Folio Cash Hold
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Sounds like they just shot themselves in the foot. We will discuss moving to another broker at our next meeting. Everywhere else I use it is 5 days maximum.
On Feb 11, 2020, at 10:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
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The question Folio needs to answer is why? If this is a move to make money like Schwab and Fidelity, (investing the cash and Folio keeps the earnings,) or is this a liquidity issue for Folio?
Mark Eckman
On Tue, Feb 11, 2020 at 10:44 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
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Mark Eckman
So when there is instantaneous transfer and minimum float, Folio is gaining 4 months of interest. Completely non-competitive. Joe, hope you surface to the Biva Board to register member disagreement with BI's continuing endorsement/approved vendor w this user unfriendly policy.
Irina Clements
Treasurer, Streetbeaters
Sent from my iPhone
On Feb 11, 2020, at 11:51 AM, Joe Farrell via bivio.com <user*14102900001@bivio.com> wrote:
Sounds like they just shot themselves in the foot. We will discuss moving to another broker at our next meeting. Everywhere else I use it is 5 days maximum.On Feb 11, 2020, at 10:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
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Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
Laurie,
Did they give any reason? This is ridiculous but I really don't want to go through the hassle of moving to another broker.
A couple of questions: 1.Is this only for investment clubs or for individual investors too? 2. Which brokers are the most investment club friendly?
Kim Potter, Treasurer
BI Brighton Model Club
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
-------- Original message --------
From: Laurie Frederiksen <laurie@bivio.biz>
Date: 2/11/20 11:44 AM (GMT-05:00)
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Folio Cash Hold
|
just move to TD.
Laurie,Did they give any reason? This is ridiculous but I really don't want to go through the hassle of moving to another broker.A couple of questions: 1.Is this only for investment clubs or for individual investors too? 2. Which brokers are the most investment club friendly?Kim Potter, TreasurerBI Brighton Model ClubSent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone-------- Original message --------From: Laurie Frederiksen <laurie@bivio.biz>Date: 2/11/20 11:44 AM (GMT-05:00)To: The Club Cafe <club_cafe@bivio.com>Subject: [club_cafe] Folio Cash Hold
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
OPTION:
You could search for a fee free local bank account to open for the club.
All members send their checks to that local account monthly.
Then set up set up electronic funding from the local bank account automatically each month into FOLIO.
An electronic transfer should not involve "a hold" on any funds.
TD has been very good for our Club since 2001. Once the merger with Charles Schwab happens, time will tell.
One pre-emptive move we made before the end of 2019 was to divest the Club of all REITS and ETFs, as we were advised that Schwab does not provide the accounting detail necessary for easy tax filing. We enjoyed the profits of both REITS and ETFs - but tax filing was a bit harder, even with TD's accounting details being provided.
Good Luck
Good Luck
-----Original Message-----
From: Stuart Weissman via bivio.com <user*15236200001@bivio.com>
To: club_cafe@bivio.com club_cafe@bivio.com <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:26 am
Subject: Re: [club_cafe] Folio Cash Hold
From: Stuart Weissman via bivio.com <user*15236200001@bivio.com>
To: club_cafe@bivio.com club_cafe@bivio.com <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:26 am
Subject: Re: [club_cafe] Folio Cash Hold
just move to TD.
Laurie,Did they give any reason? This is ridiculous but I really don't want to go through the hassle of moving to another broker.A couple of questions: 1.Is this only for investment clubs or for individual investors too? 2. Which brokers are the most investment club friendly?Kim Potter, TreasurerBI Brighton Model ClubSent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone-------- Original message --------From: Laurie Frederiksen <laurie@bivio.biz>Date: 2/11/20 11:44 AM (GMT-05:00)To: The Club Cafe <club_cafe@bivio.com>Subject: [club_cafe] Folio Cash Hold
Invest with your friends!
www.bivio.com
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The handwriting is probably on the wall, I'd be looking for a new broker!
Bob Hays
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Mark Eckman via bivio.com
Sent: Tuesday, February 11, 2020 8:59 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Folio Cash Hold
The question Folio needs to answer is why? If this is a move to make money like Schwab and Fidelity, (investing the cash and Folio keeps the earnings,) or is this a liquidity issue for Folio?
Mark Eckman
On Tue, Feb 11, 2020 at 10:44 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
--
Mark Eckman
|
Did any of you read the article in Better Investing this month about no fee trades? Interesting that you are having issues on that particular subject! That article is a real eye opener for those who want to trade this way
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Sheryl Story via bivio.com
Sent: Tuesday, February 11, 2020 10:35 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Folio Cash Hold
OPTION:
You could search for a fee free local bank account to open for the club.
All members send their checks to that local account monthly.
Then set up set up electronic funding from the local bank account automatically each month into FOLIO.
An electronic transfer should not involve "a hold" on any funds.
TD has been very good for our Club since 2001. Once the merger with Charles Schwab happens, time will tell.
One pre-emptive move we made before the end of 2019 was to divest the Club of all REITS and ETFs, as we were advised that Schwab does not provide the accounting detail necessary for easy tax filing. We enjoyed the profits of both REITS and ETFs - but tax filing was a bit harder, even with TD's accounting details being provided.
Good Luck
-----Original Message-----
From: Stuart Weissman via bivio.com <user*15236200001@bivio.com>
To: club_cafe@bivio.com club_cafe@bivio.com <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:26 am
Subject: Re: [club_cafe] Folio Cash Hold
just move to TD.
On Tue, Feb 11, 2020 at 12:24 PM byrdshot via bivio.com <user*22890200001@bivio.com> wrote:
Laurie,
Did they give any reason? This is ridiculous but I really don't want to go through the hassle of moving to another broker.
A couple of questions: 1.Is this only for investment clubs or for individual investors too? 2. Which brokers are the most investment club friendly?
Kim Potter, Treasurer
BI Brighton Model Club
Sent via the Samsung Galaxy S10, an AT&T 5G Evolution capable smartphone
-------- Original message --------
From: Laurie Frederiksen <laurie@bivio.biz>
Date: 2/11/20 11:44 AM (GMT-05:00)
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Folio Cash Hold
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
Laurie:
Which brokers sync with Bivio beside FolioInvesting?
Thanks.
Ty H.
On Feb 11, 2020, at 11:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
Please disregard my question. The help page had a list of brokers that use AccountSync.
Ty H.
On Feb 11, 2020, at 11:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
We use Schwab and syncs well.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Ty Hughes via bivio.com
Sent: Wednesday, February 12, 2020 10:43 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Folio Cash Hold
Laurie:
Which brokers sync with Bivio beside FolioInvesting?
Thanks.
Ty H.
On Feb 11, 2020, at 11:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe
Works good with Fidelity and TDAmeritrade.
We use Schwab and syncs well.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Ty Hughes via bivio.com
Sent: Wednesday, February 12, 2020 10:43 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Folio Cash Hold
Laurie:
Which brokers sync with Bivio beside FolioInvesting?
Thanks.
Ty H.
On Feb 11, 2020, at 11:43 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:

FYI -
To all clubs that use Folio for a broker. I just talked to them and they now have a 120 hold on any cash that is deposited using electronic bill pay. It was just increased from 60 days which was bad enough and which I know created issues for some of you.
That means, if you have your members have their banks send in checks for their monthly payments, that you will not be able to use that cash to pay any outside checks such as expenses or withdrawal payouts until it has been at Folio for 120 days.
To me that is obscene. I have made them very aware of my feelings on this topic. It would probably help if any of you that use Folio also call and let them know what you think of this.
Laurie Frederiksen
Invest with your friends!
www.bivio.com
Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+
Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe