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Folio Cash Hold
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period.  I always send in a check so I have the members who want to use Bill Pay to do the following.  They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215.  When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works 

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260



-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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
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www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
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So are you saying that Folio processes paper checks quicker than they process electronic checks? That's 2 steps back and zero steps forward!

Peter Dunkelberger

On Wed, Feb 12, 2020 at 11:35 AM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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

Yup. It makes no sense.

I realize your method will work Larry. But the whole idea was to make it so Club treasurers don't have to chase down member checks every month.

Personally, I'm not eager to go backwards on that one.

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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none
So what's the turn around time on that process? Also, what date do you use to purchase units in the club?

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260



-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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


--

Mark Eckman
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260



-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Wed, Feb 12, 2020 4:51 pm
Subject: Re: [club_cafe] Folio Cash Hold

So what's the turn around time on that process?  Also, what date do you use to purchase units in the club?  

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period.  I always send in a check so I have the members who want to use Bill Pay to do the following.  They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215.  When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works 

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260



-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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


--

Mark Eckman
Our members generally use bill pay to send in their payments which are due on the 20th of each month. Some members pay exactly on time, others are early and some are late. I use as the Valuation Date, whatever date their payment hits our Ameritrade account. There may be different ways to do it, but isn't this what Bivio recommends?

On Thu, Feb 13, 2020 at 12:22 AM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Wed, Feb 12, 2020 4:51 pm
Subject: Re: [club_cafe] Folio Cash Hold

So what's the turn around time on that process? Also, what date do you use to purchase units in the club?

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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


--

Mark Eckman
Our club sets the valuation date to the transaction date with each posting.

Mike

On Wed, Feb 12, 2020 at 9:55 PM V Johnson via bivio.com <user*37873600001@bivio.com> wrote:
Our members generally use bill pay to send in their payments which are due on the 20th of each month. Some members pay exactly on time, others are early and some are late. I use as the Valuation Date, whatever date their payment hits our Ameritrade account. There may be different ways to do it, but isn't this what Bivio recommends?

On Thu, Feb 13, 2020 at 12:22 AM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Wed, Feb 12, 2020 4:51 pm
Subject: Re: [club_cafe] Folio Cash Hold

So what's the turn around time on that process? Also, what date do you use to purchase units in the club?

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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


--

Mark Eckman
I believe that Bivio recommends that you have one valuation date each month. In my club we meet on the third weekend of the month. Members should have their payments mailed or bill paid into our brokerage account by the time of the meeting. All payments are valuated on the first of the month no matter when you send it in. That way someone doesn't try to time the market to get a better valuation.

John

On Wed, Feb 12, 2020 at 10:12 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Our club sets the valuation date to the transaction date with each posting.

Mike

On Wed, Feb 12, 2020 at 9:55 PM V Johnson via bivio.com <user*37873600001@bivio.com> wrote:
Our members generally use bill pay to send in their payments which are due on the 20th of each month. Some members pay exactly on time, others are early and some are late. I use as the Valuation Date, whatever date their payment hits our Ameritrade account. There may be different ways to do it, but isn't this what Bivio recommends?

On Thu, Feb 13, 2020 at 12:22 AM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Wed, Feb 12, 2020 4:51 pm
Subject: Re: [club_cafe] Folio Cash Hold

So what's the turn around time on that process? Also, what date do you use to purchase units in the club?

Mark Eckman

On Wed, Feb 12, 2020 at 1:35 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Laurie, et., al.

I have two Clubs that use Folio and I am the Treasurer (for life!) for both. We have developed a "work around" the Bill Pay issues for those Partners who wish to use it without the ridicules hold period. I always send in a check so I have the members who want to use Bill Pay to do the following. They make there Bill Pay addressed to my home address as follows: Folio Fn., Attn: Cash Management, Larry's street address, Fayetteville, GA 30215. When I receive their checks I put their Bill Pay Checks in my envelope with my check and mail to Folio. When Folio post to the account all checks are posted as "checks." See Below:

Folio Dep example.JPG
It is not a perfect "fix" but it is a work around that works

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020


-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Tue, Feb 11, 2020 11:44 am
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


--

Mark Eckman
Larry - Interesting. We use TDA and mandate bill pay and the valuation date is the date posted by TDA to the club account. While that would be very difficult with a paper only, manual deposit, Bivio makes it a breeze.

