Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
John Munn on
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Norman Gee on
Our bank started charging a monthly fee. We activated the checking account that came with our brokerage account.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Debra Germany on
Which brokerage does your club use? We are working on opening with TDAMERITRADE.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Debra Germany on
Working on local credit unions now.
Thank you for the info. Sounds complicated even though it likely isn't. ð
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Kevin Gillogly on
Debra,
One of my two clubs uses a local bank. This is 3rd different local bank we have used in 19 years of operating. Seems after a bit the bank is either acquired or changes their policy about free banking.
Right now we use Sandy Spring Bank. It is HQ in Montgomery County MD and that is where we meet. At Sandy Spring we have free checking. We were given a debt card and we have to use it three times a year or they will charge us banking fees. Under Sandy Spring bank rules we had to get a business banking account. We had to submit our Partnership Agreement and our Bylaws. They had to be notarized. We had to submit personal information for the 2 partners with access to the account. We each have our separate user and password to access the bank.
We use the bank to pay our club dues and our bivio dues. We usually have another 2 or 3 small items beyond that to pay from the bank.
Keep in mind the bank account will not sync with Bivio so you have to manually enter all deposits and withdrawals from the bank into bivio. We also have to keep at least $100 in the account. We get no interest on our money but that is the tradeoff for no monthly fees.
I like the bank. But account sync is so easy and most brokerages allow you checking privileges that I am wondering of the utility of having a separate bank account.
My other club we do everything via brokerage and write checks there. With automatic bill pay from partners to the brokerage it is incredibly easy to manage.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
John Rice on
We have TDAmeritrade and have everyone send in their payments to them using the cent system. We also have a checking account with them. No reason to have a separate bank.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Kevin Gillogly on
We use TD Ameritrade for both of my clubs. It is being acquired by Schwab as of Nov 2019. So if you like TD Ameritrade you might want to just go over to Schwab.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
John Munn on
Making a reimbursement by recording the transaction through the Suspense account is very easy. When partners make contributions, the contributions are deposited into the bank account. In this case a single member's reimbursement is a bookkeeping entry as a payment to the suspense account. No different than any other member contribution, but it's made into the Suspense account. Then the recording of the partnership's expense is paid out of the Suspense account. No cash transfers... it's just all paperwork, but very easy and there's no net change to the Suspense account balance after it's all done.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Irina Clements on
We have E*Trade. Have the brokerage account which includes free checking and included debit card also free. Partners send in monthly contributions to Etrade and direct credited to account (penny amount used by each partner differentiates all deposits). See no reason for having a bank or credit union account as well as brokerage account. Over aomplicated IMHO.
Best, Irina
Treasurer, Streetbeaters
On Jun 21, 2020, at 9:25 PM, Kevin Gillogly via bivio.com <user*9886100001@bivio.com> wrote:
We use TD Ameritrade for both of my clubs. It is being acquired by Schwab as of Nov 2019. So if you like TD Ameritrade you might want to just go over to Schwab.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
One of my two clubs uses a local bank. This is 3rd different local bank we have used in 19 years of operating. Seems after a bit the bank is either acquired or changes their policy about free banking.
Right now we use Sandy Spring Bank. It is HQ in Montgomery County MD and that is where we meet. At Sandy Spring we have free checking. We were given a debt card and we have to use it three times a year or they will charge us banking fees. Under Sandy Spring bank rules we had to get a business banking account. We had to submit our Partnership Agreement and our Bylaws. They had to be notarized. We had to submit personal information for the 2 partners with access to the account. We each have our separate user and password to access the bank.
We use the bank to pay our club dues and our bivio dues. We usually have another 2 or 3 small items beyond that to pay from the bank.
Keep in mind the bank account will not sync with Bivio so you have to manually enter all deposits and withdrawals from the bank into bivio. We also have to keep at least $100 in the account. We get no interest on our money but that is the tradeoff for no monthly fees.
I like the bank. But account sync is so easy and most brokerages allow you checking privileges that I am wondering of the utility of having a separate bank account.
My other club we do everything via brokerage and write checks there. With automatic bill pay from partners to the brokerage it is incredibly easy to manage.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.
Jeff Rauch on
We have used Schwab from the start (more than 10 years) As far as I can tell, which includes a cash account we can send investments to and write checks from. No charges for the account or checks.
The only down side is the 19+ page (fill in the blank) pdf agreement required to set up the (brokerage & cash) account takes a fair amount of time to work through.
Jeff Rauch, Treasurer
SCS Investment Club
Sent from my iPhone
On Jun 21, 2020, at 9:32 PM, Debra Germany via bivio.com <user*38270800001@bivio.com> wrote:
One of my two clubs uses a local bank. This is 3rd different local bank we have used in 19 years of operating. Seems after a bit the bank is either acquired or changes their policy about free banking.
Right now we use Sandy Spring Bank. It is HQ in Montgomery County MD and that is where we meet. At Sandy Spring we have free checking. We were given a debt card and we have to use it three times a year or they will charge us banking fees. Under Sandy Spring bank rules we had to get a business banking account. We had to submit our Partnership Agreement and our Bylaws. They had to be notarized. We had to submit personal information for the 2 partners with access to the account. We each have our separate user and password to access the bank.
We use the bank to pay our club dues and our bivio dues. We usually have another 2 or 3 small items beyond that to pay from the bank.
Keep in mind the bank account will not sync with Bivio so you have to manually enter all deposits and withdrawals from the bank into bivio. We also have to keep at least $100 in the account. We get no interest on our money but that is the tradeoff for no monthly fees.
I like the bank. But account sync is so easy and most brokerages allow you checking privileges that I am wondering of the utility of having a separate bank account.
My other club we do everything via brokerage and write checks there. With automatic bill pay from partners to the brokerage it is incredibly easy to manage.
Debra... Have you tried a credit union? Also, we write very few checks. We can pay bills by having a member make the payment, submitting a receipt and crediting their capital account for the amount as a contribution. When the credit is made, we record a contribution to the suspense account, and then record the expense as a payment from the suspense account. No checks are written for the expenses. For deposits, many brokers will accept the member's check deposits as account deposits.
Hello, we want to have a bank account to pay operating expenses and have funds directly deposited where we will then have them electronically transferred to our brokerage account for trading. Issue we are having as a General Partnership is finding a bank that will provide a checking account to complete these transactions monthly. Any suggestions? Our club is in Southern CA. Thank you in advance.
We have already made our brokerage choice - just need a bank suggestion.