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Checking account for investment club
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
We've been with Schwab for over 12 years and have always had check writing privledges with the brokerage account, and we are listed as an investment club, a general partnership. 

Steve Foster
Circle of Friends

On Saturday, December 19, 2020, 08:30:58 AM PST, Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:


Our investment club is in the process of re-locating  from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances)  but we are confused about the availability of
check-writing services.  Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere.  Thanking you in advance for your
replies.              Colene (Walden)
Our investment club has been with Schwab for around 40 years and has had check writing associated with the brokerage account.  We only write 2 or 3 checks a year.  We are listed as a partnership. 

Joan Favero
Women's Investment Club (WIGs)
On Saturday, December 19, 2020, 09:15:13 AM PST, Steve Foster via bivio.com <user*26719700001@bivio.com> wrote:


We've been with Schwab for over 12 years and have always had check writing privledges with the brokerage account, and we are listed as an investment club, a general partnership. 

Steve Foster
Circle of Friends

On Saturday, December 19, 2020, 08:30:58 AM PST, Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:


Our investment club is in the process of re-locating  from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances)  but we are confused about the availability of
check-writing services.  Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere.  Thanking you in advance for your
replies.              Colene (Walden)
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
Right, Mike. How many checks a year might your club need? TDA charges like $5 a check, if they send it to the club address. We need two or three checks a year. We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
We write checks directly from our TDAmeritrade account, but we only have one authorized signature on the account.

Ira Smilovitz

On Sat, Dec 19, 2020 at 7:47 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Right, Mike. How many checks a year might your club need? TDA charges like $5 a check, if they send it to the club address. We need two or three checks a year. We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
Is TDAmeritrade printing out the checks for you? We went on the website and were able to order a package of 25 checks which will last about 5 years for us(free).

On Sat, Dec 19, 2020 at 4:54 PM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
We write checks directly from our TDAmeritrade account, but we only have one authorized signature on the account.

Ira Smilovitz

On Sat, Dec 19, 2020 at 7:47 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Right, Mike. How many checks a year might your club need? TDA charges like $5 a check, if they send it to the club address. We need two or three checks a year. We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
The checks are free, but it is a pain to set up an account. TDA requires that all partners sign a form to get an account where the club can write the check. So we just ask TDA to write the check.

Peter Dunkelberger

On Sat, Dec 19, 2020 at 8:01 PM Norman Gee via bivio.com <user*125100001@bivio.com> wrote:
Is TDAmeritrade printing out the checks for you? We went on the website and were able to order a package of 25 checks which will last about 5 years for us(free).

On Sat, Dec 19, 2020 at 4:54 PM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
We write checks directly from our TDAmeritrade account, but we only have one authorized signature on the account.

Ira Smilovitz

On Sat, Dec 19, 2020 at 7:47 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Right, Mike. How many checks a year might your club need? TDA charges like $5 a check, if they send it to the club address. We need two or three checks a year. We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
Ira--one authorized signatory authorized by the club or one signatory authorized by TDA?

Peter Dunkelberger

On Sat, Dec 19, 2020 at 7:54 PM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
We write checks directly from our TDAmeritrade account, but we only have one authorized signature on the account.

Ira Smilovitz

On Sat, Dec 19, 2020 at 7:47 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Right, Mike. How many checks a year might your club need? TDA charges like $5 a check, if they send it to the club address. We need two or three checks a year. We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)
I don't understand, I use 12 different TD Ameritrade accounts for various things including two investment clubs.  I write checks or use BillPay in all of them and I have never been charged a fee for a check or BillPay.

Joe Farrell

On Dec 19, 2020, at 6:46 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

Right, Mike.  How many checks a year might your club need?  TDA charges like $5 a check, if they send it to the club address.   We need two or three checks a year.  We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so. 

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account. 

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating  from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances)  but we are confused about the availability of
check-writing services.  Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere.  Thanking you in advance for your
replies.               Colene (Walden)

One authorized by TDA. We never had to have everyone sign the brokerage agreement. Nor have we ever notified TDA of membership changes. Of course, we started back in 1999, so the rules may have been different then. Our initial signatory is still a member, so we haven't rocked the boat.

Ira Smilovitz

On Sat, Dec 19, 2020 at 8:28 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Ira--one authorized signatory authorized by the club or one signatory authorized by TDA?

Peter Dunkelberger

On Sat, Dec 19, 2020 at 7:54 PM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
We write checks directly from our TDAmeritrade account, but we only have one authorized signature on the account.

Ira Smilovitz

On Sat, Dec 19, 2020 at 7:47 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
Right, Mike. How many checks a year might your club need? TDA charges like $5 a check, if they send it to the club address. We need two or three checks a year. We tend to think that $15 is easier than opening a checking account with TDA, where everyone and their brother has to sign.

Peter Dunkelberger
Sumner Stock Selectors Investment Club

On Sat, Dec 19, 2020 at 6:40 PM Linda Glein via bivio.com <user*21345500001@bivio.com> wrote:
We don't actually write checks from our TDAmeritrade account, but we can request a check. We rarely need to do so.

Linda





On Sat, Dec 19, 2020 at 2:59 PM Michael Grove via bivio.com <user*23913100001@bivio.com> wrote:
Yes, we are able to write checks from our Schwab account.

Mike

On Sat, Dec 19, 2020 at 8:31 AM Colene Walden via bivio.com <user*30868000001@bivio.com> wrote:
Our investment club is in the process of re-locating from
Foliofn and possibly can be "grandfathered?" into Schwab as
a partnership (and on the grounds of individual account
balances) but we are confused about the availability of
check-writing services. Do you clubs with Schwab enjoy that
service or do we need to set up a check-writing and cashing
account elsewhere. Thanking you in advance for your
replies. Colene (Walden)