We use Fidelity and we can write checks on our money market account.
If you want a separate bank account you must add a second account and enter all transactions manually. It is not difficult, it just takes time to enter. When you enter a withdrawal you can specify the account it comes from.
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Date: Sat, Dec 28, 2019 9:12 PM
Subject:Re: [club_cafe] Adding Checking Account
Good question Norman. We have TD Ameritrade as well.
What is going to happen when Charles Schwab takes over TD Ameritrade next year? We have our checking account at TD Ameritrade and will Charles Schwab let us maintain this checking account?
I'm in two investment clubs with bivio. Both have accounts at TD Ameritrade so we have account sync.
One of the clubs has everything go into TD Ameritrade account and when we have expenses we send out a check from TD Ameritrade. In three years of operating we have written 6 checks of which 3 were for people who withdrew. It is nice everything shows up in account sync.
The second club has a bank account, along with our TD Ameritrade account. In that club of 18 years we use our bank account (Sandy Spring Bank) to pay expenses. Those transactions have to be manually entered.
If you want to have both a bank and a brokerage account then expect to be manually entering your bank account transactions.
Really comes down to personal preference of the club and of your club treasurer.
We opened a checking account with Chase Bank. Can someone explain to me how to bring in the account so it interfaces with Bivio. Charles Schwab has been good to work with but since we are an investment club our local branch will will not let us write checks off the brokerage money market account. We opened the account to pay expenses.