Question to TDA customers only: ACH issue

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From: "Virginia Cooper via"
Sent: Wednesday November 9 2022 5:37:18PM
Subject: Re: [club_cafe] Question to TDA customers only: ACH issue

TDA has full instructions for various deposit methods.  Look under My Account/Deposits and Transfers for instructions. A couple members of my club use ACH.

I always provide new club members with a printout of all TDA deposit instructions.  Also, we use the 'cent' method for identifying each member.  Each member is assigned a specific cent number which identifies them.  They may vary the amount (within our club limints) deposited each month with no problems as long as they always use their cent ID.

Virginia Cooper
Southern California Model Investment Club

On Tue, Nov 8, 2022 at 6:31 PM ira smilovitz via <user*> wrote:
My understanding is that generally you cannot set up regular ACH transfers to a brokerage account. What I have been told is that ACH transfers are made to a general account at the brokerage and then you have to provide additional information outside of the ACH transaction to route the funds to the correct club account. However, if you use your bank's billpay service you can include the club's account number in the memo field to direct the payment to your account. 

That's what we've been doing in my club for years.

Ira Smilovitz

On Tue, Nov 8, 2022 at 9:05 PM Cynthia Lord Corkery via <user*> wrote:
Our club has recently closed our separate bank checking account and writes the occasional check from our TDA cash account.  We have 2 members who have run into roadblocks with their financial institutions setting up recurring ACH transfers from their personal bank accounts to TDA due to the account titling requirement--account names must match per TDA policy.
Do your members who use ACH recurring transfers (not bill pay) from their personal bank accounts use TDA as the payee (and not use TDA Clearing Inc FOB club name and account number as payee)?  Or another work around I have not considered? Given the titles of accounts do not match, do your members have any issues with deposits being credited correctly to your club account?
Thanks in advance for your response.
Cindy Corkery
Invest-Hers, Celebrating 35 years in 2022!