Communications
club_cafe
HelpRegister
Fidelity & Check writing
Our Investment  Club recently had to change brokers to  Fidelity.  Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

How do clubs using Fidelity write checks to pay for their expenses like  Bivio and Better Investing subscriptions?

Thanks for any help you can  give us.   Susan
I am the Treasurer of our club. 

Our club switched to Fidelity in January this year and we were provided checks for the Investment Club account that we use to pay our subscriptions to BI and Bivio. This was one of our requirements for changing to Fidelity. 




Sent from my iPhone

On Sep 2, 2021, at 4:12 PM, Susan Fairchild via bivio.com <user*31161800001@bivio.com> wrote:


Our Investment  Club recently had to change brokers to  Fidelity.  Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

How do clubs using Fidelity write checks to pay for their expenses like  Bivio and Better Investing subscriptions?

Thanks for any help you can  give us.   Susan

If you can't get them from Fidelity, you don't really have to have checks. You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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



My investment club, a general partnership, has an investing account at Fidelity and Fidelity provided us with checks to write on that account. We opened it at the end of last year when we transferred our account from Fio Investing.

Carole Jansen
Treasurer
Wise Investment Club

On Thu, Sep 2, 2021, 3:12 PM Susan Fairchild via bivio.com <user*31161800001@bivio.com> wrote:
Our Investment Club recently had to change brokers to Fidelity. Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

How do clubs using Fidelity write checks to pay for their expenses like Bivio and Better Investing subscriptions?

Thanks for any help you can give us. Susan

Our Yankee Model Club got two signatures required checks. You just have to ask. BTW individual memberships in BI should not be considered a club out of pocket expense, only the annual fee to remain a BI club. The expense should be by share of ownership in the club.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Susan Fairchild via bivio.com
Sent: Thursday, September 2, 2021 4:12 PM
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Fidelity & Check writing

Our Investment  Club recently had to change brokers to  Fidelity.  Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

How do clubs using Fidelity write checks to pay for their expenses like  Bivio and Better Investing subscriptions?

Thanks for any help you can  give us.   Susan

Why not. If the club decides that all members have individual subscriptions to BI or whatever, why can that not be a club expense?

Peter

On Thu, Sep 2, 2021 at 5:46 PM Ira Haas via bivio.com <user*22568300001@bivio.com> wrote:

Our Yankee Model Club got two signatures required checks. You just have to ask. BTW individual memberships in BI should not be considered a club out of pocket expense, only the annual fee to remain a BI club. The expense should be by share of ownership in the club.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Susan Fairchild via bivio.com
Sent: Thursday, September 2, 2021 4:12 PM
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Fidelity & Check writing

Our Investment Club recently had to change brokers to Fidelity. Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

How do clubs using Fidelity write checks to pay for their expenses like Bivio and Better Investing subscriptions?

Thanks for any help you can give us. Susan

 A few reason. Expenses usually are by percentage club ownership and in my club we have two life members. So I guess you can work around these issues but it is easier for us to have members pay on their own, especially if their memberships are not synchronized or if they want different levels of membership.
Ira 

Sent from my iPad
On Sep 2, 2021, at 6:47 PM, Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:


Why not.  If the club decides that all members have individual subscriptions to BI or whatever, why can that not be a club expense?

Peter 

On Thu, Sep 2, 2021 at 5:46 PM Ira Haas via bivio.com <user*22568300001@bivio.com> wrote:

Our Yankee Model Club got two signatures required checks. You just have to ask. BTW individual memberships in BI should not be considered a club out of pocket expense, only the annual fee to remain a BI club. The expense should be by share of ownership in the club.

 

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Susan Fairchild via bivio.com
Sent: Thursday, September 2, 2021 4:12 PM
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Fidelity & Check writing

 

Our Investment  Club recently had to change brokers to  Fidelity.  Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

 

How do clubs using Fidelity write checks to pay for their expenses like  Bivio and Better Investing subscriptions?

 

Thanks for any help you can  give us.   Susan

Thanks for the information and suggestions.  It helps us.  Susan



Sent from my Verizon, Samsung Galaxy smartphone


-------- Original message --------
From: "Peter Dunkelberger via bivio.com" <user*26984900001@bivio.com>
Date: 9/2/21 3:47 PM (GMT-08:00)
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Fidelity & Check writing

Why not.  If the club decides that all members have individual subscriptions to BI or whatever, why can that not be a club expense?