Mark Eckman

On Wed, Feb 12, 2020 at 11:21 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260

none
We use TDA and have a combination of bill payers and mail-ins. We enter the deposits and and any expenses on the date they are posted by TDA so they get valued on that date. Our club has an official valuation date for all other purposes (such as withdrawals) for us it is the last Sunday of the month.

On Thu, Feb 13, 2020 at 9:24 AM Mark Eckman via bivio.com <user*24054700001@bivio.com> wrote:
Larry - Interesting. We use TDA and mandate bill pay and the valuation date is the date posted by TDA to the club account. While that would be very difficult with a paper only, manual deposit, Bivio makes it a breeze.

Mark Eckman

On Wed, Feb 12, 2020 at 11:21 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260

Mark,

Good Point Mark. I have to post in the memo box the date of the deposit to make it easy at audit time to track the deposits.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260



-----Original Message-----
From: Mark Eckman via bivio.com <user*24054700001@bivio.com>
To: club_cafe <club_cafe@bivio.com>
Sent: Thu, Feb 13, 2020 10:24 am
Subject: Re: [club_cafe] Folio Cash Hold

Larry - Interesting.  We use TDA and mandate bill pay and the valuation date is the date posted by TDA to the club account.  While that would be very difficult with a paper only, manual deposit, Bivio makes it a breeze.  

Mark Eckman

On Wed, Feb 12, 2020 at 11:21 PM Larry Reno via bivio.com <user*17642900001@bivio.com> wrote:
Mark,

The way our By-Laws read is that we value each deposit the Friday before our meeting on Tuesday the following week and the transaction date is that Tuesday. So the date the deposit hits is not an issue.

Larry Reno
President
Georgia Chapter of BetterInvesting
6th Annual Investors Fair
29 August 2020
The Morrow Center
1180 Southlake Circle
Morrow, GA 30260


Hello Everyone,

When I noticed the initial posting regarding the hold on
funds for online bill pay, I reached out to Folio Investing
to find out any additional information.

Folio Investing did confirm that their policy has changed,
and there is now a hold on withdrawing electronic bill pay
funds for 120 days. Their reason for this policy has
nothing to do with a float on funds because investment clubs
and any Folio account holder can use the funds immediately
for the purchase of securities.

Folio Investing has decided to put a hold on electronic bill
pay deposited funds for withdrawal only, and the reason
behind the decision is because online bill pay is an avenue
that is highly susceptible to fraudulent transactions. This
only applies to electronic bill pay funds deposits, not bill
pay for which the bank sends Folio a paper check. There is
no withdrawal hold on funds for check deposits, ACH payments
from an individual's bank account into the investment
account, and wire transfers. You can find instructions for
these methods of payment in the transfer money menu for your
club account.

If you would like to know how much cash is available for
withdrawal, you can find that amount on the withdrawal
section of the transfer money page for your club account.

Thanks,
Cliff
Thanks Trent.

Sent from Roy’s iPhone.

> On Feb 14, 2020, at 2:26 PM, Cliff Trent via bivio.com <user*17397700001@bivio.com> wrote:
>

Hello Everyone,

When I noticed the initial posting regarding the hold on
funds for online bill pay, I reached out to Folio Investing
to find out any additional information.

Folio Investing did confirm that their policy has changed,
and there is now a hold on withdrawing electronic bill pay
funds for 120 days. Their reason for this policy has
nothing to do with a float on funds because investment clubs
and any Folio account holder can use the funds immediately
for the purchase of securities.

Folio Investing has decided to put a hold on electronic bill
pay deposited funds for withdrawal only, and the reason
behind the decision is because online bill pay is an avenue
that is highly susceptible to fraudulent transactions. This
only applies to electronic bill pay funds deposits, not bill
pay for which the bank sends Folio a paper check. There is
no withdrawal hold on funds for check deposits, ACH payments
from an individual's bank account into the investment
account, and wire transfers. You can find instructions for
these methods of payment in the transfer money menu for your
club account.

