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Foliofn - InteractiveBrokers Acoount transfer
Having issues gaining access to our InteractiveBrokers
account into which our Foliofn stocks were transferred.
 I can only access the Application Status page on
 InteractiveBrokers webpage.
Have called InteractiveBrokers call Center and they keep
telling me the account should be approved in 2-3 days and
that I will be notified by Emailed when complete. Started
the application process almost a month ago.
Is anyone else having similar problems?? Any hints or tips
to speed things up?
I'm having the same problem - have called multiple times. Status page now says everything is completed, but still no access.

On Fri, Mar 5, 2021 at 2:15 AM Dennis J. Kopp via bivio.com <user*20888600001@bivio.com> wrote:
Having issues gaining access to our InteractiveBrokers
account into which our Foliofn stocks were transferred.
I can only access the Application Status page on
InteractiveBrokers webpage.
Have called InteractiveBrokers call Center and they keep
telling me the account should be approved in 2-3 days and
that I will be notified by Emailed when complete. Started
the application process almost a month ago.
Is anyone else having similar problems?? Any hints or tips
to speed things up?
We finally have access. 
 
I do not like their interface.  I find it difficult to work with and confusing.  We also now need a separate bank account for making deposits and sending a single payment so we're switching to TDAmeritrade.
 
Bob Mann
Lunch Money Investment Club
On 03/05/2021 11:02 AM Kim Klein via bivio.com <user*6206900001@bivio.com> wrote:
 
 
I'm having the same problem - have called multiple times.  Status page now says everything is completed, but still no access.

On Fri, Mar 5, 2021 at 2:15 AM Dennis J. Kopp via bivio.com <user* 20888600001@bivio.com> wrote:
Having issues gaining access to our InteractiveBrokers
account into which our Foliofn stocks were transferred.
 I can only access the Application Status page on
 InteractiveBrokers webpage.
Have called InteractiveBrokers call Center and they keep
telling me the account should be approved in 2-3 days and
that I will be notified by Emailed when complete. Started
the application process almost a month ago.
Is anyone else having similar problems?? Any hints or tips
to speed things up?
Before you switch, check out Etrade.

TDA was recently purchased by Charles Schwab and Schwab has yet to formalize how they are going to deal with investment clubs from TDA. I posted something here a month or so ago, and they made it pretty clear that right now, a club enrolling with Schwab would need a separate bank account to collect dues and disburse funds. It could be a Schwab account, but it would be separate from the brokerage. TDA right now does not require this, but Schwab has not yet decided definitely how they will handle it.

ETrade made it sound eazy-peazy to deal with them, and they have a non-robot chat space that, while it takes a little wait to get into, answers questions pretty thoroughly.

If you do contact Etrade, please post about your experience.

Thanks,

Peter Dunkelberger

On Fri, Mar 5, 2021 at 11:12 AM Bob Mann via bivio.com <user*12614800001@bivio.com> wrote:
We finally have access.
I do not like their interface. I find it difficult to work with and confusing. We also now need a separate bank account for making deposits and sending a single payment so we're switching to TDAmeritrade.
Bob Mann
Lunch Money Investment Club
On 03/05/2021 11:02 AM Kim Klein via bivio.com <user*6206900001@bivio.com> wrote:
I'm having the same problem - have called multiple times. Status page now says everything is completed, but still no access.

On Fri, Mar 5, 2021 at 2:15 AM Dennis J. Kopp via bivio.com <user* 20888600001@bivio.com> wrote:
Having issues gaining access to our InteractiveBrokers
account into which our Foliofn stocks were transferred.
I can only access the Application Status page on
InteractiveBrokers webpage.
Have called InteractiveBrokers call Center and they keep
telling me the account should be approved in 2-3 days and
that I will be notified by Emailed when complete. Started
the application process almost a month ago.
Is anyone else having similar problems?? Any hints or tips
to speed things up?
We have had ETrade for many years. They have been a great brokerage firm to use and work with. They are now merged or taken over by Morgan Stanley and as of yet, we have had no issues. The only problem our club had was at the beginning of the pandemic our monthly check we sent was not being credited to our account for up to 6 weeks. Mainly because not many of the staff were coming into the office. We then changed to automatic transfer. We chose to keep our club account at a local bank because there is not a local ETrade office near us. They are based in New Jersey. So each member set up auto transfer or billpayer through our individual banks to go into our club bank account monthly and then there is one transfer monthly to ETrade which is credited quickly.  I know others use more direct methods but this works well for us. We pay nothing for trades and they sync well with Bivio. If you need to speak by phone with someone, it may take awhile on hold, but I have always been able to get through and get competent answers when needed. We have had no issues with withdrawals as long as your withdrawing member has or sets up a personal account through them. You can then transfer your Etrade account to another brokerage account if you wish. I hope this helps those who are needing to find a new broker.
 
Linda Macdougall
Tacoma Oddlot Ladies
Investment and Education Club
 
 
 
In a message dated 3/5/2021 9:37:16 AM Pacific Standard Time, user*26984900001@bivio.com writes:
 
Before you switch, check out Etrade.  
 
TDA was recently purchased by Charles Schwab and Schwab has yet to formalize how they are going to deal with investment clubs from TDA.  I posted something here a month or so ago, and they made it pretty clear that right now, a club enrolling with Schwab would need a separate bank account to collect dues and disburse funds.  It could be a Schwab account, but it would be separate from the brokerage.  TDA right now does not require this, but Schwab has not yet decided definitely how they will handle it.  
 
