Please remove me from future emails from Club Cafe. Thanks.
From: "Virginia Cooper via bivio.com"
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.
Southern California Model Investment Club
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
we've been doing in my club for years.
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.
Invest-Hers, Celebrating 35 years in 2022!