If you would like to know how much cash is available for
withdrawal, you can find that amount on the withdrawal
section of the transfer money page for your club account.

Thanks,
Cliff
Buried in Cliff's reply is a very important distinction that may not be apparent to most. If you use an ACH transfer from your bank, there will be no hold, The hold applies to electronic bill pay. Most, if not all, banks allow you to request a direct ACH transfer, often for no charge, and certainly at no higher rate than you might be paying for electronic bill pay. If you don't know how your electronic transfers are being processed, ask your bank.

For instance, my bank gives me free ACH transfers, but if I want to wire a payment (through FedWire), it costs me $25. I'll leave it to someone else to tell me why I would ever want to use FedWire over the free ACH transfer.

Ira Smilovitz

On Fri, Feb 14, 2020 at 5:26 PM Cliff Trent via bivio.com <user*17397700001@bivio.com> wrote:
Hello Everyone,

When I noticed the initial posting regarding the hold on
funds for online bill pay, I reached out to Folio Investing
to find out any additional information.

Folio Investing did confirm that their policy has changed,
and there is now a hold on withdrawing electronic bill pay
funds for 120 days. Their reason for this policy has
nothing to do with a float on funds because investment clubs
and any Folio account holder can use the funds immediately
for the purchase of securities.

Folio Investing has decided to put a hold on electronic bill
pay deposited funds for withdrawal only, and the reason
behind the decision is because online bill pay is an avenue
that is highly susceptible to fraudulent transactions. This
only applies to electronic bill pay funds deposits, not bill
pay for which the bank sends Folio a paper check. There is
no withdrawal hold on funds for check deposits, ACH payments
from an individual's bank account into the investment
account, and wire transfers. You can find instructions for
these methods of payment in the transfer money menu for your
club account.

If you would like to know how much cash is available for
withdrawal, you can find that amount on the withdrawal
section of the transfer money page for your club account.

Thanks,
Cliff
I just called my bank (PNC) and they told me my electronic payments to Folio were ACH's.

Interestingly, the reason this payment is sent as an ACH is because the receiver (Folio) requested that the transaction be in the form of an ACH.

So, for those members that have a bank / Folio relationship that works in this manner, there should be no problem with Folio placing holds on the money.

Finally, the person I talked to was not aware of any way for me to request an electronic transfer be in the form of an ACH.

Hope this helps.

Bob

On Feb 14, 2020, at 6:34 PM, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:

Buried in Cliff's reply is a very important distinction that may not be apparent to most. If you use an ACH transfer from your bank, there will be no hold, The hold applies to electronic bill pay. Most, if not all, banks allow you to request a direct ACH transfer, often for no charge, and certainly at no higher rate than you might be paying for electronic bill pay. If you don't know how your electronic transfers are being processed, ask your bank.

For instance, my bank gives me free ACH transfers, but if I want to wire a payment (through FedWire), it costs me $25. I'll leave it to someone else to tell me why I would ever want to use FedWire over the free ACH transfer.

Ira Smilovitz

On Fri, Feb 14, 2020 at 5:26 PM Cliff Trent via bivio.com <user*17397700001@bivio.com> wrote:
Hello Everyone,

When I noticed the initial posting regarding the hold on
funds for online bill pay, I reached out to Folio Investing
to find out any additional information.

Folio Investing did confirm that their policy has changed,
and there is now a hold on withdrawing electronic bill pay
funds for 120 days.  Their reason for this policy has
nothing to do with a float on funds because investment clubs
and any Folio account holder can use the funds immediately
for the purchase of securities.

Folio Investing has decided to put a hold on electronic bill
pay deposited funds for withdrawal only, and the reason
behind the decision is because online bill pay is an avenue
that is highly susceptible to fraudulent transactions. This
only applies to electronic bill pay funds deposits, not bill
pay for which the bank sends Folio a paper check.  There is
no withdrawal hold on funds for check deposits, ACH payments
from an individual's bank account into the investment
account, and wire transfers.  You can find instructions for
these methods of payment in the transfer money menu for your
club account.

If you would like to know how much cash is available for
withdrawal, you can find that amount on the withdrawal
section of the transfer money page for your club account.

Thanks,
Cliff

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