Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Peter Dunkelberger on
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Jayne Doyle on
I have a check book from TDA, only I sign the checks, although we have a second person who could sign the checks.
On Wednesday, May 8, 2019, 5:03:06 PM CDT, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Peter Dunkelberger on
Sorry, but I was not thinking straight.
TDA provides a check request form, you fill that out and send it to them via their email message menu option and in a few days your payee receives a paper check. Any one who has access to your club's TDA account, i.e., whoever has your user name and password , can send a check. This is an interesting thing about TDA, they do not seem to have multiple levels of users, nor do they have multiple log-ins. Only one user name and one password per account.
Our club wanted a back up authorized trader, and the only way we could do it was by my provision of the username and password to the back up partner.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Peter Dunkelberger on
Interesting. Do you use a TDA Bank? Do you pay fees to the bank?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Norman Gee on
It is just a local merchant bank that we had for 25 years. They recently been brought out, hence the new fees. Can you tell TDA to make the check payable to anyone or entity, or does it it have to be make payable to the club? Because under deposits and transfers, withdrawal by check does not ask who to pay the check or is that why you use the message option?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Grantland Hillman on
At TD Ameritrade, a check can be issued to one of the names
on the account for free.
We were charged $10 when we recently issued a check to a
departing member that wasn't on the account. There were
two separate $5 fees so it may have been partially in error.
Peter Dunkelberger on
Well, I cannot find the form at the moment. The title of the form is Check Request Form, and it is TDA 2882, neither of which were helpful in my search just now for the form. Their document search engine is the worst. Send them a message through the clients services messaging system and they will take care of you. I used it to send a check to myself to reimburse me for club expenses that I had paid. So I do not know about random vendors being paid through that system. So you should ask TDA about that.
A quick note: on the desk top website, there is a submenu under Client Services for Forms and Agreements. That is where I just tried to find the form but could not.
It is just a local merchant bank that we had for 25 years. They recently been brought out, hence the new fees. Can you tell TDA to make the check payable to anyone or entity, or does it it have to be make payable to the club? Because under deposits and transfers, withdrawal by check does not ask who to pay the check or is that why you use the message option?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Norman Gee on
I found the form by googling for "TDA 2882", The form mentions a $5 charge for checks not made payable to all account holders. I guess it is better to order the free checks and see if we can required 2 signatures.
Well, I cannot find the form at the moment. The title of the form is Check Request Form, and it is TDA 2882, neither of which were helpful in my search just now for the form. Their document search engine is the worst. Send them a message through the clients services messaging system and they will take care of you. I used it to send a check to myself to reimburse me for club expenses that I had paid. So I do not know about random vendors being paid through that system. So you should ask TDA about that.
A quick note: on the desk top website, there is a submenu under Client Services for Forms and Agreements. That is where I just tried to find the form but could not.
It is just a local merchant bank that we had for 25 years. They recently been brought out, hence the new fees. Can you tell TDA to make the check payable to anyone or entity, or does it it have to be make payable to the club? Because under deposits and transfers, withdrawal by check does not ask who to pay the check or is that why you use the message option?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Sharon Holley on
We have the physical checkbook with checks. We have 3 people that can sign a check, but they only require 1 signature.
I found the form by googling for "TDA 2882", The form mentions a $5 charge for checks not made payable to all account holders. I guess it is better to order the free checks and see if we can required 2 signatures.
Well, I cannot find the form at the moment. The title of the form is Check Request Form, and it is TDA 2882, neither of which were helpful in my search just now for the form. Their document search engine is the worst. Send them a message through the clients services messaging system and they will take care of you. I used it to send a check to myself to reimburse me for club expenses that I had paid. So I do not know about random vendors being paid through that system. So you should ask TDA about that.
A quick note: on the desk top website, there is a submenu under Client Services for Forms and Agreements. That is where I just tried to find the form but could not.
It is just a local merchant bank that we had for 25 years. They recently been brought out, hence the new fees. Can you tell TDA to make the check payable to anyone or entity, or does it it have to be make payable to the club? Because under deposits and transfers, withdrawal by check does not ask who to pay the check or is that why you use the message option?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
John Rice on
Banks only require 1 signature. Anything more than 1 signature is only your club's policy and the bank won't care.
