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