmare!.monthly RMDs sent not to me, but the entire payment directly to the feds. Talked to a different “agent” each time, no return phone calls.no problem resolution. Can’t wait to pull completely.
Have been trying to roll out of Fid , no friendly agents
Personally I have used Schwab foe over 30 years, with no snafus, no complaints
Susan
Sent from my iPad
> On Feb 6, 2024, at 10:12 PM, Suzanne McNealy via bivio.com <user*20717700001@bivio.com> wrote:
>
> 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.
Carole Jansen on
Susan, I have had no problem with my personal account at Fidelity, but I don't do automatic RMD payments, I process them and the resultant tax payments myself. Maybe it is a setting that needs to be changed?
Good luck with Fidelity.last fall, My 401k was transferred to them and it has been a nightmare!.monthly RMDs sent not to me, but the entire payment directly to the feds. Talked to a different "agent" each time, no return phone calls.no problem resolution. Can't wait to pull completely.
Have been trying to roll out of Fid , no friendly agents
Personally I have used Schwab foe over 30 years, with no snafus, no complaints
Susan
Sent from my iPad
> On Feb 6, 2024, at 10:12 PM, Suzanne McNealy via bivio.com <user*20717700001@bivio.com> wrote:
>
> 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.
SusanMaciolek on
Lost patience. Fidelity is toast.
Sent from my iPad
On Feb 7, 2024, at 4:54 PM, Carole Jansen via bivio.com <user*8441200001@bivio.com> wrote:
Susan, I have had no problem with my personal account at Fidelity, but I don't do automatic RMD payments, I process them and the resultant tax payments myself. Maybe it is a setting that needs to be changed?
Good luck with Fidelity.last fall, My 401k was transferred to them and it has been a nightmare!.monthly RMDs sent not to me, but the entire payment directly to the feds. Talked to a different "agent" each time, no return phone calls.no problem resolution. Can't wait to pull completely.
Have been trying to roll out of Fid , no friendly agents
Personally I have used Schwab foe over 30 years, with no snafus, no complaints
Susan
Sent from my iPad
> On Feb 6, 2024, at 10:12 PM, Suzanne McNealy via bivio.com <user*20717700001@bivio.com> wrote:
>
> 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.
Bob Mann on
Schwab obviously doesn't want investment clubs, Minh. I suggest you look elsewhere before migrating there. My club went with Fidelity.
Bob
> On 02/07/2024 10:37 AM EST Minh Le via bivio.com <user*38982700001@bivio.com> wrote:
>
>
> 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
Sharon Holley on
I just turned in a form to make a stock transfer from our club account to a member's Schwab account to pay her off.
On Tuesday, February 6, 2024, 7:31 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:
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!
Tracy, Molly M on
Thanks Sharon. Let me know if you have success. Which form did you use?
Sent from my iPhone
On Feb 7, 2024, at 11:39 PM, Sharon Holley via bivio.com <user*25691200001@bivio.com> wrote:
I just turned in a form to make a stock transfer from our club account to a member's Schwab account
to pay her off.
On Tuesday, February 6, 2024, 7:31 PM, Dan Cohn via bivio.com <user*32501700001@bivio.com> wrote:
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!
Peter Dunkelberger on
The detail to note here is that the receiver of the stock has a Schwab account. That makes things much easier.
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!
Robin Travis-malbrough on
Kay Branz- same experience. So disappointed with Schwab! We will be moving.
On Feb 7, 2024, at 7:46 AM, Kay Branz via bivio.com <user*34862000001@bivio.com> wrote:
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
Edward Kennedy on
Use charitable contribution form (as they told me) saying it is not a charitable. contribution.
I used many times for partners at non schwab brokerages.
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
Dan Cohn on
I mentioned doing this today at Schwab; they said no.
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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
All our club members are Authorized viewers, but we can only make payments from our club account to another entity with our club name (e.g. bank account)- NOT to any individuals....I spent 1.5 hrs on phone with various Schwab employees learning this....
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