Peter 

On Thu, Sep 2, 2021 at 5:46 PM Ira Haas via bivio.com <user*22568300001@bivio.com> wrote:

Our Yankee Model Club got two signatures required checks. You just have to ask. BTW individual memberships in BI should not be considered a club out of pocket expense, only the annual fee to remain a BI club. The expense should be by share of ownership in the club.

 

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Susan Fairchild via bivio.com
Sent: Thursday, September 2, 2021 4:12 PM
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Fidelity & Check writing

 

Our Investment  Club recently had to change brokers to  Fidelity.  Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

 

How do clubs using Fidelity write checks to pay for their expenses like  Bivio and Better Investing subscriptions?

 

Thanks for any help you can  give us.   Susan

We have a free-checking local bank account and just do electronic transfers to/from that to the brokerage account. Makes it a little easier to deposit dues as well since it's across the street from our meeting location.

Jimmy

James P. Dickerson  

polymerguy@yahoo.com

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Carole Jansen via bivio.com
Sent: Thursday, September 02, 2021 5:19 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Fidelity & Check writing

My investment club, a general partnership, has an investing account at Fidelity and Fidelity provided us with checks to write on that account.  We opened it at the end of last year when we transferred our account from Fio Investing.

Carole Jansen

Treasurer

Wise Investment Club 

On Thu, Sep 2, 2021, 3:12 PM Susan Fairchild via bivio.com <user*31161800001@bivio.com> wrote:

Our Investment  Club recently had to change brokers to  Fidelity.  Our Financial Partner is learning that Fidelity doesn't seem to want to let an Investment Club have checks.

How do clubs using Fidelity write checks to pay for their expenses like  Bivio and Better Investing subscriptions?

Thanks for any help you can  give us.   Susan

Thanks, Laurie, for that information on Out of Pocket Expenses.

Is there any way to make a cash payment from the club to a withdrawing member if the club does not have a checking account with a bank or a broker?  I can't think of a way so I'm asking you.

Ed Berners
St. Joseph Valley Investors Club




On Thursday, September 2, 2021, 05:05:08 PM EDT, Laurie Frederiksen <laurie@bivio.biz> wrote:


If you can't get them from Fidelity,  you don't really have to have checks.  You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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



What about opening some sort of money transfer account for your club, e.g. Paypal? You could transfer money from your brokerage account to Paypal, and then send the money from Paypal to the individual. Frankly, it's a lot simpler just to open a checking account with your broker.

Bill Peterson

No current club membership

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Edgar Berners via bivio.com
Sent: Friday, September 3, 2021 8:28 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Fidelity & Check writing

Thanks, Laurie, for that information on Out of Pocket Expenses.

Is there any way to make a cash payment from the club to a withdrawing member if the club does not have a checking account with a bank or a broker?  I can't think of a way so I'm asking you.

Ed Berners

St. Joseph Valley Investors Club

On Thursday, September 2, 2021, 05:05:08 PM EDT, Laurie Frederiksen <laurie@bivio.biz> wrote:

If you can't get them from Fidelity,  you don't really have to have checks.  You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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

The same process as transferring stock to a withdrawing member, we were able to transfer cash to make up the difference. Account to account transferred within the same brokerage account.

On Fri, Sep 3, 2021 at 9:24 PM Bill Peterson via bivio.com <user*26072600001@bivio.com> wrote:

What about opening some sort of money transfer account for your club, e.g. Paypal? You could transfer money from your brokerage account to Paypal, and then send the money from Paypal to the individual. Frankly, it's a lot simpler just to open a checking account with your broker.

Bill Peterson

No current club membership

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Edgar Berners via bivio.com
Sent: Friday, September 3, 2021 8:28 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Fidelity & Check writing

Thanks, Laurie, for that information on Out of Pocket Expenses.

Is there any way to make a cash payment from the club to a withdrawing member if the club does not have a checking account with a bank or a broker? I can't think of a way so I'm asking you.

Ed Berners

St. Joseph Valley Investors Club

On Thursday, September 2, 2021, 05:05:08 PM EDT, Laurie Frederiksen <laurie@bivio.biz> wrote:

If you can't get them from Fidelity, you don't really have to have checks. You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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

We have no checking account. Our firm, Charles Schwab has an authorisation form that I believe any account they hold can use and you can request a check be issued to a third party.  We did this recently for a full withdrawal to a deceased partner. 