I found the form by googling for "TDA 2882", The form mentions a $5 charge for checks not made payable to all account holders. I guess it is better to order the free checks and see if we can required 2 signatures.
Well, I cannot find the form at the moment. The title of the form is Check Request Form, and it is TDA 2882, neither of which were helpful in my search just now for the form. Their document search engine is the worst. Send them a message through the clients services messaging system and they will take care of you. I used it to send a check to myself to reimburse me for club expenses that I had paid. So I do not know about random vendors being paid through that system. So you should ask TDA about that.
A quick note: on the desk top website, there is a submenu under Client Services for Forms and Agreements. That is where I just tried to find the form but could not.
It is just a local merchant bank that we had for 25 years. They recently been brought out, hence the new fees. Can you tell TDA to make the check payable to anyone or entity, or does it it have to be make payable to the club? Because under deposits and transfers, withdrawal by check does not ask who to pay the check or is that why you use the message option?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
cindy gerke on
Our club deposits checks into credit union and transfers money to TD on TD site. The bank requires a copy of our minutes to showing the names of 3 members allowed to sign checks when change signatures. The minutes say 2 signatures are required. If the bank accepted a bad check with only one signature they would be responsible. We have used this system for 22 years. We rarely write a paper check.
I found the form by googling for "TDA 2882", The form mentions a $5 charge for checks not made payable to all account holders. I guess it is better to order the free checks and see if we can required 2 signatures.
Well, I cannot find the form at the moment. The title of the form is Check Request Form, and it is TDA 2882, neither of which were helpful in my search just now for the form. Their document search engine is the worst. Send them a message through the clients services messaging system and they will take care of you. I used it to send a check to myself to reimburse me for club expenses that I had paid. So I do not know about random vendors being paid through that system. So you should ask TDA about that.
A quick note: on the desk top website, there is a submenu under Client Services for Forms and Agreements. That is where I just tried to find the form but could not.
It is just a local merchant bank that we had for 25 years. They recently been brought out, hence the new fees. Can you tell TDA to make the check payable to anyone or entity, or does it it have to be make payable to the club? Because under deposits and transfers, withdrawal by check does not ask who to pay the check or is that why you use the message option?
Be interested to hear the answer from TDA. They write checks at my request, and our club does not require 2 signatures. I do the request using TDA message option, and they send a physical check.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
MICHAEL LEANA on
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Mike LeAna, Financial Officer, Bulls&Bears
Sun City Roseville (CA)
On May 8, 2019 at 2:44 PM "Norman Gee via bivio.com" <user*125100001@bivio.com> wrote:
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Norman Gee on
here is my response from TDA
Thank you for doing business with TD Ameritrade. Unfortunately, only one signature will be required on your checks.
If you have any other questions, you may reply to this message or contact Client Services at 800-669-3900. We are available 24 hours a day, seven days a week. For faster service, please enter your account number or UserID when prompted, so that we can direct your call to a representative best suited to service your request.
I guess TDA will not be verifying for a second signature.
Norman: our IC has used TD Ameritrade as our broker for nearly 25 years and has used their checking account system with 2 signatures required on all checks written--the financial officer and either the President or Secretary--with no problems all these years. But I'm sure they can accommodate you if you only want to have one signature on checks; it's not TDA who requires how many signatures are needed, anyway.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.
Linda Glein on
Requiring 2 signatures is a waste of effort. You can use an internal 2-person approval process if you wish, but the bank won't verify two signatures, so don't start with that expectation.
Ask yourself what you were trying to accomplish with a two signature process and work out something that will give you comfort. My personal observation in the past of requiring two signatures is that 1) obtaining two signatures became awkward and inefficient, so, 2) for expediency sake, the second signatory would sign several checks in advance, then the first signatory would add his signature when writing the check. This completely undermined any attempt at fiduciary control.
There are very few checks required for operating an investment club.
Suggestions:
Establish in writing what payments are recurring and anticipated. Annually authorized them and record in the minutes with estimated amounts. (I.e. memberships, subscriptions, postage, etc.) When unique expenses arise, approve with a motion and record in the minutes. Expect/require a month Treasurer's report. Conduct an annual review/audit of the books.
Our current local merchant bank is going to start charging a fee to maintain a checking account there. I was wondering if TD Ameritrade can be setup to require 2 signatures for each check or is only 1 signature needed? I already pose the question to TD Ameritrade.