Direct Transfers of Investment Club Contributions
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Direct Transfers of Investment Club Contributions Our brokerage firm will not facilitate transfers from one
account to another unless their TITLES are identical. In other words, they will
not transfer from a checking account owned by Jane Doe into a brokerage account
owned by Doe Family Investment Partnership. Do you know of investment clubs that
have gotten around this dilemma?
I have heard of clubs who have found brokers willing to accept electronic
transfers from the bank/brokerage account of club members directly to the club's
brokerage account. Unfortunately, I don't have a list
of brokers that are willing to do this. Maybe other bivio users
will share their recommendations and experiences with us via the bivio Club Cafe
users board at club_cafe@bivio.com
One additional trick that we often use to identify member payments for our
premium customers is to give each club member a number. That member will
then add that many cents to their monthly payment. That way, if John
Doe is member number #12 and we see that a member payment was made to the
brokerage account in the amount of $50.12, we know that payment was made by John
Doe. If Bob Smith is member #6 and we see a payment in the amount of
$25.06, we know that Bob Smith made that payment and we will credit his account
accordingly.
Thanks for using bivio!
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