No difficulty at all to do this and the form can be completed and scanned to Schwab. See if your investment firm offers this. 

Roman Geletkanycz 
Newfane Investment Partners



Sent from my iPhone

On Sep 3, 2021, at 11:28 PM, Edgar Berners via bivio.com <user*17342700001@bivio.com> wrote:


Thanks, Laurie, for that information on Out of Pocket Expenses.

Is there any way to make a cash payment from the club to a withdrawing member if the club does not have a checking account with a bank or a broker?  I can't think of a way so I'm asking you.

Ed Berners
St. Joseph Valley Investors Club




On Thursday, September 2, 2021, 05:05:08 PM EDT, Laurie Frederiksen <laurie@bivio.biz> wrote:


If you can't get them from Fidelity,  you don't really have to have checks.  You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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



Our club has used Schwab for over 20 years. Probably some time in the past we filed out a form to have check writing privileges. When I took over as treasurer a few years ago I requested new checks with my name on them, which they sent no charge. There is also no charge for writing checks. If you have not got this set up for your account I would ask Schwab about this. 

Jeff Rauch, Treasurer SCS Investment Club 

Sent from my iPhone

On Sep 4, 2021, at 8:56 AM, Roman via bivio.com <user*33583000001@bivio.com> wrote:

We have no checking account. Our firm, Charles Schwab has an authorisation form that I believe any account they hold can use and you can request a check be issued to a third party.  We did this recently for a full withdrawal to a deceased partner. 

No difficulty at all to do this and the form can be completed and scanned to Schwab. See if your investment firm offers this. 

Roman Geletkanycz 
Newfane Investment Partners



Sent from my iPhone

On Sep 3, 2021, at 11:28 PM, Edgar Berners via bivio.com <user*17342700001@bivio.com> wrote:


Thanks, Laurie, for that information on Out of Pocket Expenses.

Is there any way to make a cash payment from the club to a withdrawing member if the club does not have a checking account with a bank or a broker?  I can't think of a way so I'm asking you.

Ed Berners
St. Joseph Valley Investors Club




On Thursday, September 2, 2021, 05:05:08 PM EDT, Laurie Frederiksen <laurie@bivio.biz> wrote:


If you can't get them from Fidelity,  you don't really have to have checks.  You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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



The Club I am in we have a brokerage account and a bank checking account.  We maintain just enough in the checking account to pay expenses outlined in our annual budget, some member partial withdrawals and reimbursements.

Jeff


On Saturday, September 4, 2021, 09:36:25 AM CDT, Jeff Rauch via bivio.com <user*37506900001@bivio.com> wrote:


Our club has used Schwab for over 20 years. Probably some time in the past we filed out a form to have check writing privileges. When I took over as treasurer a few years ago I requested new checks with my name on them, which they sent no charge. There is also no charge for writing checks. If you have not got this set up for your account I would ask Schwab about this. 

Jeff Rauch, Treasurer SCS Investment Club 

Sent from my iPhone

On Sep 4, 2021, at 8:56 AM, Roman via bivio.com <user*33583000001@bivio.com> wrote:


We have no checking account. Our firm, Charles Schwab has an authorisation form that I believe any account they hold can use and you can request a check be issued to a third party.  We did this recently for a full withdrawal to a deceased partner. 

No difficulty at all to do this and the form can be completed and scanned to Schwab. See if your investment firm offers this. 

Roman Geletkanycz 
Newfane Investment Partners



Sent from my iPhone

On Sep 3, 2021, at 11:28 PM, Edgar Berners via bivio.com <user*17342700001@bivio.com> wrote:


Thanks, Laurie, for that information on Out of Pocket Expenses.

Is there any way to make a cash payment from the club to a withdrawing member if the club does not have a checking account with a bank or a broker?  I can't think of a way so I'm asking you.

Ed Berners
St. Joseph Valley Investors Club




On Thursday, September 2, 2021, 05:05:08 PM EDT, Laurie Frederiksen <laurie@bivio.biz> wrote:


If you can't get them from Fidelity,  you don't really have to have checks.  You can have members pay for club expenses using personal checks or credit cards and then reimburse them with units of ownership in your club.

This explains how that is done:

Out of Pocket Expenses

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