ETrade made it sound eazy-peazy to deal with them, and they have a non-robot chat space that, while it takes a little wait to get into, answers questions pretty thoroughly.
 
If you do contact Etrade, please post about your experience.
 
Thanks,
 
Peter Dunkelberger

On Fri, Mar 5, 2021 at 11:12 AM Bob Mann via bivio.com <user*12614800001@bivio.com> wrote:
We finally have access. 
 
I do not like their interface.  I find it difficult to work with and confusing.  We also now need a separate bank account for making deposits and sending a single payment so we're switching to TDAmeritrade.
 
Bob Mann
Lunch Money Investment Club
On 03/05/2021 11:02 AM Kim Klein via bivio.com <user*6206900001@bivio.com> wrote:
 
 
I'm having the same problem - have called multiple times.  Status page now says everything is completed, but still no access.

On Fri, Mar 5, 2021 at 2:15 AM Dennis J. Kopp via bivio.com <user* 20888600001@bivio.com> wrote:
Having issues gaining access to our InteractiveBrokers
account into which our Foliofn stocks were transferred.
 I can only access the Application Status page on
 InteractiveBrokers webpage.
Have called InteractiveBrokers call Center and they keep
telling me the account should be approved in 2-3 days and
that I will be notified by Emailed when complete. Started
the application process almost a month ago.
Is anyone else having similar problems?? Any hints or tips
to speed things up?
Our experience is the same as Linda's
We've been with E-trade for over 20 years. No problems. Life is simpler now that we require members to have ACH - I, the treasurer, get the acct # and routing number for the new member, enter into trade and they send a confirmatory deposit for a few cents that is then confirmed by the member. Then the specified funds (for our club either $50 or $100) is pulled out of the member's bank account each month around the 15th. So much easier than trying to chase down member checks and deposits are credited immediately. I have checks on the brokerage account, there's usually a little of cash if needed for subscription reimbursement. If a member withdraws (partially or completely), we sell stock and then the treasurer writes a check to the member from the brokerage account for the specified amount. We haven't messed with transferring stocks in lieu of cash. Life is complicated enough. Life got even better when we stopped doing DRIPS.

E-trade also lets you deposit checks and to other things through their phone app. It syncs well with Bivio.

We haven't heard of any changes coming our way because of the merger. 

Barbara Lounsbury
San Diego Women's Investment Club



On Mar 5, 2021, at 10:20 AM, Steve Macdougall via bivio.com <user*28884800001@bivio.com> wrote:

We have had ETrade for many years. They have been a great brokerage firm to use and work with. They are now merged or taken over by Morgan Stanley and as of yet, we have had no issues. The only problem our club had was at the beginning of the pandemic our monthly check we sent was not being credited to our account for up to 6 weeks. Mainly because not many of the staff were coming into the office. We then changed to automatic transfer. We chose to keep our club account at a local bank because there is not a local ETrade office near us. They are based in New Jersey. So each member set up auto transfer or billpayer through our individual banks to go into our club bank account monthly and then there is one transfer monthly to ETrade which is credited quickly.  I know others use more direct methods but this works well for us. We pay nothing for trades and they sync well with Bivio. If you need to speak by phone with someone, it may take awhile on hold, but I have always been able to get through and get competent answers when needed. We have had no issues with withdrawals as long as your withdrawing member has or sets up a personal account through them. You can then transfer your Etrade account to another brokerage account if you wish. I hope this helps those who are needing to find a new broker.
 
Linda Macdougall
Tacoma Oddlot Ladies
Investment and Education Club
 
 
 
In a message dated 3/5/2021 9:37:16 AM Pacific Standard Time, user*26984900001@bivio.com writes:
 
Before you switch, check out Etrade.  
 
TDA was recently purchased by Charles Schwab and Schwab has yet to formalize how they are going to deal with investment clubs from TDA.  I posted something here a month or so ago, and they made it pretty clear that right now, a club enrolling with Schwab would need a separate bank account to collect dues and disburse funds.  It could be a Schwab account, but it would be separate from the brokerage.  TDA right now does not require this, but Schwab has not yet decided definitely how they will handle it.  
 
ETrade made it sound eazy-peazy to deal with them, and they have a non-robot chat space that, while it takes a little wait to get into, answers questions pretty thoroughly.
 
If you do contact Etrade, please post about your experience.
 
Thanks,
 
Peter Dunkelberger

On Fri, Mar 5, 2021 at 11:12 AM Bob Mann via bivio.com <user*12614800001@bivio.com> wrote:
We finally have access. 
 
I do not like their interface.  I find it difficult to work with and confusing.  We also now need a separate bank account for making deposits and sending a single payment so we're switching to TDAmeritrade.
 
Bob Mann
Lunch Money Investment Club
On 03/05/2021 11:02 AM Kim Klein via bivio.com <user*6206900001@bivio.com> wrote:
 
 
I'm having the same problem - have called multiple times.  Status page now says everything is completed, but still no access.

On Fri, Mar 5, 2021 at 2:15 AM Dennis J. Kopp via bivio.com <user* 20888600001@bivio.com> wrote:
Having issues gaining access to our InteractiveBrokers
account into which our Foliofn stocks were transferred.
 I can only access the Application Status page on
 InteractiveBrokers webpage.
Have called InteractiveBrokers call Center and they keep
telling me the account should be approved in 2-3 days and
that I will be notified by Emailed when complete. Started
the application process almost a month ago.
Is anyone else having similar problems?? Any hints or tips
to speed things up?