We have had several questions from clubs using Folio about how to accomplish stock payouts for withdrawals.
Apparently since Folio has been purchased, they are not allowing the withdrawing members to open new accounts to receive the shares.
Here are some ideas you might try:
1. Ask Folio if they will transfer shares to a members account at a different broker and waive the extra fee they would normally charge to do this
2. Ask the receiving broker if they will refund a transfer fee if Folio will not waive the extra fee.
3. Call Better Investing and discuss the problem with them. They encouraged clubs to use Folio Investing. Perhaps they have a way to push Folio to allow this important club function to continue to be able to happen.